Jakarta. The government has seized assets worth Rp 333.66 billion ($20.4 million) belonging to former bankers Benny Ahadi and Andri Tedjadharma as part of a debt recovery initiative targeting major debtors who received state bailouts during the 1998 financial crisis.

Rionald Silaban, Director General of State Assets at the Ministry of Finance and Chairman of the Bank Indonesia Liquidity Assistance (BLBI) Task Force, announced that the seized assets include properties and land totaling Rp 333.66 billion.

Among the seized assets is a property belonging to debtor Kwan Benny Ahadi, consisting of a 1,309-square-meter plot of land with structures located at Jalan Gedung Hijau Raya Blok SG No. 17 Sector V, Pondok Pinang, Kebayoran Lama, South Jakarta, valued at Rp 65.4 billion.

“This seizure aims to settle outstanding debts to the state amounting to Rp 142 billion,” Rionald Silaban stated in an official statement on Friday.

Assets belonging to another BLBI debtor, Andri Tedjadharma, were also seized, including a 1,880-square-meter land plot with a villa located at Mega Indah Villa Estate Block K.II, Megamendung, Bogor, West Java, due to unpaid state obligations totaling Rp 4.5 trillion.

Rionald emphasized that the task force will continue its efforts to recover state claims through measures such as asset blocking, seizure, and sale, targeting properties owned by debtors or collateral assets.

Seized collateral will be managed through the State Receivables Affairs Committee (PUPN), which oversees processes like open auctions for asset disposition.

During the Soeharto presidency, Indonesia funded distressed banks to stabilize the financial system amid the Asian financial crisis, during which the rupiah sharply depreciated against the dollar, impairing lenders' ability to repay dollar-denominated debts.

Much of the bailout funds were misappropriated by bank owners to finance other ventures, resulting in their inability to repay the debts.