The government through the Bank Indonesia Liquidity Assistance Task Force (BLBI) confiscated assets belonging to the Texmaco group. The total is 4,794,202 square meters (m2) spread over five different areas. This is to settle the debt he had during the 1997-1998 financial crisis. Where the total debt value of Texmaco reached Rp. 31.72 trillion and US$ 3.91 million. Finance Minister Sri Mulyani Indrawati also told the origin of the Texmaco group having debts to the government. Where this debt is not directly to the government but through banks which during the crisis 22 years ago assisted the state.

"As is well known, the Texmaco group was a group that, prior to the 1997-98 financial crisis, borrowed from various banks, whether the banks belonged to state-owned enterprises such as BRI and then BNI, Bank Mandiri and also private banks, which were then bailed out or bailed out. government during a crisis and bank bankruptcy," he said in a virtual press conference, Thursday (12/23/2021).

However, because the bank where Texmaco is unable to pay its debts to the government, everything that is due for its collection goes to the state. Because, in this case it has helped banks.

"The debt is in a state of loss during a crisis. Then when the government bails out the banks, the claim rights from banks that have been taken over by the government by adding a bailout are taken over by IBRA (National Bank Restructuring Agency) )," he added.

He said that since the beginning, the government has always looked at the financial condition of the Texmaco group and its industry. So to see that the textile industry continues to run, the government again provides LC (Letter of Credit) guarantees through BNI bank.

In this process, the Texmaco group was deemed to have agreed to enter into a Master of Restructuring Agreement with the government and IBRA. This agreement is signed by the owner himself, which means he agrees to issue exchangeable bonds which will replace his debts.

However, during the process, the Texmaco group also failed to pay the coupon exchangeable bonds issued in 2004. This means, with the time given by the government, this group has never paid its debts.

"Thus basically the Texmaco group never pays the coupons from the debt that has been converted into exchangeable bonds," he said

Despite failing to pay its debts, Sri Mulyani said that Texmaco admitted that it had debts to the government and promised to pay them. This is marked by a deed of acknowledgment or deed of ability to pay debts plus arrears owned by the LC.

Texmaco owner Marimutu Sinivasan also agreed that he would not file a lawsuit against the government. However, this is currently being denied, even selling assets that have been used as collateral for debt and saying that the debt to the government is only Rp. 8 trillion.

"In subsequent developments, the owner once again failed to fulfill the deed of commitment and instead filed a lawsuit against the government, and also sold the assets of the operating companies, which were supposed to pay the government Rp. 29 trillion. should be used to pay debts to the government," he explained.

After this condition, he admitted that the government still provides an opportunity to be discussed properly by calling the owner. However, there was no good faith from the owners of the Texmaco Group to pay their debts, so the assets were confiscated in the end.

"So in this case, the government has repeatedly provided opportunities and even supports companies that can still run, but there is not the slightest sign that they will make an intention to pay back. Therefore, today the government is executing the assets. This is a form after more than 20 years of giving money and time, opportunities, and even supporting it by giving the LC a guarantee," he concluded.