The Indonesia Stock Exchange (IDX) has requested explanation from State-owned construction firm PT Wijaya Karya (WIKA) over the Suspension of Debt Payment Obligations (PKPU) petition filed by four of its creditors in the Commercial Court of the Central Jakarta District Court.
Mahendra Vijaya, Corporate Secretary of Wijaya Karya, confirmed that on July 26, 2024, the Central Jakarta District Court’s Case Tracking Information System recorded two PKPU petitions against the company. Four companies are behind the PKPU lawsuit against this construction company.
The four companies are CV Natuna Cemerlang, CV Amanah Abadi, PT Indoland Manajemen Properti Terpadu, and CV Saroha Sentosa Indonesia. The total debt of WIKA to these four creditors amounts to Rp7.36 billion (US$460,000).
In detail, the first PKPU lawsuit was filed by CV Natuna Cemerlang and CV Amanah Abadi. The debts requested to be settled are Rp1.20 billion and Rp525.03 million, respectively.
The second lawsuit was filed by PT Indoland Manajemen Properti Terpadu and CV Saroha Sentosa Indonesia. According to this lawsuit, Indoland requests WIKA to settle a debt of Rp3.83 billion, and the debt to Saroha Sentosa of Rp1.80 billion.
The first hearing for the two PKPU petitions was held on August 5, 2024, at the Central Jakarta District Court. Mahendra said that WIKA will comply with and follow the legal process in accordance with the prevailing laws and regulations in Indonesia.
“The PKPU petition against the company does not affect WIKA’s performance or operations,” Mahendra said in the IDX disclosure as quoted on Tuesday, August 6, 2024.
According to WIKA’s financial report, as of March 31, 2024, the company had trade payables to related parties amounting to Rp1.28 trillion, down 81.06 percent compared to the position on December 31, 2023, which was Rp6.76 trillion.
Meanwhile, WIKA’s trade payables to third parties reached Rp5.77 trillion, an increase of 124 percent compared to the position on December 31, 2023, which was Rp2.58 trillion.
