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Government Fires Merpati Nusantara CEO

Rudy Setyopurnomo Fired After One Year as CEO By Financially-Troubled Merpati Nusantara Airline

(8/5/2013) 

Rudy Setyopurnomo, recently dismissed as CEO of state-owned PT Merpati Nusantara Airlines, has told the State News Agency Antara that he has accepted his dismissal and will no longer dedicate his energies to the air carrier.
 
“I accept the decision of the shareholders. If, indeed, Mr. Dahlan (the Minister of State Owned Companies) has decided this, so be it, I accept the decision,” said Setyopurnomo.
 
He told the press that the change in directors at the airline that has left him jobless is not a major matter. He was formally advised of his dismissal on Monday, July 29, 2013.
 
Rudy Setyopurnomo was appointed to head Merpati on May 11, 2012, a position he held for slightly more than one year before being fired.
 
The decision by the Minister of State Owned Enterprises (BUMN) replaced Rudy with Captain Asep Ekanugraha. 
 
Rudy said he hoped the change in management at Merpati would take place in a peaceful atmosphere. “I want things to go smoothly, there should be no fuss,” said the former CEO.
 
Setyopurnomo, accepting his retrenchment, said it was time for younger people to take control of the Airline.
 
“I have passed on my knowledge and good example to the employees of Merpati so they can run the company in the future,” said Rudy. 
 
Separately, the BUMN Minister Dahlan Iskan announced that the dismissal of Rudy Setyopurnomo as the CEO of Merpati was the result of joint decision reached in a meeting between the government and the PT Perusahaan Pengelola Aset (PPA-Asset Management Agency). 
 
Iskan said that based on the recommendation of PPA, who is in charge of the airline’s restructuring, he signed the termination notification for Rudy Setyopurnomo.
 
“Whoever is the CEO of Merpati doesn't matter,” said Dahlan. “What’s important is the restructuring, sothe Company’s debt can be accomplished.
 
When addressing the airline’s debt, Dahlan said he favored an approach of converting debt to equity. 
 
Current calculations put Merpati’s debt to several companies at Rp. 6.5 trillion (US$650 million). Among the companies owed money by Merpati are PT Pertamina (fuel), PT Angkasa Pura I and II (airport fees) and PT PPA.
 
Merpati also has subsidiary loan agreements in place to the government, plus other debts due to airplane lessors.
 
“I have just learned that Merpati’s debts have reached Rp. 6.5 trillion, in fact, a short time ago the debt was only Rp. 6 trillion,” said Dahlan.
 
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