JAKARTA – The assets of PT Indosat Mega Media (IM2), a subsidiary of PT Indosat Tbk (ISAT), worth IDR 1.3 trillion, were confiscated by the General Attorney Office. The seizure took place yesterday (16/11) after the minute of IM2’s assets handover was signed on August 5, 2021.
Billy Nikolas Simanjuntak, Corporate Secretary of Indosat, stated that considering the financial condition of IM2, this subordinate company would be put in a position that would require a takeover. “In regard to this condition, the liquidation process would follow the existing rules of laws and IM2 and our company governance,” he further explained in the information disclosure, quoted Friday (19/11).
According to Simanjuntak, the General Attorney Office has started to place confiscation marks on IM2’s assets since 2014, abiding by the Decision of the Supreme Court. IM2 is Indosat’s subsidiary, whose 99.85% of the shares belonged to Indosat and whose financial report was consolidated to the ISAT’s financial report.
It was mentioned that the confiscation of IM2 assets has zero material impacts on the operational, financial conditions, and business continuation. (LK/ZH)