Hasan reappointed JSX president for another term<\/p>\n
JAKARTA (JP): Hasan Zein Machmud retained his position as the
\npresident of the Jakarta Stock Exchange (JSX) for another three
\nyear term after a tough election at the exchange's shareholders
\nmeeting, which ended after midnight yesterday.<\/p>\n
Hasan, the former senior executive of the Capital Market
\nSupervisory Agency, defeated three other favorite candidates --
\nAchmad Daniri, Felia Salim, both previous directors of the
\nexchange, and L.G. Rompas, the president of Inter-Pacific
\nSecurities.<\/p>\n
The meeting, which ended close to two o'clock in the morning,
\nalmost 11 hours after the original schedule, agreed to reappoint
\nDaniri and Felia as the exchange's directors and approved the
\nappointment of Stanislaus Say also as a director because Rompas,
\nthe arch rival of the elected president, refused to take the
\npost.<\/p>\n
Stainislaus, an official at the ministry of finance, replaced
\nTubagus Hasjim, the former director for personnel and management,
\nwho was unseated during the election.<\/p>\n
The meeting, the second shareholders' gathering since the
\nprivatization of the JSX in 1992, was marred by personal attacks
\namong candidates for the presidential post, which gives not only
\nprestige but a basic salary of over Rp 25 million per month.<\/p>\n
At least 60 nominees were approved by the Minister of Finance
\nto participate in the election for the exchange's top position
\nbut the candidates were narrowed down to 10.<\/p>\n
The top job at the JSX, which will move to its new office and
\ntrading flour in one of the capital's most prestigious commercial
\nareas next month, attracted not only capital market players but
\nalso business analysts and government's officials.<\/p>\n
\"The post gives you both money and prestige... that's why so
\nmany people want the job,\" an executive of a securities company
\ntold newsmen during the break of the shareholders' meeting.<\/p>\n
A three-page open letter, for example, was disseminated to
\nparticipants and journalists, attacking Sjahrir, a noted
\neconomist and stock market analyst. Sjahrir was not listed as one
\nof the candidates but he was alleged to have formed a special
\nteam and a secret meeting to topple Hasan.<\/p>\n
Rompas, according to sources, was championed by Sjahrir to
\nunseat Hasan who, during the shareholders' meeting, also received
\nsharp criticism from the floor.<\/p>\n
The JSX, with a market capitalization of over Rp 104 trillion
\nand an average daily trading value of around Rp 104 billion, did,
\nin fact, book a net earning of Rp 14.15 billion last year, down
\nfrom Rp 15.20 billion in the previous year. (hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/hasan-reappointed-jsx-president-for-another-term-1447893297",
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"sponsor": "Okusi Associates",
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