Bapepam: No travel bans in Lippo case<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Amid mounting public pressure to penalize the management of
\nBank Lippo, the Capital Market Supervisory Agency (Bapepam) said
\non Wednesday that it had yet to see any urgency in slapping an
\noverseas travel ban on those responsible for allegedly cooking
\nthe books.<\/p>\n
Bapepam chairman Herwidayatmo said that since the bank's
\nmanagement had been cooperative during the ongoing investigation
\ninto the possible scam, he saw no reason to propose the action.<\/p>\n
\"They are being cooperative. Whenever they are summoned, they
\nalways come and help us in the investigation. So what's the use
\nof imposing a travel ban on them?\" he said.<\/p>\n
Herwidayatmo also suggested that the public be patient with
\nthe investigation, which was in progress, saying its outcome
\nwould be made public on March 17.<\/p>\n
His suggestions reflect how his agency has been under
\ntremendous pressure in dealing with the Lippo case, which has
\nbeen making press headlines for months.<\/p>\n
Since it first emerged late last year, the Lippo saga has
\ndrawn plenty of attention from various elements in the community,
\nwhich have been joining hands in voicing the need to impose stiff
\nsanctions against those responsible for the alleged wrongdoing.<\/p>\n
They argued that it was not only important to avoid further
\nlosses on the part of the state, but to also make sure that
\nsimilar frauds would no longer occur as well as to create
\ncertainty for investors.<\/p>\n
Leading the campaign is an informal group called the Public
\nCoalition Against the Bank Lippo Scam, comprising noted economic
\nexperts and anticorruption crusaders.<\/p>\n
The coalition -- whose members include Lin Che Wei, Faisal
\nBasri, Drajat Wibowo, Teten Masduki and Bambang Wijoyanto -- has
\nsaid that its relentless moves were aimed at ensuring that
\nwhoever was involved in the Lippo affair receives the proper
\npunishment.<\/p>\n
The group's hard work has so far paid off, at least in terms
\nof forcing the related authorities to launch an investigation
\ninto the case.<\/p>\n
Not only Bapepam, but the Ministry of Finance, Bank Indonesia,
\nthe Indonesian Bank Restructuring Agency (IBRA) and the Attorney
\nGeneral's Office are all conducting probes into the Lippo case.<\/p>\n
The coalition was established as a way of lending support to
\nLin Che Wei, whom one of Lippo's management team, Rudi T.
\nBachrie, had filed a libel suit against after the former wrote
\narticles in the local media, highlighting maneuvers by the
\nmanagement to destroy the bank's capital assets and shares.<\/p>\n
Bank Lippo has become the center of the investigation after
\nmonths of public outcry over suspected financial frauds conducted
\nby Lippo's management, which is being accused of acting on behalf
\nof the bank's former owners -- the Riady family -- to regain
\ncontrol of the bank at a huge discount and at the expense of the
\nstate.<\/p>\n
The accusations of manipulation broke late last year, after
\nthe bank issued two different financial reports.<\/p>\n
In November, the bank reported a net profit and a healthy
\ncapital adequacy ratio (CAR) as of September. One month later, it
\nissued a completely different report, stating that the bank
\nposted losses, with its CAR being in the danger zone.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bapepam-no-travel-bans-in-lippo-case-1447893297",
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"sponsor": "Okusi Associates",
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