BANKRUPT PT SARIWANGI, WHY DID THAT HAPPEN?

Arranged by:

Fasha Amalia Wulandari B1034181023

ECONOMICS AND BUSINESS FACULTY

TANJUNGPURA UNIVERSITY

2019
 Who doesn't know SariWangi tea. on average all Indonesian people use this product.
SariWangi was built by its founder, Johan Alexander Supit in 1962. Johan and his company then
made an innovation of tea in a bag known as teabag. and was introduced in 1973 quite practical
and easy than brewed tea , but unfortunately this company experienced bankruptcy due to several
internal and external factors :

1. Not teabag

Built since 1967 it is located in Gunung Putri Bogor, West Java.

In the 1970s, SariWangi then introduced a revolution in tea drinking through teabag
products. when introduced this product received a good response from its customers so
that they were given the brand of teabag SariWangi

2. Failed to invest

PT SariWangi Agricultural Estate Agency is trying to invest in the use of technology to

increase its plantation production so that it can get to a greater level
The company is developing a drainage system or watering technology and has spent large
amounts of money.

3. A lot of debt

PT SariWangi owes a lot to the creditors for the company's business.

Of the factors above the problem is debt because failure in investing starts from PT
SariWangi Agricultural Estate Agency together with its affiliated company, PT Plantation
Company Indorub Sumber Wadung, is in a time of difficulties. The two companies are in debt up
to Rp1.5 trillion to a number of creditors.

But, this product was later acquired by Unilever in 1989. Unilever has even produced its own
product.

SariWangi's President Director, Andrew Supit. SariWangi tea company was declared bankrupt or
bankrupt by the Central Jakarta Commercial Court after it was declared unable to repay a debt of
Rp 1.5 trillion. but the results obtained were not as expected.

Already a big debt, but income does not match predictions.In the end, debt repayments do not go
smoothly plus some creditors start submitting bills.
There are five banks that filed bills that year, namely PT HSBC Indonesia, PT Bank ICBC
Indonesia, PT Bank Rabobank International Indonesia, PT Bank Panin Indonesia Tbk, and PT
Bank Commonwealth.

SariWangi had time to submit a request for peace.but this companies filed a Delay of Debt
Payment Obligations (PKPU) to creditors. Even though the debt repayment obligation has been
given, but until 2018, the Sariwangi company and Indorub Plantation Airlines still cannot carry
out their promises.

On Wednesday (10/17/2018), the Central Jakarta Commercial Court Judge granted a

request for a homologation cancellation from one of the creditors, namely PT Bank ICBC
Indonesia to SariWangi Agricultural Estate Agency, and Plantation Airlines Indorub Sumber
Wadung.Along with the decision, these two companies officially held bankrupt status.

"To grant a request for cancellation of peace or homologation from the applicant (ICBC), stating
that the homologation agreement is canceled, claiming Respondent 1 (SariWangi), and
Respondent 2 (Indorub) bankrupt with all legal consequences," Chief Justice Judge Abdul Kohar
said on Tuesday. (10/16/2018) at the Central Jakarta Commercial Court.

In his consideration, Judge Abdul stated that the SariWangi and Indorub companies had been
proven negligent in carrying out their obligations in accordance with the peace plan in the
process of postponing previous Debt Payment Obligations (PKPU). Moreover, throughout
the trial, SariWangi never came.

So, without an answer to the request, the Judge considered the ICBC
application to be true. During the trial, only Indorub was present.

However, PT Unilever Indonesia as the holder of the Sariwangi Tea brand confirmed the
bankrupt decision against PT SariWangi Agricultural Estate Agency (SariWangi Agricultural
Estate Agency) would not interfere with the continuity of the tea products.

"PT SariWangi Agricultural Estate Agency has no connection with Unilever Indonesia. So it is
no longer a producer of tea suppliers (SariWangi)," said Corporate Secretary Sancoyo Antarikso.

Sancoyo explained that the collaboration between Unilever and Sariwangi Agricultural Estate
Agency had ended several years ago. He also stressed that his party now has no connection with
the company. "There is no influence on the product (SariWangi), because it is not related.

At present Unilever already has a replacement partner to supply SariWangi tea raw material.
Termination of cooperation has been processed since early 2018.
And now still selling tea products with the SariWangi Teh Asli brand, SariWangi Wangi Melati
Tea, SariWangi Original Green Tea, SariWangi Gold Selection, SariMurni Round Bag Tea.

Until now we can still enjoy various variants of this product because it has been produced
by Unilever.
Reference :

http://kaltim.tribunnews.com/2018/10/18/perusahaan-teh-sariwangi-bangkrut-kronologis-dibalik-
bangkrutnya-pelopor-teh-celup-di-indonesia

https://food.detik.com/info-kuliner/d-4262868/dinyatakan-pailit-begini-sejarah-teh-sariwangi-yang-
dimulai-tahun-1962

https://www.merdeka.com/uang/4-perusahaan-besar-mendadak-bangkrut-ini-penyebabnya/pt-
sariwangi-pailit-gagal-bayar-utang.html

https://www.cnnindonesia.com/ekonomi/20181018060036-92-339361/terlilit-utang-menahun-
sariwangi-dinyatakan-pailit

https://food.detik.com/info-kuliner/d-4262868/dinyatakan-pailit-begini-sejarah-teh-sariwangi-yang-
dimulai-tahun-1962