Wiloto Corp. - Indonesia Expert, Strategic Indonesia, Indonesia Public Relations

Wiloto Corp. - Indonesia Expert, Strategic Indonesia, Indonesia Public Relations
For further information about this site please click www.wiloto.com and www.wilotocorp.com

PowerPR alert on Indonesia

Indonesia News

Indonesia Business News

Indonesia Economy

Indonesia Group of Company

Indonesia Finance

Indonesia Banking - News

Indonesia Investment - News

Indonesia Capital Market - News

Indonesia State-Owned Company - News

Indonesia Mining

Indonesia Energy - News

Indonesia Airlines - News

Indonesia Infrastructure - News

Indonesia Shipping and Cargo - News

Indonesia AgriBusiness

Indonesia Entrepreneurship

Indonesia Corporation

Reuters: Business News

Strategic Indonesia

Indonesia Law Enforcement

Indonesia Corruption - News

Indonesia Money Laundering Update

Indonesia Reform Update

Indonesia Religion Issues

Indonesia Security Issues

Indonesia Politics Issues

Indonesia Election 2009 Issues

Indonesia Education Update

Saturday, February 04, 2006

Syafruddin Temenggung, Former IBRA chief named suspect in graft case

Prosecutors have named former chief of the Indonesian Bank Restructuring Agency (IBRA) Syafruddin Temenggung as a suspect in the illegal sale of state assets, estimated to have caused losses of Rp 500 billion (US$51 million).

However, he has yet to be remanded in custody, Attorney General Abdulrahman Saleh said Friday. He said Syafruddin was charged with selling assets of sugar company PT Rajawali III in Gorontalo province in 2003 for Rp 84 billion, while their value was up to Rp 600 billion.

"Since Friday we have named him a suspect and also imposed a travel ban on him," said Attorney General's Office spokesman Mashyudi Ridwan.
The investigation into Syafruddin began in July 2005. The Attorney General's Office has questioned almost 15 IBRA officials linked to the corruption case.

IBRA was established in 1998 to restructure and sell more than RP 400 trillion in assets it took over from local banks after the government bailed them out amid the 1997-1998 Asian financial crisis. Proceeds from the asset sales were to be used to help finance the state budget.

IBRA was dissolved in April 2004 after improvement in the country's economy.
However, the prosecution of Syafruddin may be challenged by Presidential Decree No. 15/2004 on IBRA's dissolution, under which the President granted legal protection to all agency officials in the carrying out of their duties.

The decree also absolved IBRA officials of all responsibility if they committed mistakes in their reports to the government. In apparent defiance of the decree, the Attorney General said the investigation into the graft case would go ahead.

The office is also investigating other former IBRA officials in connection with the assets of convicted former banker David Nusa Wijaya, which were sold without the required permission of prosecutors as the executor in the case.
David, a former director of the now defunct Bank Umum Servitia, received Rp 1.291 trillion in Bank Indonesia Liquidity Support, which became a nonperforming loan.

The Attorney General's Office confiscated his assets. David later fled the country, living in Singapore and the U.S. He was returned by U.S. authorities to Indonesian police custody last month.

Officials also interrogated Hesti, the IBRA employee responsible for David's assets, and planned to summon other IBRA officials as part of their investigation.

Source:
The Jakarta Post
February 04, 2006

2 comments:

share said...

Hi,

Once again after crash Nifty has started going up. Now we suggest all rises should be used as an opportunity to exit old long positions.
This bull run will continue for few more days. Overall market is in bearish mood as in medium term its just a small rally due to short covering
and result season.


Happy Trading,

ShareGyan

KnowYourProfit said...

This blog is novice and informative,it is a pleasure to post a comment on this usefull blog created by a webmaster

Now as such the final stages of the formal completion of nuclear deal has come,so we can expect some positive news effecting the
movement of the INDIAN STOCK MARKET which means stocks coming in power sector will take new direction

Companies which will benefited includes mainly

1.Larsen n Tourbo(LT)
2.Hindustan Construction Co. Ltd(HCC)

and the list had few more names..

Happy Trading

Have Query

Feel free to contact us at


Team
KnowYourProfit

+91-9871142419