Hasan reappointed JSX president for another term

Hasan reappointed JSX president for another term

JAKARTA (JP): Hasan Zein Machmud retained his position as the president of the Jakarta Stock Exchange (JSX) for another three year term after a tough election at the exchange's shareholders meeting, which ended after midnight yesterday.

Hasan, the former senior executive of the Capital Market Supervisory Agency, defeated three other favorite candidates -- Achmad Daniri, Felia Salim, both previous directors of the exchange, and L.G. Rompas, the president of Inter-Pacific Securities.

The meeting, which ended close to two o'clock in the morning, almost 11 hours after the original schedule, agreed to reappoint Daniri and Felia as the exchange's directors and approved the appointment of Stanislaus Say also as a director because Rompas, the arch rival of the elected president, refused to take the post.

Stainislaus, an official at the ministry of finance, replaced Tubagus Hasjim, the former director for personnel and management, who was unseated during the election.

The meeting, the second shareholders' gathering since the privatization of the JSX in 1992, was marred by personal attacks among candidates for the presidential post, which gives not only prestige but a basic salary of over Rp 25 million per month.

At least 60 nominees were approved by the Minister of Finance to participate in the election for the exchange's top position but the candidates were narrowed down to 10.

The top job at the JSX, which will move to its new office and trading flour in one of the capital's most prestigious commercial areas next month, attracted not only capital market players but also business analysts and government's officials.

"The post gives you both money and prestige... that's why so many people want the job," an executive of a securities company told newsmen during the break of the shareholders' meeting.

A three-page open letter, for example, was disseminated to participants and journalists, attacking Sjahrir, a noted economist and stock market analyst. Sjahrir was not listed as one of the candidates but he was alleged to have formed a special team and a secret meeting to topple Hasan.

Rompas, according to sources, was championed by Sjahrir to unseat Hasan who, during the shareholders' meeting, also received sharp criticism from the floor.

The JSX, with a market capitalization of over Rp 104 trillion and an average daily trading value of around Rp 104 billion, did, in fact, book a net earning of Rp 14.15 billion last year, down from Rp 15.20 billion in the previous year. (hen)