Politics · Indonesia · 2 days ago
Indonesia Drafts Rule for Transfer of Whoosh Stake to Finance Ministry
Indonesia is drafting a presidential regulation to transfer shares held by a state-owned consortium in the Jakarta-Bandung high-speed railway, known as Whoosh, to the Finance Ministry.
The government says the rule will provide a legal basis for the transfer and clarify the roles and obligations of the parties involved.
The consortium’s stake represents 60% of the railway operator, while a Chinese consortium holds the remaining 40%.
The proposed arrangement is part of efforts to manage the railway’s financial obligations.
The government says it wants Whoosh services to continue and the project’s obligations to be handled without harming the state budget.
Under the plan, a Finance Ministry unit would manage Whoosh after the transfer.
The regulation is still being prepared, and the sources do not give a timetable for its completion.
Indonesia is drafting a presidential regulation to provide a legal basis for transferring PSBI shares in the Whoosh high-speed railway project to the Finance Ministry.
The regulation is intended to address the project’s financial obligations while keeping train services running.
Finance Ministry official Evita Manthovani said the draft was being prepared with relevant ministries and agencies.
The government plans to take over the state-owned consortium’s 60 percent stake in the railway operator, KCIC.
The Chinese consortium will retain the remaining 40 percent stake, and Whoosh will be managed through a Finance Ministry unit.
- Who
- The Indonesian government, including the Finance Ministry, is preparing the regulation. Finance Ministry official Evita Manthovani described the plan.
- What
- A presidential regulation would provide a legal basis for transferring PSBI shares to the government through the Finance Ministry.
- When
- The draft was being prepared as of October 9, 2026.
- Where
- Jakarta-Bandung, Indonesia.
- Why
- To provide a framework for managing Whoosh’s financial obligations while ensuring services continue and the state budget is not disrupted.
This story does not have two clearly opposing sides.
The government is currently preparing a legal basis in the form of a presidential regulation concerning the future of the Jakarta-Bandung high-speed railway (Whoosh) through the transfer of PSBI shares to the government, specifically the Finance Ministry.
This will ensure that once the transfer of PSBI shares proceeds, the subsequent management will be sound, prudent, effective, integrated and accountable, in accordance with applicable regulations, while providing greater certainty for the sustainability of the Jakarta-Bandung high-speed railway
This story does not have a timeline yet.
- Shareholder consortium
- PT Pilar Sinergi BUMN Indonesia (PSBI)
- Government stake in KCIC
- 60 percent
- Chinese consortium stake in KCIC
- 40 percent
- Future management
- A Special Mission Vehicle unit under the Finance Ministry
Sources
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