Hashim planning comeback to Tuban

Tycoon Hashim Djojohadikusumo, who now resides in Geneva, is planning comeback to Indonesia with his plan of regaining control of the petrochemical giant project in Tuban, East Java.

Bisnis Indonesia reported on Tuesday that Tiratamas Majutama Group, which is controlled by Hashim, has submitted a proposal to repay its debt worth Rp 3.2 trillion to government agency PT PPA which took over Tirtamas? stake in PT Trans Pacific Petrochemical Indotama (TPPI) following the financial difficulties experienced by Tirtamas in the wake of the economic crisis in late 1990s.

PPA, through PT Tuban Petrochemical Industries, now has 59.5 percent stake in TPPI in a partnership with Japanese company Itcochu Corporation, Tuban Petrochemicals Ltd (the subsidiary of Siam Cement PLC) and Japanese firm Sojitz Corporationg, according to the newspaper.

PPA?s secretary Renny O. Rorong confirmed that Tirtamas had offered to repay its debt to PPA.

Hashim of the Indonesian Djojohadikusumo prominent family was one of the leading tycoons during President Soeharto?s era. However, he sold all of its assets in Indonesia to repay his debt following the economic crisis.(*)