Overhauling SOEs Director, Violating Instruction

By Editorial Team 14/08/2019
Summary

The State-Owned Enterprises Ministry set to hold Extraordinary General Shareholders Meetings (RUPSLB) of five state-owned companies in a bid to replace the board of directors. These companies are PT Perusahaan Gas Negara Tbk, PT Bank Negara Indonesia Tbk, PT Bank Mandiri Tbk, PT Bank Tabungan Negara Tbk, and PT Bank Rakyat Indonesia Tbk.

According to information disclosure from Indonesia Stock Exchange (IDX), Bank Mandiri planned the RUPSLB on August 28, followed by BRI on August 29, BNI and PGN on August 30, and lastly BRI on September 2. However, the changes of directors, all at the behest of SOE Minister Rini Soemarno, are against President Joko Widodo's instructions. On August 5, Jokowi ordered his staff not to implement strategic policies, including substituting SOEs officials and directors.

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