IBRA finalizes property sale program<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
The Indonesian Bank Restructuring Agency (IBRA) is expected to
\nannounce on Monday the winning bidders in its last property asset
\nsale program.<\/p>\n
\"After an evaluation process, IBRA will announce the winning
\nbidders on Jan. 26, 2004,\" agency spokesman Rohan Hafas said over
\nthe weekend.<\/p>\n
Some 1,618 property units have been on offer since early this
\nmonth. IBRA has set a total floor price of Rp 1.63 trillion
\n(US$194 million) for these assets, which are in the form of
\nhouses, hotels, apartments, warehouses, buildings and land.<\/p>\n
IBRA, set up in early 1998 by the government, took over
\nvarious forms of assets from troubled banks and former bank
\nowners. The agency is mandated to sell the assets to raise cash
\nto help finance the state budget, which has been heavily burdened
\nby the cost of the government bank bailout program. IBRA will be
\nclosed down on February 27.<\/p>\n
IBRA has previously sold more than 4,000 property assets with
\na recovery rate of more than 100 percent.<\/p>\n
While IBRA's property asset sale program has been relatively
\nsuccessful, the agency has been strongly criticized for its other
\nasset sale programs, particularly as regards the sale of non-
\nperforming loans in the banking sector.<\/p>\n
Some analysts suspect that many of the loan assets were
\npurchased by the original debtors at huge discounts.<\/p>\n
There has been rising calls for the Supreme Audit Agency to
\nconduct an investigative audit into all transactions conducted by
\nIBRA.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ibra-finalizes-property-sale-program-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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