The closing of IBRA: Major events (1998-2004)

The closing of IBRA: Major events (1998-2004)

1998:

* IBRA's leadership changes hands three times, from Bambang
Subianto, Iwan Prawiranata to Glenn Yusuf

* 38 closed and ailing banks are placed under the care of IBRA

* 39 large debtors sign an agreement to repay debts amounting to
Rp 111.6 trillion

1999:

* The Bank Bali scandal flares up, which eventually helps foil
the reelection of BJ Habibie as the country's president

2000:

* Cacuk Sudarijanto replaces Glenn, before being replaced by
Edwin Gerungan

* IBRA sells Astra International in its first major asset sale
program

2001:

* I Putu Ary Suta takes IBRA's top post, replacing Edwin

* Indomobil is sold, which draws controversy and leads to an
investigation by the country's antimonopoly watchdog, the KPU

2002:

* The agency completes the sales of majority stakes in Bank
Central Asia, after a two-year delay, and Bank Niaga

* For the seventh time, IBRA gets a new chairman, with Ary Suta
handing over the post to Syafruddin Temmenggung

2003:

* Majority stakes in Bank Danamon and Bank Internasional
Indonesia are sold

2004:

* A controlling stake in Bank Lippo is sold

* In a rush to finalize the debt-settlement program with large
debtors, the agency issues statements for nine former bankers
declaring them free of debt, which could clear them from criminal
charges

* On Feb. 27, the government officially closes the agency