On January 28 2010, Regulation of Bank Indonesia concerning Non-Bank Offshore Loans was enacted, which requires all public companies, listed companies, foreign investment companes and other private companies (established in Indonesia or not)) that have obtained or plan to obtain offshore loan (conventional or shariah- based) to submit a report to Bank Indonesia.
A company that plans to obtain an offshore loan must submit a complete report that consists of:
- financial ratio;
- financial statements;
- rating assessment (if the borrower is rated);
- report on the offshore loan plan for one year and its revisions; and
- analysis of the company's risk management.
|Freddy Karyadi||Oene Marseille|
A company that has an offshore loan must submit a report with just its financial ratio and financial statements.
The company's financial ratio and financial statement must be submitted semi-annually not later than June 10 and December 10 each year. The report on rating assessment, offshore loan plan for one year, and analysis of risk management must be submitted annually not later than March 10.
Non-compliance is subject to administrative sanctions, a warning from the authorised instituion and publication in the national and international media. These will only be imposed from January 1 2012. A late or incomplete report will receive administrative sanctions in the form of a warning letter and notification to the authorised institution and publication in the national and international media.
Oene Marseille and Freddy Karyadi