Stock exchange elections deadlocked<\/p>\n
JAKARTA (JP): At 12:00 a.m. this morning, nine hours after the
\nscheduled close of their annual shareholders' meeting, members of
\nthe Jakarta Stock Exchange (JSX) had not yet succeeded in
\nelecting president in a contest marred by personal attacks among
\nthe candidates.<\/p>\n
The meeting resolved to continue the meeting after midnight as
\nThe Jakarta Post went to press. Presidential candidates were
\nnarrowed down four, from an initial 10, earlier in the evening.
\nThey included three members of the exchange's previous executive
\nboard -- Hasan Zein Machmud, Felia Salim, Achmad Daniri -- and
\nL.G Rompas of the Inter-Pacific Securities Company.<\/p>\n
The meeting also elected two new members to the exchange's
\nsupervisory board -- Rini MS Suwandi, a director of Astra
\nInternational and Rustam Effendi, the president of the state-
\nowned Danareksa Securities. They will fill the posts left vacant
\nby Sjahrizal, the former president of the state-owned Bank
\nPembangunan Indonesia (Bapindo), who is currently serving a jail
\nterm for his role in a 1994 credit fraud scandal, and Tito
\nSulistio, now the president of the parallel over-the-counter
\nexchange.<\/p>\n
The JSX, with a market capitalization of over Rp 104 trillion
\n(US$46.85 billion) and an average daily trading value of over Rp
\n104 billion. Its top job promises more than mere prestige.<\/p>\n
The top position also comes with a basic salary of more than
\nRp 25 million ($11,265) a month.<\/p>\n
Per capita income in Indonesia is less than US$700 a year.<\/p>\n
Most candidates, however, contended that it was not the money
\nnor the popularity that were the main reasons behind their
\neagerness to take part in the tough competition for the
\nexchange's top management position. The most commonly cited
\nmotivation was a desire to foster the development of the stock
\nexchange.<\/p>\n
Minister of Finance Mar'ie Muhammad approved a list of 60
\nnominees for the election of the JSX president last week but the
\nCapital Market Supervisory Agency (Bapepam) shortened it to 10.<\/p>\n
The election was marred by personal attacks among the
\ncandidates, who included previous members of the JSX management
\nHazan Zein Mahmud, Achmad Daniri, Tubagus Hasjim and Felia Salim.<\/p>\n
They were challenged by six newcomers: L.G. Rompas, the
\npresident of Inter-Pacific Securities, Basjiruddin A. Sarida, the
\npresident of the Surabaya Stock Exchange, Rizal Ramli, the
\nmanaging director of the Econit consultancy firm, Stanislaus Say,
\na senior official of the ministry of finance, Harry Wiguna, an
\nexecutive of BT Prima Securities and I Made R Ramia, a senior
\nexecutive of Panin Securities.<\/p>\n
Outside the meeting, which was participated in by
\nrepresentatives of 202 securities companies, copies of a three-
\npage open letter were circulated among the journalists and stock
\nbrokers. The letter attacked the noted economist Sjahrir, stock
\nanalysts and the managing director of the business consultancy
\nfirm ECFIN.<\/p>\n
Sjahril was not one of the candidates. The open letter alleged
\nthat he had arranged a secret meeting with the purpose of
\nundermining the popularity of Hasan Zein and that he had
\ncampaigned in support of Rompas.<\/p>\n
In the meeting itself, Hasan Zein came in for harsh criticism
\nfor failing to exercise greater control over the proceedings.
\nFinally, though, the election was concluded and the shareholders'
\nmeeting approved the exchange's 1994 financial accounts.(hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/stock-exchange-elections-deadlocked-1447893297",
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"sponsor": "Okusi Associates",
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