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Jakarta Post

State capture: How Bakrie group dodges the bullet again

  • Frenky Simanjuntak

Jakarta   /   Fri, July 30 2010   /  09:56 am

It is becoming a disturbing regularity that every now and then when we look at our country’s economic situation, we face another potential scandal linked to business tycoon Aburizal Bakrie. The latest one emerged recently after an assessment by the central bank (Bank IndonesiaI) into Bank Capital’s finances found that almost Rp 7 trillion (US$777 million) in time deposits owned by PT Bakrie and Brothers and subsidiaries have vanished. (The Jakarta Post, July 19).This finding was first identified by the Indonesian Stock Exchange, when a whistle-blower reported irregularity in the first quarter financial statements of Bakrie and its subsidiaries. The statements reported that Bakrie companies had Rp 9.05 trillion (about US$1 billion) invested in time deposits at Bank Capital. However, the bank’s first quarter financial reports indicated that its total deposit was only Rp 2.69 trillion...