Fund Grants U.S. $ 17 Million U.S.

Jakarta - Check Finance Agency (BPK) states of Central Government Financial Report (LKPP) 2008 disclaimer. There are 9 groups of the problems associated with this disclaimer, including related long-larutnya rights to cash settlement of the acquisition came from grants and stored in the Century Bank of U.S. $ 17 million.

Said Chairman of the Board of Finance Pemeriksa (BPK) Anwar Nasution in a press meet after the results of inspection reports (LHP) LKPP Year 2008 to the leaders of the House of Representatives in the House of Representatives Building, Senayan, Jakarta, Selasa (9/6/2009).

"Century Bank is now the middle of a very severe problem, so need to get a capital injection and management taken over by LPS," said Anwar.

LHP LKPP in 2008 is described, in the Year 2008 Balance Sheet LKPP presented the balance of the Use of Restricted Funds of Rp 30,544,739.79 million. In between there is a balance in the account of a special escrow account no.10220000320250 stored on Century Bank with the balance as of 31 December 2008 of U.S. $ 17.28 million or equivalent to Rp 190,080.00 million.

Escrow accounts are the consequences of a grant agreement of 30 September 1999, signed between the Government, represented by the U.S. Commodity Credit Corporation, United States Departement of Agricultural (USDA-CCC) and the Minister of Finance of the Republic of Indonesia.

In the agreement CCC-USDA will provide grants that come from the sale of wheat flour which is estimated at U.S. $ 24 million with the terms of the sale must first be used as security for the importer to make India the import of U.S. agricultural commodities prior to submission to the Government of Indonesia on December 31 2002.

Guarantee Fund is managed by JP Morgan Chase Manhattan Bank as Collateral Agent. Mechanism for the import of agricultural products with a guarantee from the U.S. JP Morgan called PL 416 (b).

In order to use fasillitas PL 416 (b), on 21 May 2001, three cooperatives namely Manufacturers Association of Coop Tempe Tahu Indonesia (INKOPTI), Welfare Association of Coop people (IKKU), and Up the Village Unit Cooperatives (INKUD) to import and apply LC through the establishment of the Bank CIC LC with a total value of U.S. $ 24 million.

Up the application of Bank CIC Allocation Request to create a letter to JP Morgan to get approval. JP Morgan agrees to provide a guarantee with standby LC is 90% of the value of LC. Precede the establishment of the LC, in January 2001, the goods have been delivered and diorder. Although there is a oddity in the import process, the Bank CIC still make a payment to the exporter.

Top of the funds that have been paid to the Bank CIC collect three Cooperatives as importers, but it turns out to third importer TORT, so that the Bank CIC request reimbursement of funds to JP Morgan in accordance with the guaranty agreement. The JP Morgan Bank refused the request for the reason that the Bank CIC CIC not charge according to the third debtor Legal preceding terms of funds as guarantee.


However, based on the discussion of the date of 8 November 2002 which was attended by JP Morgan, USDA-CCC, the Department of Finance and Bank Indonesia, among others, agreed that the funds transferred from the security in the Collateral Account JP Morgan to the escrow account at the Bank of the Government of Indonesia dhi. Bank Rakyat Indonesia and has been realized on 28 January 2003 a number of U.S. $ 22.86 million.

Then between the years 2003 to 2005, the balance has been reduced to U.S. $ 17.28 million and the CPC have not been to the bottom of the balance is reduced. Based on information from the Ministry of Finance, funds are used to aid the tsunami disaster in Aceh.

Based on examination, appeared to note that although the storage of money based on the rules state only allowed on the banks the government, but the Ministry of Finance to approve the transfer of escrow accoutn U.S. $ 17.28 million from the BRI to Century Bank and opened for and on behalf of Menkeu.

The status of escrow account to work as security until the settlement of problems with PT Bank Century debiturnya third have permanent legal force, and Century Bank shall place funds in escrow in the form of SBI and / or SUN.

In addition, although according to the number of Century Bank 560/CIC/D/XI/2003 dated 13 November 2003, Century Bank can provide the level of beneficial interest for the funds placed in escrow accounts at the Bank Century, but the fact is not. Based on newspaper accounts note that the balance up to at this time remains of U.S. $ 17.28 million and not get a giro services at all.

Until the end of the examination in the field on 15 May 2009, the fund escrow
accounts are still in the Century Bank and the Government has not tried
withdraw the cash came from grants by the date of 30 September 1999.

"CPC recommends that the Government take the steps necessary including legal efforts in order to process a cash acquisition
grant from the USDA-CCC, "write the report to CPC.

In response to this problem, the government promised to conduct the study of law