JAKARTA – Curators appointed in the bankruptcy process of PT Sri Rejeki Isman Tbk (SRIL), or Sritex, have identified a number of irregularities following the bankruptcy ruling by the Semarang District Court.

In the ruling, Sritex was declared bankrupt due to its inability to settle creditor claims amounting to IDR 32.6 trillion. One of the claims came from an affiliated company within the Sritex Group, with a value of IDR 1.2 trillion.

The curators' team noted that Sritex violated the Bankruptcy and Suspension of Debt Payment Obligations (PKPU) Law, as several debtors and subsidiaries were seen operating as usual despite the bankruptcy. Some of these companies include PT Primayudha, PT Bitratex Industries, and PT Sinar Pantja Djaya.

Furthermore, the curators found that Sritex Group still had ample raw materials for its production activities. This contradicts reports of a raw material crisis within Sritex Group, which had been cited as a factor in the company’s bankruptcy.

"During our checks, we found an abundant supply of raw materials at PT Bitratex Industries. In fact, I believe they have more raw materials than PT Sritex," said Denny Ardiansyah, a member of the Sritex curators' team, in a press conference a few days ago.

The curators also faced challenges in requesting that several banks freeze Sritex Group’s accounts. Despite sending official letters, some banks have not yet complied, making it difficult for the curators to secure Sritex's bankruptcy estate.

As of now, the curators are still struggling to meet with the owners of Sritex. Although they were promised a meeting with the owners or the president director in October 2024, it has not yet materialised. (KR/ZH)