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