By: Eko B. Supriyanto, Editor-in-Chief of Infobank Media Group
Nowadays, there are whispers, even shouts, about an “idea” disguised as a spirit of populism. However, it reeks of the ‘sulfur’ of policy ignorance and power greed: the forced takeover of Bank Central Asia (BCA) shares by the state. The government, through BPI Danantara, is being forced to become a “thug state.”
That “fishy” voice is not from the government. It originated from Sasmito Hadinegoro, Chairman of the Economic and Financial Research Institute (LPEKN), in Jakarta (August 12, 2025), as quoted by Inilah.com. “To Fill Danantara’s Coffers with Rp700 Trillion, Economists Suggest Prabowo Take Over 51 Percent of BCA Shares.” It is unclear where the figure of Rp700 trillion comes from, as it is not explained. Is it based on market capitalization or 51 percent of BCA’s current assets? It is not explained. Or is it inspiration from the heavens?
Three days later, from the National Awakening Party (PKB), through the Chairman of the Communication and Information Technology Division of the PKB Central Executive Board, Ahmad Iman Syukri, stated that his party supports the proposal circulating in the public domain for President Prabowo Subianto to act swiftly regarding the 51 percent stake in BCA.
“The takeover must be carried out as soon as possible to save state funds. The PKB fully supports the proposal for President Prabowo to take over 51 percent of BCA shares. The takeover of BCA shares must be carried out immediately to save state funds. We must not allow this nation to continue to be toyed with,” Ahmad Iman Syukri told the media.
The “misguided” idea of taking over 51 percent of BCA shares is not fertile ground for our national economy. It is a “destructive bomb” ready to explode the foundation of trust, stability, and progress in Indonesia’s banking industry, which has been painstakingly built. BCA, however you look at it, is a market entity.
The forced takeover of 51 percent of BCA shares by the state, as advocated by a handful of political elites and one economist, is not a people-centric policy but a time bomb ready to shatter the pillars of the national banking system. Under the guise of “saving state funds” and hollow rhetoric, this idea threatens trust—the most vital foundation of Indonesia’s financial system.
If swept away by this wave of misguided populism, Indonesia will not only regress to the dark days of the 1998 bailout but also open a Pandora’s box for the economic stability built over decades. The experience of the multidimensional crisis in 1998 should have made all stakeholders aware of the latent dangers in the banking sector.
Eight Fatal Sins of the Forced Takeover of BCA Shares
First, the destruction of market confidence. It must be acknowledged that BCA is a symbol of modern bank governance: efficient, innovative, and professionally managed. Its market capitalization stands at Rp1.193 trillion (2024), the highest in ASEAN, with a price-to-book ratio of 4.5x—a testament to global and domestic investor confidence. The forced takeover sends a grim message: “Property rights can be seized by the state at any time.” The consequences? Foreign capital flees, the capital market collapses, and a liquidity crisis that burdens the common people.
Second, a betrayal of legal sovereignty. This idea tramples on the Capital Market Law and the principle of the rule of law. The state must act as a fair arbiter, not a “thug” seizing private assets under the guise of politics. If the rules of the game are shattered, Indonesia will be labeled a “thug state” by the global community—and investment will dry up.
Three, the plundering of public wealth. BCA shares are directly or indirectly owned by millions of people: from farmers through mutual funds to pension funds. Forced acquisition will destroy the value of their portfolios. When share prices plummet, even novice mutual funds that collect Rp50,000 per week will be the first victims.
Four, the burden of risk and mismanagement by the state. The history of state-owned banking companies proves: political intervention often leads to non-performing loans, inefficiency, and a burden on the State Budget (APBN). Especially for a bank as complex as BCA. If mismanaged, the state will bear trillions in losses—and the people will pay again.
Five, the demise of banking innovation. It must be acknowledged that BCA is a pioneer of digital banking in Indonesia. Fierce competition is what drives its innovation. If forced to change, this bank will become bureaucratic and slow. The loss of this leading competitor will cause the banking sector to lose its competitiveness—and it is the customers who will suffer.
Six, placing the banking market at risk of a run. Systemic risk will emerge, not only because BCA is a systemic bank due to the size of its assets, capital, and interconnections with other sectors and parties. Thus, systemic risk is already on the horizon—beginning with a run and public distrust in the banking sector.
Seven, BCA plays a significant role in the payment system, credit, and, of course, tax contributions. According to BCA’s annual report, the amount of taxes paid for the year 2024 was Rp21.8 trillion. The breakdown includes corporate income tax (PPh Badan) of Rp12.8 trillion, withholding tax of Rp8.4 trillion, and value-added tax (PPN) and stamp duty of Rp600 billion. That was in 2024; if we look back ten or 24 years since the divestment, the total could reach hundreds of trillions. This does not include the tax impact from borrowers who have grown significantly economically.
