2004
Bank CIC merges with Bank Pikko and Bank Danpac to form Bank Century.
2008
Nov. 13: Finance Minister Sri Mulyani Indrawati reports Bank Century’s troubles to President Susilo Bambang Yudhoyono in Washington, D.C., on the sidelines of the G20 meeting.
Nov. 20-21: The Financial Sector Stability Committee (KSSK), chaired by Finance Minister Mulyani with members including then Bank Indonesia governor Boediono, meet to declare Century a failure and take it over — the first such move since the 1997-1998 crisis. The decision is based on fears that a collapse may pose a systemic threat to the country’s entire banking sector. The Deposit Insurance Agency (LPS) takes over the bank.
2009
July 25: During a deliberation of the crisis bill, the government inadvertently discloses to parliament the swelling of the Century bailout, now totalling Rp 6.76 trillion (US$716 million).
Sept. 4: With just weeks to go before their tenure ends on Sept. 30, 29 legislators make a last-ditch attempt to challenge the government’s “imprudent handling” of the Century bailout.
Nov. 12: A proposal to form an inquiry committee is submitted to House of Representatives Speaker Marzuki Alie of the ruling Democratic Party, who says, “I respect this petition, however, I choose to honor the BPK [Supreme Audit Agency] and wait for it to finish its audit on the bailout before I sign it.” A team of upstart legislators is behind the move to form the committee.
Nov. 20: Indonesian Democratic Party of Struggle (PDI-P) chairwoman Megawati Soekarnoputri requests legislators unravel the irregularities in the bank’s bailout.
Nov. 23: The BPK submits its investigative audit to the House. Among the irregularities spotted by the agency are the merger to form Century, the supervision of the bank, the channeling of short-term liquidity support to the bank by BI, the decision to bail out the bank and the channeling of the bailout fund.
Nov. 24: Finance Minister Mulyani, BI senior deputy governor Darmin Nasution and LPS president commissioner Rudjito deny the BPK’s findings.
Nov. 25: The Corruption Eradication Commission (KPK) receives the BPK audit.
Nov. 27: Financial Transactions Report Analysis Center (PPATK) chairman Yunus Husein says there at least 17 recipients benefited illegally from the Century bailout fund, including institutions and individuals.
Nov. 29: Former Muhammadiyah chairman Syafii Maarif urges President Yudhoyono to support any investigation into the bailout as part of his pledge to lead the anticorruption drive. The team of House upstarts pledges to deal with the case thoroughly.
Nov. 30: The NGO Bendera publishes a list of recipients of the Century bailout fund. This includes Yudhoyono’s relatives and inner circle.
Dec. 1: In a plenary session, the House officially endorses the formation of the inquiry committee.
Dec. 3: Golkar Party chairman Aburizal Bakrie makes it clear the committee will not go after Yudhoyono and Boediono, much less seek an impeachment, but says those who violated any laws should receive proper punishment.
Dec. 4: Senior National Mandate Party (PAN) politician Amien Rais is outspoken in his call for Mulyani and Boediono to be suspended. Amien, once renowned as an antigraft figure, was conspicuously void of any criticism of the government during the framing of two KPK deputies.
Golkar Party secretary-general Idrus Marham is appointed chairman of the inquiry committee.
Dec. 9: Street rallies erupt nationwide to mark World Anti-Corruption Day. The rallies, however, are aimed mostly at demanding Mulyani and Boediono resign. Several are masterminded by political parties opposed to the two reform icons.
Dec. 10: Mulyani tells the Asian Wall Street Journal that “Aburizal Bakrie is not happy with me, I’m not expecting anyone in Golkar to be fair or kind to me [during the inquiry].”
Dec. 11: Golkar legislator Bambang Soesatyo says Mulyani conspired with Robert Tantular, the former owner of Century, to bail out the bank, as indicated in the transcript of a voice recording.
Tax chief Tjiptardjo publicly discloses allegations of tax evasion of more than Rp 2 trillion by three mining companies controlled by the Bakrie family.
Dec. 12: Vice President Boediono denies any allegation of a conversation between Mulyani and Robert.
Dec. 13: Mulyani proves the voice record to be a fake.
Democratic Party deputy chairman Achmad Mubarok indicated the party may leave Boediono and Mulyani out to dry over the contentious bailout. He said the result of the investigation into the two would be up to the 30 committee members, which the party dominates.
Bakrie denies the allegations of tax evasion.
