|
---|
Friday, November 27, 2009
Indonesian President, Susilo Bambang Yudhoyono said: "Cash injection for bail out to Bank Century last year was necessary" he said, to prevent banking and economic crisis. Intially, the case happened when thebank failed to meet just for Rp 5 billions obligation on time on November 13, 2008.
President statement similar with Mr.Boediono, as Central Bank Governor at the time of crisis and Sri Mulyono, Finance minister.
In November 20098 in global economic crisis condition, the closure of Bank Century could make a rush to the Bank and 23 others Bank with the similar condition. Central Bank and the Goverment deeply regret that audited by Supreme Audit Agency, Badan Pemeriksa Keuangan, didn't paint the whole picture, that the bail out was the part of Central Bank effort to save the financial and economic crisis.
Goverment highly appreciated the solid, comprehensive datas and analysis from Central Bank dated October 2008, where at that time shares index (IHSG) dropped sharp from 2.830 in January 2008 to 1.155 in November 2008 and Rupiah highly volatiled, depreciated reach Rp. 12.100,- per US.$
New Vice President : Boediono
Almost in the same time, US Congress accepted bail out bill suggested by US Treasury chief Paul Henson for US$ 800 billion to prevent history 1929 great depression happened again. In Indonesia Parliament felt odd of bail out US.$ 708 millions and become political issues.
New Vice President : Boediono
Almost in the same time, US Congress accepted bail out bill suggested by US Treasury chief Paul Henson for US$ 800 billion to prevent history 1929 great depression happened again. In Indonesia Parliament felt odd of bail out US.$ 708 millions and become political issues.
Due to very big cash for bail out - Rp.6,7 trilions, value US.$ 708 millions - injected to relatively medium size Bank raise the questions from high skill economists, analysts, even ex Vice President Yusuf Kalla came out with diffrent analysis and became a new issues by politicians to speak up louder. This cases become a second larger case in last decade after economic crisis in 1997 ago.
Unfortunatedly only small parts of the bail out, just Rp.1,3 trilions by Parliament approval and the rest Rp.5,4 without Parliament knowledge.
Ex Vice President Jusuf Kalla
Jusuf Kalla, ex Vice President before stepped down from his throne, felt jumped up by Sri Mulyani and said :"This case was criminal, the owner stealing and run away", not related at all to global economic crisis. The similar statement he repeated recently in his status as a citizen.
Unfortunatedly only small parts of the bail out, just Rp.1,3 trilions by Parliament approval and the rest Rp.5,4 without Parliament knowledge.
Ex Vice President Jusuf Kalla
Jusuf Kalla, ex Vice President before stepped down from his throne, felt jumped up by Sri Mulyani and said :"This case was criminal, the owner stealing and run away", not related at all to global economic crisis. The similar statement he repeated recently in his status as a citizen.
The transaction's flow of funds transfer of Rp.6,7 trilions up to November 2009 the special body, PPATK had recorded 50 suspected transactions to 17 accounts, either companies or individual's name. This transactions covered just first and second layers. The next layers then distributed elsewheres.
The withdrawal of the funds using 3 methods, the common ways by inter Bank transfer and throuh Financial institutions non Bank and the suspicious one, primitive way, by bagging a lot of money.
I'd wondered that Primaironline.com didn't hesitate to published the name's list around the Palace, ring one with a big amount of funds. I had't dare to copy it here, in my Blog.
Bank Century now called Bank Mutiara was formerly mergered of 3 small size Banks, Bank CIC, Bank Picco and Bank Danpac in November 2004.
The questioned raised about Central Bank appraisals why Chinkara Capital, Bahamas company to Invest after merged. Bahamas company just used for bad purposes.
After acquititioned the share composition 40 % public, 35% Robert Tantular, 15% Rafaat and the rest 10% belong to Hesyam Al Wareq. After bailed out, no one of the public's shares owned come forward to complained. This mean that public shares belong to the tree mayority share holders above.
We felt sad to knew lately that Central Bank didn't oversee what had happened under their nose in Jakarta. The auditors eyes and heart didn't blinked or beat harder to see how bad the Century Bank Management's behaviour since tree foreigners, Hesham al Warrag, Saudy Arabian and Ravat Aji Rijvi, Pakistani England citizen joined the management.
They issued Bad quality shares backed up by US.$ 220 millions Cash collateral deposited in Dresdner Bank, Switzerland. This assets deposited in the Dresdner related to AMA (Assets Management Agreement0 scheme between PT>Bank Century and Telltop Holding Limited.
