TEMPO.CO, Jakarta – The Sritex bankruptcy liquidators could not work properly to recover loans owed to creditors. There were threats from senior police officers.
THE protracted bankruptcy proceedings of Sri Rejeki Isman, or Sritex, a company with 50,000 employees, are the result of government interference. The plan to save the integrated textile company through a bailout has the potential to cause financial losses to the state.
Sritex, together with a number of its subsidiaries, were declared bankrupt by the Semarang Commercial Court on October 21, 2024. The ruling was the result of a lawsuit filed by Indo Bharat Rayon, a supplier of raw materials to Sritex. At the end of July 2024, the company owed a total of Rp25 trillion, but only…
