Bacelius Ruru seems an unlikely troubleshooter in the rough and
tumble world of Indonesia's financial sector, which is plagued by
exceptional levels of corporate debt, continuing accusations of
corruption and persistent political instability.
Yet the mild-mannered Harvard-educated former bureaucrat has
demonstrated that quiet persistence and hard work behind the scenes
- plus an approach that emphasizes trust and good corporate
governance - can work even in Indonesia.
This month Ruru will take over as chairman of the Jakarta Stock
Exchange (JSE), after two years serving as the head of the Jakarta
Initiative, an independent task force set up to assist creditors
and debtors to reschedule Indonesia's private sector foreign debt.
Of the $70 billion involved, between 40% and 50% became distressed
following the collapse of the currency in 1997.
When Ruru took over the job of tidying up this mess, it was
difficult even to estimate the total debt, which was owed...