Eight, the resolution of the Bank Indonesia Liquidity Assistance (BLBI) and the divestment of BCA have been legally concluded. According to Infobank Institute records, the Megawati administration sold 51 percent of BCA shares to the Farallon Consortium (2001) through a strategic sale in accordance with Government Regulation No. 17/1999 and Law No. 25/2000.
Not only that, the BPK audit (2006) confirmed that the settlement of the obligations of the former shareholders (Salim Group) was final and in accordance with regulations. So, tampering with the history of BCA’s BLBI on the pretext that the BLBI has not been completed is a public lie! The problem is not with BCA, but with the rogue obligors who have not been dealt with. Pursue the irresponsible obligors, not revive the “ghosts” of the past.
Do not make BCA the “scapegoat” or an easy target to cover up the failure to address the root of the problem. This is not a solution; it is an expensive and dangerous diversion (smokescreen). Such misguided ideas, devoid of clear thinking, must be stopped. Moreover, Indonesia is heading toward the Indonesia Emas 2045 era.
And, the explosive effects of “forced acquisitions” will undoubtedly destroy trust, followed by a rush—massive customer fund withdrawals that will collapse the banking system. Then, a domino effect will devastate the capital market. And, it will burden the state in banking rehabilitation. Ultimately, it would strangle the very people we aim to protect.
We have learned from past crises. Uncertainty and arbitrary policies are a sure recipe for disaster. Let us preserve the stability and trust we have built with great effort. The trauma of society still lingers to this day. Therefore, reject this misguided and dangerous idea!
The best course of action is for the government not to pursue this unreasonable idea of “forced takeover” before it becomes a “time bomb” that explodes in our hands. Its explosive power will destroy the future of Indonesia’s economy, which is currently paving the way for Indonesia Emas 2045.
Focus on improving governance, eradicating corruption, enhancing financial access for the common people, and creating a fair and just business environment. Do not let this drag on, as it will erode the government’s authority and the public’s trust in this administration.
That is the path of democracy and true justice, not the path of “devilish” exploitation and coercion. Remember the message of the late economist Sumitro Djojohadikusumo, one of the key reasons why Indonesia’s economy has not progressed is due to high-cost economics, or the incremental capital output ratio (ICOR). Stop high-cost economics by the state and government institutions.
Do not push to become a “thug state,” and the state must not become a ‘thug’ that is not part of the Asta Cita Program. Respect the constitution, honor market mechanisms, and be a facilitator—not a predator. True democracy is about creating a fair system, not seizing private assets. Stop being a “thug state”!
Stop! The Misguided Idea of Forced Takeover of BCA Shares
By: Eko B. Supriyanto, Editor-in-Chief of Infobank Media Group
Nowadays, there are whispers, even shouts, about an “idea” disguised as a spirit of populism. However, it reeks of the ‘sulfur’ of policy ignorance and power greed: the forced takeover of Bank Central Asia (BCA) shares by the state. The government, through BPI Danantara, is being forced to become a “thug state.”
That “fishy” voice is not from the government. It originated from Sasmito Hadinegoro, Chairman of the Economic and Financial Research Institute (LPEKN), in Jakarta (August 12, 2025), as quoted by Inilah.com. “To Fill Danantara’s Coffers with Rp700 Trillion, Economists Suggest Prabowo Take Over 51 Percent of BCA Shares.” It is unclear where the figure of Rp700 trillion comes from, as it is not explained. Is it based on market capitalization or 51 percent of BCA’s current assets? It is not explained. Or is it inspiration from the heavens?
Three days later, from the National Awakening Party (PKB), through the Chairman of the Communication and Information Technology Division of the PKB Central Executive Board, Ahmad Iman Syukri, stated that his party supports the proposal circulating in the public domain for President Prabowo Subianto to act swiftly regarding the 51 percent stake in BCA.
“The takeover must be carried out as soon as possible to save state funds. The PKB fully supports the proposal for President Prabowo to take over 51 percent of BCA shares. The takeover of BCA shares must be carried out immediately to save state funds. We must not allow this nation to continue to be toyed with,” Ahmad Iman Syukri told the media.
The “misguided” idea of taking over 51 percent of BCA shares is not fertile ground for our national economy. It is a “destructive bomb” ready to explode the foundation of trust, stability, and progress in Indonesia’s banking industry, which has been painstakingly built. BCA, however you look at it, is a market entity.
The forced takeover of 51 percent of BCA shares by the state, as advocated by a handful of political elites and one economist, is not a people-centric policy but a time bomb ready to shatter the pillars of the national banking system. Under the guise of “saving state funds” and hollow rhetoric, this idea threatens trust—the most vital foundation of Indonesia’s financial system.
If swept away by this wave of misguided populism, Indonesia will not only regress to the dark days of the 1998 bailout but also open a Pandora’s box for the economic stability built over decades. The experience of the multidimensional crisis in 1998 should have made all stakeholders aware of the latent dangers in the banking sector.
