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.