Final decision on BCA is mine, says Laksamana<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Within days of forming a team to decide on the winning bidder
\nfor the sale of Bank Central Asia, State Minister of State
\nEnterprises Laksamana Sukardi stressed that he was the one who
\nwould make the final call to decide the winner.<\/p>\n
Laksamana told reporters on Friday that the main aim of
\nestablishing the team was nothing more than to hear independent
\nopinions.<\/p>\n
\"Even without the presence of the others (team members), after
\nfinancial advisers have made their input, the decision will still
\nrest with me,\" he said.<\/p>\n
His comments came as a response to earlier remarks by Bank
\nIndonesia governor Sjahril Sabirin, saying he could not join the
\ngovernment team to decide on the winning bid for the sale of the
\ngovernment's 51 percent shareholding in BCA.<\/p>\n
Citing Sjahrir's rejection as no problem, Laksamana clarified
\nthat establishing the team was merely a way of enabling other
\nofficials to discuss the issue before making a final decision.<\/p>\n
Sjahril has said he could not join the team for fear of a
\nconflict of interest, as it was the central bank that had
\nconducted the fit-and-proper test on the bidders.<\/p>\n
\"BI cannot be involved in selecting the winner. Our job has
\nbeen simply to carry out the fit-and-proper test on the bidders,
\nand we've already done that,\" he said.<\/p>\n
Sjahrir's statement came hard on the heels of IBRA chairman I
\nPutu Ary Suta's objection to joining the team.<\/p>\n
Ary Suta has been arguing that taking over the authority of
\nIBRA in the BCA tender process was a violation of government
\nRegulation No. 17\/1999 on IBRA, saying that any move against it
\nwould require a revision to the regulation.<\/p>\n
However, Laksamana insisted that his decision was in line with
\nthe existing regulations.<\/p>\n
PP No.17\/1999's chapter four, article nine, section two
\nstipulates that sales of assets worth more than Rp 1 trillion
\n(US$100 million) can only be carried out with the approval of the
\nminister.<\/p>\n
The team in question supposedly comprises Laksamana, the
\nfinance minister, Bank Indonesia governor and IBRA chairman.<\/p>\n
The government first came up with the idea of establishing the
\nteam last week, with Laksamana saying the move was necessary so
\nas to secure the best solution.<\/p>\n
The decision was taken just as IBRA was finalizing the closing
\nstages of its review on the remaining bidders, namely two
\nconsortia led by a U.S. investment firm Farallon Capital and
\nStandard Chartered Bank Plc.<\/p>\n
The decision amounts to the stripping of authority from IBRA,
\nwhich had been in charge of the BCA sale process from the
\nbeginning.<\/p>\n
The objections by Ary Suta, and now Sjahrir, to the plan raise
\ndoubts on whether or not the government can complete the crucial
\nBCA tender process as scheduled.<\/p>\n
Any more delay will jeopardize the optimism that has been
\ngrowing in the market for success in the sale.<\/p>\n
Brushing off such an opinion, Laksamana guaranteed that the
\nannouncement of the winner would be made on schedule, which is
\nearly next week.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/final-decision-on-bca-is-mine-says-laksamana-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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