Strange things and monkey bussiness happened didn't noticed and captured by skilled auditors of Bank Indonesia The bad shares used as a collateral to get a Big loans and as a collateral for Letter of Credit (L/C). The LC was not pure but fake L/C. With a L/C in hand the costumers got a huge cash. Who were the borrowers ?. The borrowers were the companies related closely nor owned by the bank owners and bank management as well.
How they Invest the money/loan. The cash used to pay Antaboga securities in due time and the Secutiries company belong to the same name as a Share holders and Management related. This tricky business all round up untill one day, they couldn't manage the cash flow any longer.
The hole closed up by using, stolen costumer deposit for US$ 18 millions belong to Mr.Budi Sampoerna.
After this case had settled, then they can't hold it any longer when the bank unable to meet the obligation just for very small amount for Rp. 5 billions.
According to Robert Tantular - now detained - that $ 18 trilyons was a debt and promised to repay back and the funds deposit to help liquidity needs, to avoided collaps. He was questioned why the debt bailed by the Goverment. In another parts Robert confused by saying a diffrent things that $ 18 bilyons deposits had been splitted by Rp. 2 bilyons each to 247 names, in order to covered blanket quarantee from Goverment, LPS body (Deposits guarantee body). The names used a depositors were Sampoerna employee in Surabaya Bali and Bank Century employee.
Susno Duadji dan Ito Sumardi
According to Police investigation, they recorded the assets belong to share holders was in significant value, total US$ 292.622 millions, such as
Assets ( in US$) $ 19,25 millions plus Deposits in UBS Hongkong $ 1,822 millions, Investment trust in Jersey $ 16,5 millions, investment in Jasmico trust Guernse, Virgin island, Kayman, Guantanamo $ 14,8 millions.
Assets in Bermuda $ 7,22 millions in dual account with his wife, Tan Chi Fang, Dresdner Bank Swiss $ 220 millions (hold in the court), Wealth management divison England $ 872.047,29 and the last but not least illiquid alternative investment $ 55.729,34
Mr.Hendarman, Head of Kejaksaan Agung at opening ceremony Surabaya High court office, Januari 26, 2009 that Bank Century in Swiss US$ 220 million as AMA sceme, at Standard Chartered Bank Hongkong (US$ 650 millions plus S$ 4.000). Beside, another Saving account US$ 388,8 millions
After a Team return from tracing the Assets to abroad, they couldn't clarify how much Asset value recently, because the Overseas Banks could hold the block accounts until certain time. Beyond, over the date line, the Bank allowed the costumers to transfer to another Bank account. Mr.Ito said, the Team should recalculate, reconsiliate the real value of Bank Century assets abroad.
There were six share holders and management members who in run away Hessam Al Warrag, Rafat Ali Rizvi Dewi Tantular, Anton Tantular Hartawan Aluwi and Hendro Wiyanto
Robert Tantular who entered the Bank in October 15, 2008 as a mayor shareholder, just sentence to 4 years. Not long after Robert entered the Bank, Central bank injected Rp. 689 billions to help its liquidity, unable to meet its obligation on time.
Another issues or devinitions about Rp.6,7 funds injected to Century maybe called it as a bail-out or as a Goverment sharing it doesn't matter anymore because that such a big value of money belong to the citizen, people of Indonesia that some distributed illegally.
Mr.Hikmanto, a member of "Team 8" that President assigned written in Kompas daily, Desember 9, 2009 stated that this Bank faced 8 law abidings, separated each other. First, bail-out policy law based, second, Robbery by the share holders, third, data secrecy in PPATK hand, 4. Bendera Institution name's list, 5. Old management criminal cases, 6. Antaboga cases 7. Boedi Sampoerna whitdrawal case 8. Phone taping by KPK.
Tony A.Prasetyanto, economist of Gajahmada University Yogjakarta, backed up the bail-out policy by saying that bailed out for Rp. 6,7 trilions (US$ 700) more eficient than two other options, closed the Bank and or paid off Rp.6 trilions to all depositors. The consequences would be, the other 23 similar Banks would rushed by the Depositors and will affected the whole financial sectors more than Rp. 6,7 trilions.
According to Mr.Siswono Yudo Husodo at Kompas daily January 14, 2009 bailed out policy eventually reap the sweet fruit. Indonesian economic condition in 2009 kept stable and growth higher than Singapore, down in contrction growth.
