Chinese tycoons ready to bring back US$5b-$10b<\/p>\n
JAKARTA (JP): Chinese-Indonesian tycoons are preparing to
\nrepatriate between US$5 billion and $10 billion in funds they
\nsent out of the country amid the economic and political turmoil
\nof the past two years, a noted businessman said on Wednesday.<\/p>\n
Gemala Group chairman Sofyan Wanandi said the tycoons were
\nupbeat about the country's new leadership, but still were taking
\na wait-and-see attitude until the new Cabinet formed clearer
\neconomic and political policies.<\/p>\n
\"It's just a matter of time. The Cabinet should work quickly
\nto form their policies. The honeymoon should be no longer than
\ntwo months,\" Sofyan said during a media conference -- his first
\nsince returning to Indonesia after a year away from the country.<\/p>\n
Sofyan, who was critical of former president B.J. Habibie's
\nadministration, fled the country last year after the Attorney
\nGeneral's Office began investigating him for allegedly fraudulent
\nloans.<\/p>\n
He returned to the country after the election of President
\nAbdurrahman Wahid.<\/p>\n
Sofyan said with the $5 billion to $10 billion in funds from
\nethnic Chinese businesspeople, the country could revive its
\nindustrial sector, which has remained sluggish over the past two
\nyears due to a lack of funds caused by the monetary crisis.<\/p>\n
\"Once industry is revived, people will see some growth in our
\neconomy and other investors will come in,\" Sofyan said.<\/p>\n
Sofyan said his Gemala Group was ready to invest $100 million
\nin the country.<\/p>\n
The central bank has estimated that $80 billion owned by
\nwealthy Chinese-Indonesians and foreign investors fled Indonesia
\nafter the financial crisis hit in mid-1997 and long-ruling
\npresident Soeharto stepped down amid unrest in May 1998.<\/p>\n
Business Times daily of Singapore reported earlier a fifth, or
\n$16 billion, of this $80 billion was expected to return to the
\ncountry soon.<\/p>\n
The paper said a number of ethnic Chinese tycoons made
\ncommitments to Wahid to bring back to the country this amount
\ncurrently held in Singapore and elsewhere.<\/p>\n
Sofyan put the amount of funds sent out of Indonesia by ethnic
\nChinese tycoons during the economic and political turmoil at
\nabout $10 billion.<\/p>\n
Sofyan said during his self-imposed exile in Australia,
\nEurope, the United States, Japan and Singapore, he met with
\nnumerous businesses which also expressed optimism over the
\ncountry's new leadership and expected to return soon.<\/p>\n
\"They asked me to give the green light anytime it was
\nappropriate for them return to our country,\" Sofyan said.<\/p>\n
Sofyan said investors did not see the new Indonesian economic
\nteam as \"a winning team\", but he said they were not worried as
\nlong as the country's economic policies continued to be
\ndetermined by the World Bank and the International Monetary Fund.<\/p>\n
Sofyan said since arriving in Indonesia two weeks ago the
\nAttorney General's Office had not summoned him for questioning
\nover his case.<\/p>\n
He said he would take the initiative and visit the Attorney
\nGeneral's Office \"in one or two days\" to clarify his legal
\nstatus.<\/p>\n
\"I am ready for questioning. But the Attorney General's Office
\nmust restore my name if it does not find any evidence to support
\nthe graft charges,\" Sofyan said, adding that the Attorney
\nGeneral's Office under Habibie labeled him a fugitive and asked
\nInterpol's help in locating him.<\/p>\n
Sofyan was charged with misusing $16 million in loans from
\nBank Negara Indonesia 1946, Bank Rakyat Indonesia and Bank Bumi
\nDaya.<\/p>\n
Sofyan said the company which received the loans was not his
\nbut his brother's, adding that he believed new Attorney General
\nMarzuki Darusman would handle his case fairly. (jsk)<\/p>",
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