Jakarta. Sovereign wealth fund Danantara has denied a minister’s claims that a wave of leadership changes would hit state-owned banks sooner or later.

Defense Minister Sjafrie Sjamsoeddin had revealed Saturday that President Prabowo Subianto wanted major shake-ups at the state lenders, citing favoritism in loan disbursement. Danantara Chief Executive Officer Rosan Roeslani quickly refuted Sjafrie’s claims in a doorstep interview with the press later that day.

“Danantara, as the shareholder of all state-owned banks, can confirm that there have not been any discussions [on the leadership change]. Of course, we will continue to seek consultations if improvements are necessary,” Rosan said in his office. 

“No talks [of such replacements] so far.”

Danantara has assumed control of all Indonesian state businesses. This includes the banks grouped in the so-called “Himbara”, such as BNI, Mandiri, BRI, and BTN. All four are publicly listed at the Indonesia Stock Exchange (IDX). Himbara also includes the sharia banks BSI and BSN.

Sjafrie had previously told the press that state lenders had been preferring to provide loans for major businesses over small enterprises. 

“For this reason, the president has ordered to change all of the directors at the state-owned banks,” Sjafrie was quoted as saying by news agency Antara.

He claimed that some heads even only cared about personal gains, while signaling the possibility of capable young people being the replacements.