The battle of the baht
It is political dissidents and rioters that most often fall foul of Indonesia's anti-subversion law. But following heavy selling of the rupiah last month, fund managers could face the ultimate penalty under the same legislation.
After the run on the currency that forced it to float free of its US dollar peg, Indonesian justice minister Oetojo Oesman warned that currency speculators could face subversion charges. "If this practice adversely affects the country's economy, it can be categorized as a subversive offence," he said. He stressed that the anti-subversion law is still valid. The maximum penalty is death.
Indonesia's government is not the only one in the region to react emotionally to "speculators" - the new public enemy. The Thai government has threatened to set the local mafia on George Soros, mastermind of the Tiger and Quantum hedge funds, should he make the mistake of spending...
