Towil's assets worth

three billion rupiahs

JAKARTA (JP): The former president of the State Development Bank of Indonesia (Bapindo), now in custody in connection with the Rp 1.3 trillion (US$620 million) loan fraud at the bank, was reportedly in possession of about Rp 3 billion worth of property, vehicles and bank accounts, a source at the Attorney General's Office said yesterday.

The source said the estimates of Towil's wealth were established after his assets were seized in the course of the investigation.

Yanti Nurdin from the firm who defends Towil, Rudhy A. Lontoh, Denny Kailimang & Associates, said that the investigators had seized Towil's house on Jl. Mega Mendung, Puri Cinere, South Jakarta, yesterday. Towil's cars were seized sometime last week.

She said her client's house is worth about Rp 500 million ($232,666).

The source in the Attorney General's office said that they had frozen all of Towil's bank accounts at Bapindo. They have yet to ascertain if he still has accounts in other banks, according to the source.

He also said the investigators are still appraising the value of Towil's three-star hotel in Bali.

"But we do not have the final figures yet," he added.

Towil was one of Bapindo's directors when $430 million in loans were extended to Eddy Tansil, owner of Golden Key Group, in 1989. The investigation stemmed from allegations that, as the director of the bank, he was criminally responsible for extending the credit without the proper credit procedures.

Five other suspects have been arrested by the Attorney General's Office. They are Eddy Tansil, the main suspect, Subekti Ismaun, also former Bapindo's president, Sjahrizal, former president of the State Savings Bank (BTN), Bambang Kuntjoro, a former Bapindo's director and Maman Suparman, former Bapindo Jakarta deputy manager.

Earlier on Wednesday Eddy Tansil offered several of his companies which he claimed to be worth about Rp1.5 trillion ($698 million) as compensation for the losses caused by his default loans from Bapindo. (02)