List of Problems of State-Owned Enterprise Indofarma Causing Hundreds of Billions in Losses to the Country, Involved in Online Lending and Fictitious Buying and Selling

List of Indofarma SOE Problems Harm the Country Hundreds of Billions, Trapped in Online Loans to Fictional Buying and Selling

Dream - The Supreme Audit Agency (BPK) found that PT Indofarma Tbk (INAF) and its subsidiary PT Indofarma Global Medika (IGM) have been involved in activities indicating fraud or losses.

List of Problems of State-Owned Enterprise Indofarma Causing Hundreds of Billions in Losses to the Country, Involved in Online Lending and Fictitious Buying and Selling

Based on the Summary of the Semester II 2023 Examination Results, the BPK noted indications of losses amounting to Rp294.77 billion and potential losses of Rp164.83 billion.

"Caught in Online Loan Scam"

Quoting Liputan6.com, the problems faced by Indofarma and IGM are fictitious buying and selling transactions, placement and pawnshop of deposits, online loans (pinjol), the use of tax refund funds for purposes outside the company, expenditure of funds without underlying transactions, and other issues exceeding the provisions.

"The problem resulted in an indication of losses amounting to Rp294.77 billion and potential losses amounting to Rp164.83 billion, consisting of bad debts amounting to Rp122.93 billion, unsold inventory amounting to Rp23.64 billion, and tax burden from fictitious FMCG sales amounting to Rp18.26 billion,"

The following is quoted from IHPS BPK Semester II 2023.

BPK further explains about the fraud activities. It is explained that Indofarma and IGM conducted fictitious buying and selling transactions in the fast moving consumer goods (FMCG) business unit.

Then there is the placement of personal deposit funds in the Nusantara Savings and Loan Cooperative, pawning the deposit at Bank Oke for the benefit of others.

The following is the translation of the 'Bahasa' text to 'English' while preserving any html tags: "The Supreme Audit Agency (BPK) also found that the company conducted a procurement of medical equipment without feasibility studies and sales without analyzing the financial capabilities of customers. This includes the procurement and sales of teleCTG, masks, PCR, rapid tests (panbio), and isolation transportation, which resulted in an indication of losses amounting to Rp16.35 billion and a potential loss of Rp146.57 billion, consisting of bad debts amounting to Rp122.93 billion and unsold inventory amounting to Rp23.64 billion."

In addition, conducting online loans (fintech) and collecting tax refund funds in undisclosed bank accounts in financial reports and using them for purposes outside the company.

The other problems are withdrawing funds without underlying transactions, using the company's credit card for personal purposes, making credit card/personal operational payments. Then, conducting window dressing of the company's financial statements, and paying retirement insurance in excess of the provisions.

The Supreme Audit Agency (BPK) recommends to the Board of Directors of PT Indofarma Tbk to report to the shareholders regarding the procurement and sale of teleCTG medical equipment, masks, PCR, rapid tests (panbio), and isolation transportation which resulted in an indication of losses amounting to Rp16.35 billion and a potential loss of Rp146.57 billion, in coordination with the shareholders. "The Ministry of State-Owned Enterprises to report the issues of PT Indofarma Tbk and its subsidiaries to law enforcement agencies, and to strive for the collection of bad debts amounting to Rp122.93 billion," wrote BPK.

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