Garuda Indonesia Fires Finance Director Fuad Rizal

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Laila Afifa

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  • TEMPO.CO, Jakarta - The State-Owned Enterprises Ministry has fired Fuad Rizal from his position as finance director of Garuda Indonesia (GIAA). Fuad is replaced by the airline's corporate advisor, Prasetio.

    His dismissal was decided in an Extraordinary General Meeting of Shareholders (EGMS) this morning, November 20.

    The flagship carrier's president commissioner Triawan Munaf confirmed the news. He said that the reason for Fuad's dismissal was because it was requested as such by shareholders.

    "It was a request from the Dwiwarna Series-A shareholder, represented by SOE  Minister," Triawan told Tempo, Friday, November 20.

    The EGMS also discussed government loans and changes in the company's management structure. In November, Finance Minister Sri Mulyani said that the disbursements of government loans for SOEs will begin this month, no later than the third week of November.

    To Garuda, the government will provide loan funds of Rp8.5 trillion in the form of government investment. As it is not a State Capital Placement (PMN), Garuda must return it to the State within a proposed tenor of 3 years.

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