By: InfoBank Research Bureau Team
THE BANKING industry is not simple. Many problematic debtors today are actually more tenacious than loan institutions. Bad debtors who report their banks are frequently referred as “Sontoloyo” debtors—debtors who intend to non-cooperatively paying their debts but instead report credit-granting the bank. Many banks are vulnerable to the debtors with their “Sontoloyo” or non-cooperative mode.
Ted Sioeng, also known as Gatot S, recently departed Bank Mayapada with his problematic loans. This Chinese-named Indian businessman did not repay his debt but instead spread a bad rumour about Bank Mayapada for financial wrongdoing, including to Mahfud MD, The Coordinating Minister for Politics, Law, and Security.
Bad loans left by Ted Sioeng amounted to Rp1, 550 trillion. Ted Sioeng became a customer of Bank Mayapada (MAYA) in 2013. It was insignificant for ten years. Credit stands well. Contractors, mall-trade centres, and builders of homes and apartments all contributed to the expansion of the company. Likewise, real estate brokers, accommodations, and integrated districts. Bank Mayapada was at this time unaware of the debtor’s actions, who had previously gone by the name Gatot S.
The credit is still active and interest is still being paid as of the end of 2022. Simply put, interest payments are frequently late. As a result, payment is frequently made on the final day of the deadline. Payment stall warning signs start to emerge. A source at Bank Mayapada claims that MAYA also sent Ted Sioeng a warning letter. If Ted Sioeng is unable to fulfil its obligations right away, it must immediately file credit guarantees.
Ted Sioeng left abroad, showing no signs of collaboration. Either to Singapore or to the US. To put a long story short, he refuses to sign the ability to complete its responsibilities. Indeed, according to the source Infobanknews, Bank Mayapada has been waiting for a signature to settle outstanding debts that have been used.
Long story short, Ted Sioeng did not appear, thus the document needed to be signed. Jessica Gatot Elnitiarta, his daughter, is also in charge of the credit. Interpol is seeking both of them. Ted Sieong seems to have dropped a “bomb” by claiming that the bank had pressed him, which caused the story to take a different turn.
Additionally, because the credit is a loan and is already “coughing” as a tangible thing, the bank is obligated to pursue it. It comes as no surprise that it occurs everywhere the loan’s name needs to be gathered. If motorbike loans are pursued, a credit of Rp1,550 trillion would undoubtedly be charged and requested as repayment.
Even the banks were shocked. Ted Sioeng’s name suddenly surfaced. The figure, who is known as a businessman of Indian heritage and whose name appears in Chinese is suspected of experiencing a debt settlement case, as reported by the media, until he became a fugitive from interpol. unwilling to cooperate in getting the financing done. In fact, the debtor who demonstrated defiance by informing the lending bank is frequently referred to as a “sontoloyo” debtor.
However, the bank also filed a case with the Commercial Court at the Central Jakarta District Court (PN Jakpus) because there was no resolution. In accordance with judgment 55 / Pdt.Sus-PKPU/2023 / Fr.Commerce.Jkt.Pst, the court also declared Ted Sioeng bankruptcy. In addition, allow the PKPU applicant’s request for a deferral of debt payment obligations (PKPU) against the PKPU/TED SIOENG respondent, according to the ruling petition. And not just that. On June 5, 2023, the PN Center of Jakarta issued decision number 58 / Pdt.Sus-PKPU/2023 / Fr.Commerce.Jkt.Pst, which also declared Jessica Gatot Elnitiara-Ted’s daughter bankruptcy.
Bank Mayapada filed a subpoena three times prior to litigation, the first on September 12, 2022, the second on September 29, 2022, and the third on November 24, 2022, according to Infobank Research Bureau documents. However, the subpoena never got a reply. In other words, they are obstructive, and it makes sense for banks to perform credit rescues.
If you look at the chronology, according to Mikail Mo, director of Research at the Asian Institute for Capital Market & investment, it was the bank that became the victim.”It’s only natural that the bank gave charges, but somehow the one that is charged has no sign of good etiquette, and it is rumoured to be blurred, it’s difficult to believe that if the bank allows the credit to be blocked, it will definitely save,” said Mikail Mo.
“Especially if you see that all credit documents are signed by the debtor, and the debtor himself is uncooperative”. If true, the debtor should return home and complete the loan, rather than spreading untrue information about the bank. Mikail Mo said, “Fix it, not just plan and flee,” in an interview with Infobanknews on June 20, 2023.
According to Infobank Research Bureau data, Bank Mayapada’s performance increased above the national banking industry average in March 2023. National credit increased by 9.93%, while virtual credit increased by 25.12%. Or, from Rp77.95 trillion in March 2022 to Rp97.54 trillion in March 2023. The similar thing happened with third-party fund (DPK) growth. Virtual deposit growth of 19.62% to Rp122 trillion from Rp101.99 trillion in March 2022. The national DPK growth rate currently stands at 8%.
Bank Mayapada had a fantastic year in 2023. Take a look at its assets, which have grown 16.80% to Rp142, 343 trillion (March 2023). Credit and DPK both contributed to asset growth in the March 2023 position. Bank Mayapada, on the other hand, can still expand well in terms of liquidity and loan to deposit ratio (LDR). Furthermore, the non-performing loan (NPL) position is at 2.83%, a significant decline from the 4.12% position in March 2022.
Many are wondering, with the bad loans from Ted Sioeng, how Bank Mayapada, apparently seen from the financial statements, is still sturdy, and the backup is more than enough to cover the bad credit. In fact, the NPL number is still relatively low.
If so, according to Mikail Mo, Ted Sioeng is better off settling his stalled loan, and not scattering “bombs” from hiding. Because actually Bank Mayapada is a victim of the dark side of Ted Sioeng aka Gatot S-which is rumoured to have some media dark side. Although Bank Mayapada still has substantial reserves, it is advised that Ted Sioeng and his daughter, Jessica Gatot Elnitiarta, come and amicably resolve the bank’s issues. To ensure that there is no deception between the debtor and the bank.
Everything is being done to ensure that the bank’s reputation is unharmed. Since it’s not impossible, in addition to bank Mayapada, other banks are also harmed by this “sontoloyo” or non-cooperative debtor. Several other banks had the same fate; the debtor (Titan) reported Bank Mandiri last year. In fact, the Infobank Research Bureau claims that the debtor’s bank reporting of this congestion has evolved into a sort of “evil” credit settlement strategy, or simply want to be in control, so the bad debtor can walk freely.
In the end, as an outcome of the Bank Mayapada case, do not allow the bank to be positioned as a victim, only persistent banks can continue to collect bad loans. Whereas the debtor wants to be exempt from debt obligations by reporting his bank. Recently there have been numerous cases, such as the case of Ted Sioeng aka Gatot S. These kinds of odd events can occur during political years. (*)
