Recap of New Facts on Century Case

JAKARTA LIFE'S STYLE

Former Bank Indonesia (BI) director of bank monitoring, Zainal Abidin, has revealed a number of important facts during the hearing before the inquiry committee for Century Bank's case, Thursday evening. A number of facts were previously unknown from the investigative audit from the Supreme Audit Agency (BPK) or from the testimonies of a number of BI high officials. From the start, Zainal, the bespectacled man in a grey suit and a cap, said, "I'm a black and white person. No leniency. If the rule says no, then it's no."

Thursday evening, Zainal with two of his fellow BI officials, director of banking research and regulation, Halim Alamsyah, and former chief of bank monitoring team I, Heru Kristiana. The were examined regarding the change of requirement regulations to receive the short term liquidity support (FPJP). In BPK's audit, the regulation was changed in a schenario to 'smoothen' Century Bank's path to the Rp. 6.7 trillion bailout. What were the facts revealed by Zainal?

1. A letter for Boediono

On October 30, 2008, Zainal sent a letter containing his review over the FPJP proposal submitted by Century Bank. The letter was addressed to the current BI governor, Boediono, and was carbon-copied to the BI deputy governor for bank monitoring, Siti Ch Fadjrijah. The letter was regarding "The Proposal for Asset Repo Facility by Century Bank Tbk".

The important parts of the letter were read, among which was the conclusion that, "the FPJP to the bank can only solve its liquidity problem temporarily. While if the structural problem isn't resolved, then the bank would soon have liquidity problems again."

At the end of his letter, Zainal wrote, "Regarding this matter and according to the applying regulation, we consider that the bank is unqualified to receive the FPJP. Thus, we ask for direction and decision."

However, the review letter that he sent wasn't replied by Boediono, and following was the decision to chagne the BI regulation Number 10/26/PBI/2008, on October 30, regarding the requirements for a bank to receive the FPJP that amounts to eight percent.

The fact that there was a letter from the bank monitoring directorate wasn't found in BPK's audit. So the inquiry committee documents it as a new investigation fact.

2. The meeting on November 3

The command to review a change over the BI regulation Number 10/26/PBI/2008, on October 30, regarding the requirements for a bank to receive the FPJP, was received by Zainal, Halim, and Heru on November 3. In the meeting of the BI board of governors there was already a decision that the regulation will be altered.

"Actually I didn't agree. But it was unethical in BI if a director openly protests on something that has been decided," said Zainal, who is now BI's lead researcher.

Halim also thought that the change on the regulation would blur the limit for liquidity and solvability. He asked for time to do a review.

They claimed that they don't remember clearly who suggested the change on the regulation in the meeting. The minutes of meeting and the meeting transcript from November 3 wasn't included in BPK's audit. For the inquiry committee the minutes of meeting is critical because it's the start of the suggestion to change the regulation.

3. BI Officials Shed Tears

In the minutes of meeting for the decision for Century Bank's bailout on November 13 it's mentioned that there was a heated debate in deciding to play the "hero" to save Robert Tantular's bank. But who would've thought that the BI officials shed tears.

Zainal pointed that possibly this happened because it was so hard to come to a decision, so the BI governor Boediono, the BI senior deputy governor Miranda Goeltom, and the BI deputy governor Siti Ch Fadjrijah, even cried. Zainal even said that Fadjrijah whom he calls Mrs. Fad was bitterly crying.

"She was - please pardon - holding her runny nose. I saw Mr Boediono shedding tears. Mrs. Miranda was just like Mrs. Fad," Zainal described the drama in the meeting that lasted till almost dawn.

Was there outside intervention forcing the BI officials to save Century? Obviously, none of the three officials dared to answer.

4. Miranda scolded the bank monitoring officials

In the voting to decide the FPJP for Century Bank, Zainal, Halim, and Heru all agree that Miranda was active in every meeting. This fact is also shown in the meeting transcript. Inquiry committee member from Golkar, Melcias Mekeng, read one part that says, "Mrs. Miranda was the most active to ask for the gavel knock."

The BI officials didn't argue. Furthermore, according to all three, Miranda scolded the bank monitoring officials who didn't immediately decide to grant the FPJP for Century.

"Mrs. Miranda was upset with the monitoring division for not taking risks," said Zainal.

Halim also concurred, "Mrs. Miranda scolded my fellow monitoring officials."

While Heru testified that Miranda was upset because the monitoring officials wanted to do indepth reviews. "If the credit asset isn't good, then our fellow monitoring officials wouldn't dare."

Miranda, during her hearing before the inquiry committee last week, denied that the regulation change and FPJP grant were her responsibilities. She threw those matters to the monitoring officials.(kompas)

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