Concern over Bank Niaga's divestment

Concern over Bank Niaga's divestment

In connection with the divestment of Bank Niaga, there are
several things I would like to convey to the public.

First, the process has proven that we cannot be fair. The
divestment was carried out in phases starting in August 2002. It
has proceeded smoothly except for the selection of the tender
winner, Commerce Asset Holding Bhd. Other bidders may doubt the
outcome of this divestment tender, in which every means seems to
have been justified to achieve the desired end. Such methods
become a potential cause of failure in future divestment schemes.

Second, the issue of bribery, which has marred the reputation
of the House of Representatives (DPR) and the Indonesian Bank
Restructuring Agency (IBRA). Accusations of payoffs have emerged
at the time of announcement of the tender winner.

The competent authorities should summon DPR member Meliono
Soewondo to find out the motivation behind the accusations of
bribery in the mass media, because other parties have denied such
allegations. It is important to avoid the impression of unfair
competition, or a conflict of interests in the divestment of Bank
Niaga.

Third, IBRA should strictly apply the principles of good
corporate governance as regards transparency. This agency must
maintain its independence and firm attitude so as to be capable
of taking legal action when potential issues arise, particularly
those harming the accumulation of receipts from assets sales or
shares divestment to meet the need of the state budget for
economic recovery.

WANDI PUJAYADI, Jakarta