Minister reshuffles Danareksa's management

Minister reshuffles Danareksa's management

JAKARTA (JP): Minister of Finance Mar'ie Muhammad reshuffled
the management of the state-owned Danareksa securities company
yesterday following mass dismissals at the firm.

Four of the company's five-member executive board were
replaced, with Glenn Muhammad Surya Yusuf, formerly a director of
Bahana Pembina Usaha Indonesia, the state-owned venture capital
firm, being appointed as president to replace Rustam Effendi.

The newly-appointed directors include Edgar E. Sujanto, Agus
Projosasmito and Iwan P. Pontjowinoto, while Susila Rahardja, a
member of the previous executive board, will retain his previous
job.

The minister refused to comment on the reshuffle.

Director General for State Enterprises Martiono Hadianto said
that the managerial changes have nothing to do with the
dismissals at the securities company, which has been appointed as
the primary domestic underwriter of the public offering to be
undertaken later this year by the state-owned domestic
telecommunications operator PT Telkom.

Martiono said that the management reshuffle of Danareksa, the
primary underwriter of PT Indosat's initial public offering last
year, was mainly intended to improve the professionalism of the
company.

Danareksa recently dismissed 280 of its employees in a bid to
improve efficiency. The workers received compensation funds
ranging from Rp 60 million to Rp 80 million each.

Glenn, Danareksa's new president, said that most of the
company's directors were replaced "to enable the company to run
faster".

"Danareksa remains one of the major securities companies
supporting the domestic capital market," he said when he was
asked if the reshuffle was due to the company's poor performance.

Appointees

The newly-appointed members of Danareksa's executive board
were among the 46 executives and commissioners of state-owned
companies installed by the minister yesterday.

Other appointees included Director General for Financial
Institutions Bambang Subianto, who was installed as chief
supervisor of PT Asuransi Jasindo, Chairman of the Capital Market
Supervisory Agency Bacelius Ruru as the chief supervisor of PT
Asuransi Kecelakaan Jasa Raharja, Tax Director General Fuad
Bawazier as commissioner of Bank Bumi Daya, Marzuki Usman as
commissioner of Bank Dagang Negara, Chairman of the Agency for
Monetary and Finance Analysis Dono Iskandar as commissioner of
Bank Rakyat Indonesia, Chairman of Export Facilitating Agency
Tjoek Soeroso as commissioner of PT Jasa Rahardja.

The minister also appointed I Made Marke as president of PT
Askrindo, Supardi as president of PT Asuransi Ekspor Indonesia
and Hanricus S. Barus as president of PT Perhotelan dan
Perkantoran Indonesia. (hen)