Publicly listed bank PT Bank Mandiri will take over soda ash producer PT Industri Soda Indonesia in compensation for its debt to the state bank.
Industri Soda has defaulted on the payment of a debt o…
Publicly listed bank PT Bank Mandiri will take over soda ash producer PT Industri Soda Indonesia in compensation for its debt to the state bank. Industri Soda has defaulted on the payment of a debt of IDR 175.21 billion (USD 19.8 million) to Bank Mandiri. Bank Mandiri took the decision after the state minister for state enterprises Sofyan Djalil announced plans to liquidate the ailing company. Earlier, the office of the minister for state enterprises failed to attract investors to revitalize Industri Soda, which it said had good prospects in the country. Sofyan Djalil earlier told parliament that efforts to save Industri Soda had failed, and there was no other option but to liquidate the firm. The company has suspended operations and many workers have not been paid for several months.