REPUBLIKA.CO.ID, JAKARTA -- The Ministry of Industry (Kemenperin) will prepare several rescue options against PT Sri Rejeki Isman Tbk or Sritex. (SRIL) from insolvency conditions as established by the District Court (PN) of Semarang.

Acting Director-General of Chemical, Pharmaceutical and Textile Industries (ICTF) Reni Yanita said that these rescue proposals should be discussed again with Sritex and three other relevant ministries, namely the Ministry of Finance, the Ministry of state-owned enterprises and the Ministry of Labor.

“We have further detailed follow-up meetings to the schemes proposed to the government in this case possibly to the Ministry of Finance. Since there are four ministers, well, to draft it, we also have to consolidate,” Reni said at the Ministry of Industry's Office, Jakarta, Monday (28/10/2024).

Of the few options available, Reni said, it is very possible to provide bailouts and incentives for Sritex. “Yes it is like that (bailouts or incentives), but later see the model drawn up. That's the way it is, because it's together,” he said.

In this rescue effort, Reni continued, the Ministry of Industry strives to protect the workforce as well as ongoing exports. According to Reni, Sritex's operations are still running even though it has been declared bankrupt. That is, there is still a responsibility on the part of the company to fulfill its contracts.

“We are the ones who will definitely save in relation to the workforce, if we can keep trying. Especially when Mr. Iwan (President Commissioner of Sritex) said, the factory still operates,” Reni said.

During a meeting between Industry Minister Agus Gumiwang Kartasasmita and Sritex Chief Commissioner Iwan S Lukminto at the Ministry of Industry's Office today, Sritex said that its production utility reached 65 percent. Therefore, Reni said that the government is obliged to carry out rescue efforts. Nevertheless, he stressed that this rescue effort does not apply only to Sritex alone.

In the future, the government will also create new policies to prevent similar cases from happening to other industries.

“Sritex is just a case in point, but for big policy we learn from this. The big policy, there is even a constriction, there is something for us to look like in the future,” Reni said.

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