Queljoe quits Lippo

Queljoe quits Lippo

JAKARTA (Reuters): The American president of Indonesia's Lippo Securities has resigned and the position is currently vacant, a company official said yesterday.

Charles L. de Queljoe was due to leave for the United States on Tuesday, said Jos Parengkuan, a Lippo Securities director who added that Queljoe had resigned at his own request and was expected to take up other appointments in the group.

Parengkuan said the resignation was not connected to the country's current economic crisis and the sharp fall of the rupiah against the dollar, which has made payment for expatriates more expensive.

Lippo Securities, one of Indonesia's largest brokerages, recently said it had laid off most of its expatriates due to the fall in share transactions.

Parengkuan said Queljoe was expected to be appointed new commissioner for Lippo Securities and a representative for the Lippo Group in the United States.