Govt picks Cacuk to replace Glenn as IBRA chief<\/p>\n
JAKARTA (JP): Minister of Finance Bambang Sudibyo confirmed on
\nWednesday that Cacuk Sudarijanto would replace Glenn Yusuf on
\nThursday as head of the Indonesian Bank Restructuring Agency
\n(IBRA), which manages more than Rp 600 trillion (US$83.3 billion)
\nin state assets.<\/p>\n
Bambang said the decision was not sudden nor unexpected, but
\nhe declined to elaborate on the reason.<\/p>\n
\"Over the past two months the government has evaluated IBRA's
\nperformance and the conclusion is that Glenn should be replaced.
\nAnd vice chairman Cacuk fits the bill,\" Bambang said.<\/p>\n
He added that it was considered an opportune time to replace
\nGlenn, who has headed the agency since June 1998.<\/p>\n
Glenn told reporters on Wednesday that he was tired of leading
\nthe agency.<\/p>\n
\"I have intended to return to the private sector since several
\nmonths ago. But I cannot simply resign without preparing my
\nsuccessor,\" he said.<\/p>\n
He has retained his position as president of state-owned PT
\nDanareksa Securitas securities company.<\/p>\n
He said he knew of his forthcoming replacement soon after
\nCacuk was installed as IBRA's deputy chairman in late November
\nand the agency was restructured and put directly under President
\nAbdurrahman Wahid.<\/p>\n
Glenn denied his replacement was related to the jostling of
\npolitical parties to gain control of the country's most powerful
\neconomic organization.<\/p>\n
IBRA controls some Rp 600 trillion in equity and debt from
\nstate banks and closed and taken-over private banks and is
\ncentral to private-sector debt and bank restructuring, the
\nfundamental economic issues facing the country.<\/p>\n
It has special extrajudicial powers to seize and liquidate
\nassets of recalcitrant debtors, replace their management and
\noverride existing contracts.<\/p>\n
The \"axis force\" of Muslim political parties, which was
\ncrucial in ensuring the election of Abdurrahman in October, had
\nreportedly lobbied for months to have Glenn replaced, especially
\nafter his position was weakened by the agency's involvement in
\nthe politically charged Bank Bali scandal.<\/p>\n
\"But then even if it had any political element, that would be
\nall right if the final objective is to make things better and the
\nappointed person is competent. One should not worry too much
\nabout what political camp he is from,\" Glenn added.<\/p>\n
He denied he was replaced because he performed poorly.<\/p>\n
\"My record is not that bad. We have thus far raised Rp 10
\ntrillion of the Rp 17 trillion revenue target set for us until
\nthe end of March. I think the remaining Rp 7 trillion would
\neasily be raised by the forthcoming sale of government shares in
\nPT Astra International and Bank Central Asia.\"<\/p>\n
He said IBRA needed a chief who could effectively communicate
\nand deal with the public and officials, especially the House of
\nRepresentatives, because the agency was subject to public
\naccountability.<\/p>\n
Glenn said Cacuk's impressive record at state-owned domestic
\ntelecommunications provider PT Telkom in the mid-1990s proved his
\nmanagerial competence and leadership.<\/p>\n
IBRA spokesman Christovita Wiloto said Glenn's replacement was
\nunlikely to effect significant changes in the agency's working
\nsystem, strategy and program.<\/p>\n
\"We already have our working program until 2004 and this
\nprograms seems to run well. Glenn's successor needs only to take
\ncare of fine-tuning,\" Christovita said.<\/p>\n
Analysts consider Cacuk to be an able manager who is close to
\nthe President, although some have raised concerns over his links
\nto former minister Adi Sasono, one of the country's leading
\nproponents of a \"people's economy\" system which proposes
\nredistribution of assets from conglomerates to cooperatives and
\nsmall enterprises outside the market mechanism.<\/p>\n
Cacuk was appointed to the new position of deputy chairman of
\nIBRA in late November, at the same time as Abdurrahman removed
\nthe agency from the Ministry of Finance and placed it directly
\nunder his control.<\/p>\n
Cacuk was previously director of Bank Mega, a small, private
\ninstitution, and director general for cooperatives and small
\nenterprises under Adi Sasono in 1998. (prb\/udi\/vin)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/govt-picks-cacuk-to-replace-glenn-as-ibra-chief-1447893297",
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