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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
justice.That might
come at the price of
recovery."



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.






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