Bank Century Takeover

Century's Troubled Shareholders

VIVAnews - Indonesian Police, in collaboration with the interpol, will monitor Bank Century's controlling shareholders who have been blacklisted.

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Deputy Head of Public Relations Division at the Indonesian Police Headquarters Brig. Gen. Sulistyo Ishak said today, 24 November, that police is still watching the development and measures that the government has taken, especially the blacklist request by Finance Minister Sri Mulyani and the bailing by the Deposit Insurance Corporation (LPS). 

The police has not taken immediate steps relating to the Bank Century's case. "Clearly, the police has not yet received reports on the case. We are only monitoring should there be progress. In fact, people are calmed down by the government's measures," said Sulistyo.

The government took control of Bank Century on Friday, Nov 21, after the bank faced liquidity problems. Due to the takeover, Bank Indonesia (BI) and the government agreed to track down the share controllers of Bank Century to Singapore and the United Kingdom.

BI Deputy Governor, Siti Chalimah Fadjrijah said, "BI will not remain silent. The shareholders will be held responsible for this."

The said shareholders include Rafat Ali Erizfi, a Pakistan-descendant entrepreneur, Hesham al Warraq of Saudi Arabia and Robert Tantular of Indonesia. They owned Century through several business groups such as First Gulf Asia Holdings Ltd.

The three individuals are the ones who had been dealing with Bank Indonesia with regard to the problems that faced Bank Century.

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They controlled Bank Century's obligations amounting to US$140 million, deposited in several foreign banks. This was part of the obligations worth US$210 million that they initially controlled. However, some has been repaid to Bank Century.

According to Muliaman Hadad, BI Deputy Governor, Rafat and Hesham has not been arrested because they are not Indonesian citizens. If they are arrested, they will not be able to enter Indonesia to be investigated.

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As for other, non-controlling, shareholders, the Indonesian Stock Exchange (IDX) is convinced that public ownership of PT Bank Century Tbk (BCIC) shares will not be used up. "Because the public have their own rights although they are only small investors," HMS Sembiring, IDX director of share trading, research and business development told reporters in Jakarta, Nov 24.

Law No. 24/2004 on Indonesia Deposit Insurance Corporation (LPS) states that LPS has the right to control all shares that have been taken over. However, the former owners may participate in the bank recovery through minimal capital investment of 20 percent.

Sembiring stated that public ownership cannot be removed from share-holding composition because the public, as shareholders, has the right in Bank Century's share ownership.

The Law on LPS may regulate obligations for the main shareholders, but IDX views that such regulation cannot sacrifice public shares.

Moreover, Finance Minister Sri Mulyani Indrawati will closely monitor any progress on PT Bank Century Tbk. "We will see its balance," Sri Mulyani said today, Nov 25. "We also prohibit transactions that arouse suspicions carried out by controlling shareholders."

According to Mulyani, the government will ask controlling shareholders's accountability, especially if there were indications that their activities violate regulation or are criminal in nature.

Mulyani stated that in situations such as this, the government needs the public to be rationally calm, and not to be affected by rumors or engage in speculations."The most important thing is to stay aware. We are handling this situation," she said.

VIVAnews writers, Heri Susanto, Nur Farida Ahniar, Antique, Nerisa, Umi Kalsum and Desy Afrianti, contributed to this article.

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