JAKARTA LIFE'S STYLE
Minister of Finance Sri Mulyani Indrawati considers the Century Bank inquiry in the parliament as an effort from her political opposition to tacke her ministerial position due to her endeavors to reformIndonesia's bureaucracy. Under her leadership, the Department of Finance has been a pioneer in applying bureacratic reforms.
Sri Mulyani during an interview with the business daily The Wall Street Journal for Asia, Thursday edition, again highlighted that the necessity for the Century Bank bailout was to prevent customers of other banks from panicking.
In the interview, Sri Mulyani even bluntly mentioned the name of her former colleague from the United Indonesia Cabinet I, Aburizal Bakrie, who is currently the Golkar chairman. "Aburizal Bakrie is not happy with me. I don't expect anyone from Golkar to be fair or nice to me."
The minister of finance mentioned that the tension between her and Ical - Aburizal Bakrie's nickname - began when she refused to temporarily suspend the shares of some companies belonging to the Bakrie family a few years ago. At that time, Bakrie family's shares were collapsing, dragged down by the flop of Bumi Resources Tbk shares (BUMI), one of Bakrie's mining company.
Besides BUMI, five other emmitents were PT Bakrie & Brothers Tbk., PT Bakrieland Development Tbk., PT Bakrie Sumatra Plantations Tbk., PT Bakrie Telecom Tbk., and PT Energi Mega Persada Tbk. According to Sri Mulyani, it was Ical who asked for the trade suspension.
The Indonesian stock exchange suspended the trade of Bakrie Group's shares from October 2008. At that time BUMI shares had dropped down from Rp. 8,000 per share to only Rp. 425.
The minister also added that last year she issued a travel ban to several executives of the coal mine, including to the Bakrie family, due to a conflict of coal sales royalty payment.(KOMPAS.com)
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