Every day, this paper machine in Banten churns outs thousands of tons of paper, earning billions of rupiah for Indah Kiat Pulp & Paper (IKPP). But the amount it earns is insignificant, when compared to the total debts of IKPP's holding company, Asia Pulp & Paper (APP). These now amount to US$13.4 billion, the equivalent of Rp138 trillion, and of this, Rp12 trillion is owed to the Indonesian government.

Apparently, the value of APP as