Right action to take
Right action to take
From Neraca
Recently all newspapers carried a report that Bank Indonesia
(BI) had sustained losses of more than Rp 83 trillion in
connection with the take-over of six problem-fraught banks. If
this amount were allocated to foster small businesses or make
available staple commodities for the ordinary people, just
imagine how many needy people would be helped. But that's what BI
has done.
The total real assets of the six banks are worth only Rp 35.1
trillion, while their liabilities stand at over Rp 120 trillion.
BDNI is the worst offender in using up the people's money in the
hands of BI. After BDNI's financial records were audited, it has
been found that the bank has marked up its assets from Rp 6
trillion to Rp 34 trillion and its liabilities from Rp 32.3
trillion to Rp 48.2 trillion. A huge amount indeed!
The losses referred to above have been incurred from BI's
participation in a bank take-over (BTO) process. Now, what has
happened to BI's liquidity loan (KLBI) which has been disbursed
to banks whose operations have been suspended (BBO), liquidated
banks and those under the supervision of the Indonesian Bank
Restructuring Agency (IBRA), including BCA?
If such a huge amount of money is spent only on settling
banking problems, which will benefit only a handful of people,
while people in general are facing the threat of starvation, is
it really the right thing to do? It is an open secret that many
in the banking circles have committed acts causing losses to both
the people and the state.
Therefore, the community is keen on finding truth in reports
filed by a large bank like BCA. Has the bank really channeled
loans in the interest of the community or has it merely extended
the credits in the interest of its corporate group? Also, does
the book value of the assets truthfully reflect the assets' real
value?
In order that the common people may not be burdened, it is
only proper if the government review the guarantee it has
extended to private commercial banks. The government must make
sure that only the real assets of the banks get the guarantee and
that this guarantee must be given only to state banks.
Besides, the government must also demand that bank owners
should account and be responsible for all their acts which have
caused losses to the state pursuant to the criminal and civil
codes. If necessary, their personal wealth must be confiscated.
Last but not least, the government must ask IBRA and BI to
account for the state funds, which obviously belong to the
people, they have spent, even though this may have been done by
printing fresh banknotes. If necessary, the BI governor must give
up his position.
TAUFIK KARMADI
Jakarta