Danantara CEO Rosan Roeslani Eyes for Complete Overhaul of Whoosh’s $7.2 Billion Debt
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JAKARTA, Investortrust.id — Danantara CEO Rosan Roeslani has called for a full reform of PT Kereta Cepat Indonesia China’s (KCIC) debt structure rather than a simple restructuring, saying the high-speed rail operator needs a comprehensive overhaul to prevent future financial risks.
Speaking after the Investor Daily Summit 2025 in Jakarta on Wednesday, Oct 8, 2025, Rosan said ongoing talks between the Indonesian and Chinese governments are focused on finding a long-term solution to KCIC’s Rp 116 trillion debt, most of which is owed to the China Development Bank.
“We don’t want a short-term restructuring that leaves future problems unresolved. What we want is a total reform,” Rosan said.
He denied that Danantara, Indonesia’s sovereign investment agency, would take over KCIC, saying discussions with China were still ongoing. “It would not be appropriate for me to comment while the process is still underway,” he said.
Rosan emphasized that the reform aims to prevent KCIC’s flagship project, the Whoosh high-speed train, from defaulting. He added that the plan is also linked to the long-term development of the Jakarta–Surabaya high-speed rail line, which he hopes will become a sustainable and financially viable expansion.
The push for reform comes as KCIC’s mounting debt has become a concern for the state railway operator PT Kereta Api Indonesia (KAI), which holds a majority stake in the project. The company pays around Rp 2 trillion in annual interest on its outstanding loans.
KCIC’s losses have already dragged down KAI’s performance. The Jakarta–Bandung high-speed rail project, better known as Whoosh, recorded a Rp 1 trillion loss in the first half of 2025, directly impacting KAI’s consolidated financials.
KAI’s interim financial report as of June 2025 showed that the losses came from PT Pilar Sinergi BUMN Indonesia (PSBI), the consortium managing the high-speed rail project. KAI owns 58.53% of PSBI, with other shareholders including PT Wijaya Karya Tbk (WIKA) and PT Jasa Marga Tbk (JSMR). PSBI’s contribution to KAI’s net loss reached Rp 951.48 billion in the first half of 2025.
When combined with the second half of 2024, KAI’s total losses from Whoosh amounted to Rp 1.9 trillion in the past year. During the 2024 calendar year, losses reached Rp 2.69 trillion.
The total investment for the Whoosh project reached US$ 7.2 billion, equivalent to Rp 116.54 trillion at an exchange rate of Rp 16,186 per US dollar, including a cost overrun of US$ 1.2 billion or Rp 19.42 trillion.