JAKARTA - PT Sumber Global Energy Tbk (SGER) reserved the principal investment return of PT Pelayaran Marindo Pacific (PMP) after the collateral assets, recorded in the Financial Statements, were sold. This was expressed by Welly Thomas, President Director of SGER, in an information disclosure quoted on Thursday (21/1).
He conveyed that the plan had been submitted to PMP before Central Jakarta Commercial Court (PN) granted a temporary Postponement of Debt Payment Obligation (PKPU) request. PMP submitted a PKPU value of IDR 54.75 billion, or 17.77% of SGER's total liabilities of IDR 308.08 billion. "The company will obey and follow the legal efforts made by PMP and follow the court's decision related to the temporary PKPU," explained Thomas.
The issue between SGER and PMP began with investment cooperation (offtaker) failure of a third party coal mine, PT Kimco Amindo in Central Kalimantan. Then, the 2 companies took Kimco's assets guarantees with an agreement that the return on investment would be made after selling the assets. However, during due diligence when taking over collateral assets, it was found that the assets had been pledged by Kimco to multi-finance companies. Therefore, SGER and PMP deposited money to multi-finance companies to redeem the collateral assets.
"PMP's participation of collateral assets is listed by SGER as other debt in the financial statements, while the company claimed that the acquired assets as fixed assets to be resold, so that assets were not depreciated," added Thomas.
He also mentioned that SGER would pay the principal value of PMP investment participation according to the company's cash flow. However, PMP insisted that the principal amount of investment participation to be paid at once, as much as IDR 37.5 billion, including 12% interest, or a total of IDR 54.75 billion. (LK/VA)