Indonesia’s Ministry of Transport has given thirteen of the country’s carriers until the end of July to improve their financial positions, or risk losing of their Air Operator Certificates, according to a report in the Jakarta Post. The 13 carriers affected include: Indonesia AirAsia, Batik Air (part of the Lion Group), Cardigair, Transwisata Air, EastIndo, Survai Udara Penas, Air Pacific (Indonesia), Jhonlin Air Transport, Asialink Cargo Express, Ersa Eastern Aviation, Tri-M.G. Intra Asia Airlines, Nusantara Buena Air, and Manunggal Air.
Tri MG Airlines is one of the only three independent cargo carriers operating in Indonesia. The airline operates daily flights Singapore – Jakarta – Balikpapan five times a week carrying 15.5 tonnes of cargo per-flight. Tri M-G has a fleet of 11 freighters.
Minister of Transport Ignasius Jonan told the Post that the affected airlines were found to be in a state of negative equity (a situation where the value of an asset used to secure a loan is less than the outstanding balance on the loan) ranging from IDR 10 billion (US$748,000) up to “trillions of Rupiah” with Jonan saying the poor financial position of these carriers leads to concerns over safety oversight.
New legislation recently enacted in Indonesia requires a minimum prescribed capital that airlines operating with various capacities must have. Cargo operators are required to be capitalised to at least IDR100 billion (US$7.48 million) while scheduled passenger airlines operating aircraft with a capacity of 70 seats or more are required to have a paid-up capital of at least IDR500 billion while those with aircraft with 30 seats or less must have a paid-up capital of at least IDR300 billion.
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