IBRA signs new deal with debtors
IBRA signs new deal with debtors
M. Taufiqurrahman, The Jakarta Post, Jakarta
The Indonesian Bank Restructuring Agency (IBRA) brought 10
former bank owners to the negotiating table on Monday for the
signing of an agreement on the extension of the APU (Deeds of
Indebtedness) scheme after they failed to fully pay their debts
by the June 30 deadline.
Deputy chairman of IBRA for asset management investment
Taufik Ma'roef said those who signed the agreement were former
bank owners who had surrendered their assets to IBRA but failed
to pay their debts in cash by June 30.
"Currently, we are appraising their assets before they are
offered in a public sale. And if we find that the surrendered
assets are not sufficient to pay the debts, they will have to be
topped up before the start of IBRA's shutdown in September," he
told reporters here.
Taufik said that among the debtors were The Tje Min of
Bank Hastin, Ulung Bursa of Bank Lautan Terbuka and Nirwan
Dermawan Bakrie of Bank Nusa Nasional.
A source at IBRA said that apart from these three, the other
debtors who had signed the agreement were shareholders of Bank
Bira, Bank Sewu Internasional, Bank Lautan Berlian, Bank Tamara
and Bank Namura Internusa.
These banks were closed down by the government following the
late 1990s financial crisis.
The APU scheme covers debts worth Rp 18 trillion (US$1.96
billion), which must be repaid through a mixture of assets and
cash settlements.
Other repayment schemes agreed upon in 1998 are the Master of
Acquisition and Settlement Agreements (MSAA) and the Master of
Refinancing and Notes Issuance Agreements (MRNIA).
The three schemes apply to a total of 35 ex-bank owners, who
opted for settlements to avoid prosecution after they allegedly
misused Rp 138 trillion in state funds.
Bank Indonesia injected the money into the banks to bolster
their liquidity amid massive runs during the height of 1997
economic crisis.
Separately, IBRA's communications division head Raymond van
Beekum told The Jakarta Post that if the debtors failed to settle
their debts by September, IBRA would soon bring their cases to
court.
Taufik also revealed that as of Monday, three major debtors
under the APU scheme had settled their debts to the agency.
"The three debtors are Hendra Liem, The Nin King and Siti
Hardijanti Rukmana (Mbak Tutut)," he said, referring to the
owners of the disbanded Bank Budi Internasional, Bank Danahutama
and Bank Yakin Makmur respectively.
Mbak Tutut, the daughter of former president Soeharto, has
paid Rp 213 billion in cash to cover her debts to IBRA, while
Hendra and The Nin King have paid Rp 17 billion and Rp 18 billion
respectively.
As for five non-cooperative debtors who are still facing down
IBRA, the agency was in the process of filing lawsuits against
them, Taufik said.
"IBRA's legal division is currently preparing law suits
against these errant debtors. So by the time we go to the police,
these suits will be ready," he said.
Last November, IBRA chairman Syafruddin Temenggung pressured
debtors by threatening to file criminal charges against Bank PSP,
Bank Intan, Bank Bahari, Bank Metropolitan and Bank Nomura for
being uncooperative in settling debts worth Rp 2.18 trillion to
the agency.