If Sri Mulyani kept quiet didn't decided of bailed out, we would complained her if economic crisis happened again as 1997 criris that we paid too much, too expensive. e didn't want its occured again
We never understood why Central Bank didn't paid particular attention to the Share holders and management candidates's character. Robert Tantular families had a bad reputation in bussiness such as his brother Hover Tantular had got involved in BLBI in 1997 crisis. His sister Dewi Tantular involved in forex speculation transaction who forced the bank to stolen Boedi Sampurna deposit and done monkey bussiness by selling fake Antaboga securities in Surabaya.
When finally a Special committee of the Parliament had a meeting - called Mr Boediono as ex Central Bank Governor , recently Vice President - solemny vowed that Bail out policy was the best decison made by KSKK Team, high level officials, minister level.
By sincerely and slow, calm voice he guarantee and will took a full responsible in the world and in heaven as well.
The responsibility also acknowledged by Sri Mulyani when she decided that Century Bank in crisies and needed to bailed out. But she complained about the increase of bailed out value in very short time from Rp.632 billions to Rp.6,7 trilions. He had even reported to Jusuf Kalla that she had dissapointed of the increases requested by Central Bank.
Boediono well equipped with data compare to the Committe member's knowledge of the economic condition - some like lecture - told that at November 2008, in Global crisis few nations experienced huge fund outflow and took Blanket guarantee to the Bank's deposits, including Indonesia.
At November 24, 2008 US.$ rate rise climbed high to Rp.12.700 - now Rp.9.500 - and Foreign exchange reserve dropped drasticallly from $ 57,1 billions in September 2008 to $ 50,6 in Oktober 2008.
And when KSKK Team took decision based on Oktober 2008 Financial statement position, Century Bank Capital in positive point 2,53%. The other 3 Banks also had Capital less then minimum requirements, 8%.
That was why Goverment injected the Capital to meet minimum Capital requirement 8 %. The other sides, stated that Capital position when KSKK injected the Capital was minus 3,53%. The diffrent point happened because the other sides based on lasr report from Central Bank, Financial Statement dated November 2008.
Two diffrent dated Financial Statement affected two diffrent point of views.
Mr.Boediono reminded the Committee that we didn't want Bank crisis happened again as 1997 experiences. At that time Goverment closed 16 small size banks - 2,3% of total Bak Assets - Central Bank forced to inject capital Rp. 600 trilyuns, then welknown as Bank Indonesia Bank Liqquidity Scandals.
How much the loss of the Bank if sold in the next 5 years as planned? Iman Sugema Phd in Kompas daily described in detail based on Juli 2009 Century Bank Financial report. Capital shares injected by Guaranteed body as July 24, 2009, Rp.6.762 billions. With such big value of funds, book value of the Bank only a trenth, Rp.678,5 millions. It means the Guarantee body, LPS loss as Rp. 6,08 trilions or 90% of bailed out value.
In Capital market phrase LPS buyed 10 x over the book value. If the Bank sold in the same time without losses, Bank should sold 10 x PBV (Price to book value). It was impossible, because historical Bank accuisision average in 3 x PBV.
In order to kept Bank not in losess position, we should calculated opportunity costs, lets say as high as SBI (Serifikat Bank Indonesia) rate between 6 - 14 % annually. In case the Bank woul sold in the next 5 years, we take 6% rate. In that time the Bank value and market prices reach Rp. 9.05 trilions. if we used 14% rate, the market price should be Rp.13,02 trilions.
Working very hard. If we want to achieved Rp.9,05 trilion price using PBV 3X, then eqity value minimum Rp. 9 trilions. In order to reach Rp.3 trilion book value, the Bank growth minimum 35%. If the break event point set higher to Rp.9 trilions then the Bank growth should be higher, as 45 % annually. And the figure over normal standar. Standar ROE for Century Bank size are 12%. Figure 35 or 45 % are impossible.
To cover the losses, Goverment shuold run after the assets/deposited had been transfered out of Indonesia by the tree robbers, the main share holder, RT, RAR and HAW. The faster the better before they convert their account and transfered to wherever they hideas a save heaven.
Mr.Susno Duaji, high officer in Police office in front of Special Committee of Parliment, Januari 20, 2009 described that foreigner share holders, Hesham and Rafaat writing him a letter on Juli 24, 2009 the willingness to transfer Rp.600 billions to Century Bank. But he delivered the letter To Sri Mulyani instead as a in charge official.
