Jakarta. Danantara has said that the reason why its financial statement is taking ages is that the process requires cross-checking the figures across thousands of state enterprises.

The sovereign wealth fund controls all 1,074 state-owned enterprises (SOEs), including the sub-subsidiaries. However, Danantara has faced concerns over weak transparency as it has yet to roll out its audited financial statement that sees how all those businesses have performed under its wings.

Its chief operating officer Dony Oskaria revealed on Thursday what had caused the delay.

“SOEs did not have a consolidated report in the past. Our [utility firm] PLN would have its own statement. The same goes for [oil producer] Pertamina and Bank Mandiri. … And now, we have to make sure we don’t count the same transactions twice among these 1,074 companies,” Dony told Investor Daily Summit.

“This is our first time to have a consolidated report [for the SOEs]. … Can you imagine? This will take time, but Danantara is very open.”

He went on to say that Danantara has only begun combining the data between the enterprises in June.

The financial statement has passed through consultant giant EY’s audit. It is now under the state audit board BPK's review, according to Dony, without giving any timeline.

Dony recently told the press that it should be ready for publishing “within this month”.

Despite the current hurdles, he remains upbeat that drawing up the statements “should not take as long” in 2027, citing that the almost-two-year-old Danantara should already have the “modeling” by then.

The SOEs under Danantara Asset Management (DAM) — which is in charge of managing the portfolio — registered Rp 326 trillion ($18.2 billion) in profit last year.

The fund is pursuing a massive overhaul of cutting the number of SOEs to around 250 companies. Dony expects the joint SOE profit to soar to Rp 360 trillion ($20 billion) this year following the restructuring.

Senior economist Bhima Yudhistira not long ago sounded the alarm on transparency issues, saying that the overdue document would have been able to boost the investment climate.

BPK had only launched its audit on Danantara’s 2025 consolidated statement a few weeks ago. 

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