Eight Fatal Sins of the Forced Takeover of BCA Shares
First, the destruction of market confidence. It must be acknowledged that BCA is a symbol of modern bank governance: efficient, innovative, and professionally managed. Its market capitalization stands at Rp1.193 trillion (2024), the highest in ASEAN, with a price-to-book ratio of 4.5x—a testament to global and domestic investor confidence. The forced takeover sends a grim message: “Property rights can be seized by the state at any time.” The consequences? Foreign capital flees, the capital market collapses, and a liquidity crisis that burdens the common people.
Second, a betrayal of legal sovereignty. This idea tramples on the Capital Market Law and the principle of the rule of law. The state must act as a fair arbiter, not a “thug” seizing private assets under the guise of politics. If the rules of the game are shattered, Indonesia will be labeled a “thug state” by the global community—and investment will dry up.
Three, the plundering of public wealth. BCA shares are directly or indirectly owned by millions of people: from farmers through mutual funds to pension funds. Forced acquisition will destroy the value of their portfolios. When share prices plummet, even novice mutual funds that collect Rp50,000 per week will be the first victims.
Four, the burden of risk and mismanagement by the state. The history of state-owned banking companies proves: political intervention often leads to non-performing loans, inefficiency, and a burden on the State Budget (APBN). Especially for a bank as complex as BCA. If mismanaged, the state will bear trillions in losses—and the people will pay again.
Five, the demise of banking innovation. It must be acknowledged that BCA is a pioneer of digital banking in Indonesia. Fierce competition is what drives its innovation. If forced to change, this bank will become bureaucratic and slow. The loss of this leading competitor will cause the banking sector to lose its competitiveness—and it is the customers who will suffer.
Six, placing the banking market at risk of a run. Systemic risk will emerge, not only because BCA is a systemic bank due to the size of its assets, capital, and interconnections with other sectors and parties. Thus, systemic risk is already on the horizon—beginning with a run and public distrust in the banking sector.
Seven, BCA plays a significant role in the payment system, credit, and, of course, tax contributions. According to BCA’s annual report, the amount of taxes paid for the year 2024 was Rp21.8 trillion. The breakdown includes corporate income tax (PPh Badan) of Rp12.8 trillion, withholding tax of Rp8.4 trillion, and value-added tax (PPN) and stamp duty of Rp600 billion. That was in 2024; if we look back ten or 24 years since the divestment, the total could reach hundreds of trillions. This does not include the tax impact from borrowers who have grown significantly economically.
Eight, the resolution of the Bank Indonesia Liquidity Assistance (BLBI) and the divestment of BCA have been legally concluded. According to Infobank Institute records, the Megawati administration sold 51 percent of BCA shares to the Farallon Consortium (2001) through a strategic sale in accordance with Government Regulation No. 17/1999 and Law No. 25/2000.
Not only that, the BPK audit (2006) confirmed that the settlement of the obligations of the former shareholders (Salim Group) was final and in accordance with regulations. So, tampering with the history of BCA’s BLBI on the pretext that the BLBI has not been completed is a public lie! The problem is not with BCA, but with the rogue obligors who have not been dealt with. Pursue the irresponsible obligors, not revive the “ghosts” of the past.
Do not make BCA the “scapegoat” or an easy target to cover up the failure to address the root of the problem. This is not a solution; it is an expensive and dangerous diversion (smokescreen). Such misguided ideas, devoid of clear thinking, must be stopped. Moreover, Indonesia is heading toward the Indonesia Emas 2045 era.
And, the explosive effects of “forced acquisitions” will undoubtedly destroy trust, followed by a rush—massive customer fund withdrawals that will collapse the banking system. Then, a domino effect will devastate the capital market. And, it will burden the state in banking rehabilitation. Ultimately, it would strangle the very people we aim to protect.
We have learned from past crises. Uncertainty and arbitrary policies are a sure recipe for disaster. Let us preserve the stability and trust we have built with great effort. The trauma of society still lingers to this day. Therefore, reject this misguided and dangerous idea!
The best course of action is for the government not to pursue this unreasonable idea of “forced takeover” before it becomes a “time bomb” that explodes in our hands. Its explosive power will destroy the future of Indonesia’s economy, which is currently paving the way for Indonesia Emas 2045.
Focus on improving governance, eradicating corruption, enhancing financial access for the common people, and creating a fair and just business environment. Do not let this drag on, as it will erode the government’s authority and the public’s trust in this administration.
That is the path of democracy and true justice, not the path of “devilish” exploitation and coercion. Remember the message of the late economist Sumitro Djojohadikusumo, one of the key reasons why Indonesia’s economy has not progressed is due to high-cost economics, or the incremental capital output ratio (ICOR). Stop high-cost economics by the state and government institutions.
Do not push to become a “thug state,” and the state must not become a ‘thug’ that is not part of the Asta Cita Program. Respect the constitution, honor market mechanisms, and be a facilitator—not a predator. True democracy is about creating a fair system, not seizing private assets. Stop being a “thug state”!
