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.
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