In the hearing Susno Duaji suggested to clarify two transfers to two simple citizen costumers that bubble their accounts. One costumers, Amiruddin Rustam a technician in Makassar Branch that got Rp.30,5 billions - dissappeared - and a taxy driver in Ciputat, Tangerang branch that got hundred millions rupiah.
In the same hearing The Committee invited 3 economist. Dradjad Wibowo rised a new findings that some Rp.900 billions was missing in bailed out calculation. Auditor BPK found out that the Bank lossess only Rp.5,8 trillions, but the bailed out jump up to Rp.6,7 trilions
Dradjad also said that in the letter from Bank Indonesia to KSKK commitee said that to increased the Capital minimum requirements, from minus 2% to positive 8% needed capital injection, Rp. 632 billions plus Rp.4,79 trilions for liquidity purposes. Total injections was Rp. 5,4 trilions, not Rp.6,7 trilyon. In this calculation there were Rp.900 billions missing, no details explanation yet.
In order to follow the proces of bailed out in chronological order, I had noted some dates as follows.
Shor term fasilities or FPJP (Fasilitas Pinjaman Jangka Pendek) first phase was November 14, 2008 Rp.502,07 billions. Tree days later at Nov 17, Rp.187,32 billions. KSSK Committee meeting 3 days later at Nov 21, 2009 decided total bailed out value Rp.6,7 trilions
The questioned raised about Central Bank appraisals why Chinkara Capital, Bahamas company to Invest after merged. Bahamas company just used for bad purposes.
After acquititioned the share composition 40 % public, 35% Robert Tantular, 15% Rafaat and the rest 10% belong to Hesyam Al Wareq. After bailed out, no one of the public's shares owned come forward to complained. This mean that public shares belong to the tree mayority share holders above.
We felt sad to knew lately that Central Bank didn't oversee what had happened under their nose in Jakarta. The auditors eyes and heart didn't blinked or beat harder to see how bad the Century Bank Management's behaviour since tree foreigners, Hesham al Warrag, Saudy Arabian and Ravat Aji Rijvi, Pakistani England citizen joined the management.
They issued Bad quality shares backed up by US.$ 220 millions Cash collateral deposited in Dresdner Bank, Switzerland. This assets deposited in the Dresdner related to AMA (Assets Management Agreement0 scheme between PT>Bank Century and Telltop Holding Limited.
Strange things and monkey bussiness happened didn't noticed and captured by skilled auditors of Bank Indonesia The bad shares used as a collateral to get a Big loans and as a collateral for Letter of Credit (L/C). The LC was not pure but fake L/C. With a L/C in hand the costumers got a huge cash. Who were the borrowers ?. The borrowers were the companies related closely nor owned by the bank owners and bank management as well.
How they Invest the money/loan. The cash used to pay Antaboga securities in due time and the Secutiries company belong to the same name as a Share holders and Management related. This tricky business all round up untill one day, they couldn't manage the cash flow any longer.
The hole closed up by using, stolen costumer deposit for US$ 18 millions belong to Mr.Budi Sampoerna.
After this case had settled, then they can't hold it any longer when the bank unable to meet the obligation just for very small amount for Rp. 5 billions.
According to Robert Tantular - now detained - that $ 18 trilyons was a debt and promised to repay back and the funds deposit to help liquidity needs, to avoided collaps. He was questioned why the debt bailed by the Goverment. In another parts Robert confused by saying a diffrent things that $ 18 bilyons deposits had been splitted by Rp. 2 bilyons each to 247 names, in order to covered blanket quarantee from Goverment, LPS body (Deposits guarantee body). The names used a depositors were Sampoerna employee in Surabaya Bali and Bank Century employee.
Susno Duadji dan Ito Sumardi
According to Police investigation, they recorded the assets belong to share holders was in significant value, total US$ 292.622 millions, such as
Assets ( in US$) $ 19,25 millions plus Deposits in UBS Hongkong $ 1,822 millions, Investment trust in Jersey $ 16,5 millions, investment in Jasmico trust Guernse, Virgin island, Kayman, Guantanamo $ 14,8 millions.
