Ten Largest Debtors
Ten Largest Debtors
Salim Group: Total debts - Rp 52.7 trillion, IBRA's total proceeds
from sales (as of June 30, 2002) - Rp 16.8 trillion, Recovery rate
(as of June 30, 2002) - 33 percent, Category: MSAA *
Soedono Salim, also known as Liem Sioe Liong, is the founding
chairman of the Salim Group, who established and owned Bank
Central Asia (BCA), the country's largest private bank. Soedono,
who reportedly now lives comfortably in Singapore, was considered
to be the cash cow of longtime former ruler president Soeharto.
IBRA is currently auditing Salim's assets relinquished to the
agency, as the group claims it overpaid its debt.
* Under the Master Settlement and Acquisition Agreement
(MSAA), debtors have to settle their debts by ceding assets,
valued by auditors as equivalent to their debts, to IBRA
Sjamsul Nursalim: Total debts - Rp 28.4 trillion, IBRA's total
proceeds from sales (as of June 30, 2002) - Rp 3 trillion, Recovery
rate (as of June 30, 2002) - 12 percent, Category: MSAA
Sjamsul is the former director of the defunct Bank Dagang
Negara Indonesia. His bank received Bank Indonesia liquidity
support (BLBI) to help cope with a bank run during the height of
the economic crisis.
Sjamsul, who also owns the Gadjah Tunggal Group, fled to
Singapore last year soon after being released from detention as a
suspect. Claiming to have a heart condition, he said he wanted to
seek medical treatment in the city-state.
The litigation assistance team for IBRA categorized Sjamsul as
a "noncooperative" debtor. The Attorney General's Office is still
trying to bring back Sjamsul from Singapore. If that fails, the
office says it will present Sjamsul's dossiers to the court for
an in-absentia trial.
Mohammad "Bob" Hasan: Total debts - Rp 6.1 trillion, Total assets
relinquished - 21 assets, Category: MSAA
The man who is widely known as Bob is the owner of defunct
Bank Umum Nasional (BUN). The golfing partner of Soeharto is also
a timber tycoon.
He once refused to hand over his assets to IBRA, citing he was
serving a six-year jail term in the Nusakambangan Penitentiary
for his wrongdoing.
However, in early November this year, Bob decided to cooperate
with IBRA, saying through his aide Leo Tanubrata that he would
pay his debt with his 21 assets, including several of his
industrial forestry estate companies.
Sudwikatmono: Total debts - Rp 1.8 trillion, Total assets
relinquished - 3, Category: MSAA
Sudwikatmono is the former owner of closed down Bank Subentra
and Bank Surya. IBRA is currently seeking ways to obtain PT Dwi
Mitra Nusantara, Sudwikatmono's most prominent asset, which is
estimated to be worth Rp 639 billion. Dwi Mitra is the owner of
the Radisson hotel.
Sudwikatmono, who is a cousin of president Soeharto, has
promised to pay off all his debts by the end of this month. If
that happens, IBRA has promised to drop all legal charges against
him.
Ibrahim Risjad: Total debts - Rp 639 billion, IBRA's total
proceeds from sales (as of June 30, 2002) - Rp 639 billion,
Recovery rate (as of June 30, 2002) - 100 percent, Category: MSAA
Ibrahim Risjad, the owner of the closed Bank Risjad Salim, is the
only debtor considered to have settled his debt in good faith.
Ibrahim also helped Soedono Salim establish and nurture the Salim
Group. Ibrahim is waiting for the government to issue papers that
release him of all legal liabilities.
Usman Admadjaja: Total debts - Rp 12.3 trillion, IBRA's total
proceeds from sales (in estimation) - Rp 3 trillion, Category: MRNIA *
Usman is the former owner of Bank Danamon. He admitted last
month that he had given up all hope of settling his debt to the
state, claiming he had no assets left to be handed over to IBRA.
Although claiming to be broke, Usman reportedly still lives a
luxurious life. The litigation team for IBRA has categorized
Usman as noncooperative.
* Under the Master of Refinancing and Note Issuance Agreements
(MRNIA), debtors settle their debts by surrendering a combination
of their cash and fixed assets to IBRA. Debtors are also obliged
to give their personal guarantee if they fail to pay the
equivalent of their debt.
Samadikun Hartono: Total debts - Rp 2.3 trillion, Category: MRNIA
Samadikun appears to have followed Usman's lead by also
claiming to be unable to settle his debt to the state. The former
owner of the defunct Bank Modern said that he had given all his
assets to IBRA. The litigation team for IBRA has also labeled him
noncooperative.
Kaharudin Ongko: Total debts - Rp 2.3 trillion, Category: MRNIA
Kaharudin, the partner of Bob Hasan in running Bank Umum
National, has told IBRA that he had tried his utmost to hand over
his assets to cover the debt. However, the litigation team for
IBRA has categorized Kaharudin as a noncooperative debtor for
failing to fulfill the agreement of ceding his 20 companies to
the state. Thus far, only six of his companies have been handed
over to IBRA. The Central Jakarta Prosecutor's Office demanded in
October this year that the court sentence Kaharudin to 16 years
in prison for misusing BLBI funds.
Trijono Gondokusumo: Total debts - Rp 3 trillion, Category: APU *
Trijono Gondokusumo is considered one of the most
noncooperative debtors. Frustrated by his uncooperativeness, in
mid-November this year, IBRA asked the Attorney General's Office
to take legal action against him.
Trijono is the former owner of Bank Putra Surya Perkasa (PSP).
Trijono and other Gondokusumo family members have reportedly fled
the country, fearing the government would ask for their personal
guarantee.
* Under the Deed of Indebtedness Agreement (APU), debtors settle
their debts by paying cash to IBRA.
Atang Latief: Total debts - Rp 446 billion, Category: APU
Atang Latief is the owner of liquidated Bank Bira and Bank
Tamara. Atang, nicknamed the "Gambling King" for his shares in
many gambling businesses in the region, including on Christmas
Island, is said to live in Singapore.
Atang has been put on the list of cooperative debtors, who
IBRA declared in June 2002 exempt from interest and penalties.
Source: The Jakarta Post's database and clippings of Kontan,
Tempo, Swasembada weeklies.