IBRA is not transparent

IBRA is not transparent

From Bisnis Indonesia

I am one of the many prospective investors who would like to
buy some of the assets of the Indonesian Bank Restructuring
Agency (IBRA) and have visited some well-known property agents to
get information. The agents promptly asked me why I had an
interest in the assets and whether I had some "friends"
(insiders) who could make "arrangements" for the deal.

At first I did not understand what they meant, but finally
they explained to me that it was not so easy to buy the assets no
matter how high of an offer I made. That is due to the fact that
the name of the auction winner and price are not made public.

I am not that gullible. When I heard that IBRA was going to
hold a seminar, I felt happy. I participated in it to ask a few
questions. It turned out that one of the participants had already
asked the question I was going to ask. They admitted that the
name of the auction winner and price were not made public.
Therefore I asked to myself: "Why should I waste my time, energy
and money to participate in the auction if they have already
determined the winners before the auction?" Now I understand that
what the property agents told me was really true.

YANIH, Jakarta