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