Laksamana reshuffles IBRA top officials

Laksamana reshuffles IBRA top officials

The Jakarta Post, Jakarta

State Minister for State Enterprises Laksamana Sukardi has
reshuffled the top management of the Indonesian Bank
Restructuring Agency (IBRA) in a bid to boost its performance.

The agency said in a statement that Laksamana, whose office
oversees IBRA, made the decision on Monday.

The statement said that Soebowo Musa had been appointed as
IBRA's new deputy chairman overseeing the bank restructuring
program, replacing Felia Salim.

The agency said that three other new top officials included: I
Nyoman Sender as deputy chairman for Asset Management Credit
division, replacing Irwan Siregar; Heri Wahyu Setiyarso as deputy
chairman for risk management, replacing Hendy Herijanto; and
Junianto Tri Priyono as deputy chairman for administration,
replacing Chandra Purnama.

"With the reshuffle, IBRA is expected to be able to boost its
performance for the tougher job ahead," IBRA said.

The agency did not provide details.

IBRA, which controls over Rp 600 trillion (around US$57
billion) worth of assets transferred by indebted bank owners,
closed down banks and recapitalized banks, is mandated to
restructure the assets and sell them to raise cash to help
finance the state's budget deficit.

This year, the agency is expected to raise around Rp 27
trillion in cash and to restructure some Rp 10 trillion worth of
non-performing bank loans to be swapped with government bank
recapitalization bonds.

The agency is close to meeting the cash target, but is still
lagging behind in meeting the non-cash target.

For next year, the target is nearly doubled.

It is surprising, however, that IBRA Chairman I Putu Ary Suta
was not replaced as had been speculated by the financial analysts
since Laksamana took office late in July.