PT Bank Central Asia (BCA) has denied recent media reports alleging irregularities in the acquisition of its majority shares by the Djarum Group during the presidency of Megawati Soekarnoputri.

“The information suggesting that 51 percent of BCA shares were acquired for only Rp5 trillion (US$306.7 million), while the bank’s market value was Rp117 trillion (US$7,179 million) at the time, is not accurate,” I Ketut Alam Wangsawijaya, BCA’s Corporate Secretary, said in a public disclosure on Wednesday, August 20, 2025.

He citeed that the Rp117 trillion figure referred to BCA’s total assets, not its market capitalization. “Market capitalization is determined by the share price at the stock exchange multiplied by the total outstanding shares,” Ketut said.

He noted that BCA’s share price was formed through market mechanisms after its initial public offering (IPO) in 2000.

At the time of the private placement, BCA’s market capitalization was around Rp10 trillion, not Rp117 trillion, he said. “Therefore, the acquisition of 51 percent of BCA shares by the Farindo consortium, which won through a government tender, reflected actual market conditions,” Ketut added.

He further stressed that the Indonesian Bank Restructuring Agency (BPPN) conducted the tender process transparently and in line with regulations.

BCA also dismissed claims that it still owed the government Rp60 trillion, which it was allegedly repaying at Rp7 trillion annually. “The balance sheet shows that BCA held government bonds worth Rp60 trillion, and all obligations were settled by 2009 in accordance with the law,” Ketut clarified.

The debate over BCA’s 2002 acquisition resurfaced following reports suggesting that the Djarum Group had purchased the bank below market value from the Salim Group during the post-crisis restructuring.

Political push

The clarification comes amid renewed political calls for the state to reclaim a controlling stake in BCA.

Ahmad Iman Syukri, Head of Communications and Information Technology at the National Awakening Party (PKB), said his party supported public demands for President Prabowo Subianto to act swiftly.

“The takeover of 51 percent of BCA shares must be pursued immediately to safeguard state funds. PKB fully supports the proposal for President Prabowo to reclaim the majority stake,” Iman said as quoted in a statement on Friday, August 15, 2025.

He argued that no additional funding would be required for the move, claiming the government already held rights to the shares as part of the settlement of the 1998 Bank Indonesia Liquidity Support (BLBI) bailout program.