IBRA’s role in jump-starting confidence
Laksamana Sukardi, Indonesia's state enterprises minister, spoke to Euromoney's Chris Cockerill about progress and problems in the country's bank restructuring.
|Sukardi: "We need
recovery and also
come at the price of
Last month you introduced IBRA's [Indonesian Bank Restructuring Agency] seventh new chairman. Is it going to be lucky number seven?
Don't think of it as a number. IBRA is unique and is operating in an abusive environment. It is dealing with $67 billion of debt restructuring, asset sales and thousands of cases of litigation. Also remember that out of the seven, some only lasted a couple of months. We also need built-in controls and when something wrong has been done you have to substitute.
Define your relationship with the previous chairman, I Puto Gde Ary Suta
He was appointed by the previous president, so that tells you a lot. I think we needed to improve the chemistry. Being chairman of IBRA is about teamwork.
So the chemistry between you was very poor?
Well lately it was becoming a problem.