Assets in Bermuda $ 7,22 millions in dual account with his wife, Tan Chi Fang, Dresdner Bank Swiss $ 220 millions (hold in the court), Wealth management divison England $ 872.047,29 and the last but not least illiquid alternative investment $ 55.729,34
Mr.Hendarman, Head of Kejaksaan Agung at opening ceremony Surabaya High court office, Januari 26, 2009 that Bank Century in Swiss US$ 220 million as AMA sceme, at Standard Chartered Bank Hongkong (US$ 650 millions plus S$ 4.000). Beside, another Saving account US$ 388,8 millions
After a Team return from tracing the Assets to abroad, they couldn't clarify how much Asset value recently, because the Overseas Banks could hold the block accounts until certain time. Beyond, over the date line, the Bank allowed the costumers to transfer to another Bank account. Mr.Ito said, the Team should recalculate, reconsiliate the real value of Bank Century assets abroad.
There were six share holders and management members who in run away Hessam Al Warrag, Rafat Ali Rizvi Dewi Tantular, Anton Tantular Hartawan Aluwi and Hendro Wiyanto
Robert Tantular who entered the Bank in October 15, 2008 as a mayor shareholder, just sentence to 4 years. Not long after Robert entered the Bank, Central bank injected Rp. 689 billions to help its liquidity, unable to meet its obligation on time.
Another issues or devinitions about Rp.6,7 funds injected to Century maybe called it as a bail-out or as a Goverment sharing it doesn't matter anymore because that such a big value of money belong to the citizen, people of Indonesia that some distributed illegally.
Mr.Hikmanto, a member of "Team 8" that President assigned written in Kompas daily, Desember 9, 2009 stated that this Bank faced 8 law abidings, separated each other. First, bail-out policy law based, second, Robbery by the share holders, third, data secrecy in PPATK hand, 4. Bendera Institution name's list, 5. Old management criminal cases, 6. Antaboga cases 7. Boedi Sampoerna whitdrawal case 8. Phone taping by KPK.
Tony A.Prasetyanto, economist of Gajahmada University Yogjakarta, backed up the bail-out policy by saying that bailed out for Rp. 6,7 trilions (US$ 700) more eficient than two other options, closed the Bank and or paid off Rp.6 trilions to all depositors. The consequences would be, the other 23 similar Banks would rushed by the Depositors and will affected the whole financial sectors more than Rp. 6,7 trilions.
According to Mr.Siswono Yudo Husodo at Kompas daily January 14, 2009 bailed out policy eventually reap the sweet fruit. Indonesian economic condition in 2009 kept stable and growth higher than Singapore, down in contrction growth.
If Sri Mulyani kept quiet didn't decided of bailed out, we would complained her if economic crisis happened again as 1997 criris that we paid too much, too expensive. e didn't want its occured again
We never understood why Central Bank didn't paid particular attention to the Share holders and management candidates's character. Robert Tantular families had a bad reputation in bussiness such as his brother Hover Tantular had got involved in BLBI in 1997 crisis. His sister Dewi Tantular involved in forex speculation transaction who forced the bank to stolen Boedi Sampurna deposit and done monkey bussiness by selling fake Antaboga securities in Surabaya.
The investigation of the cases more complicated when related to high official conflicts. Wall Street Journal daily quote, Finance minister, Sri Mulyani plainly saying that Golkar party head, Mr.Aburizal Bakrie, a Conglomerate, had dislike her since she turned down the suspension of Bakrie company shares in Capital Market trading.
Beside, Tax department head help his superior , Finance Minister by stating that Bakrie company had a huge amount of taxes arrear, Rp.2,1 trilions related indirectly to the hatred of Aburizal to Sri Mulyani. This personal conflict distracted attention from the main case.
By sincerely and slow, calm voice he guarantee and will took a full responsible in the world and in heaven as well.
The responsibility also acknowledged by Sri Mulyani when she decided that Century Bank in crisies and needed to bailed out. But she complained about the increase of bailed out value in very short time from Rp.632 billions to Rp.6,7 trilions. He had even reported to Jusuf Kalla that she had dissapointed of the increases requested by Central Bank.
Boediono well equipped with data compare to the Committe member's knowledge of the economic condition - some like lecture - told that at November 2008, in Global crisis few nations experienced huge fund outflow and took Blanket guarantee to the Bank's deposits, including Indonesia.
At November 24, 2008 US.$ rate rise climbed high to Rp.12.700 - now Rp.9.500 - and Foreign exchange reserve dropped drasticallly from $ 57,1 billions in September 2008 to $ 50,6 in Oktober 2008.
And when KSKK Team took decision based on Oktober 2008 Financial statement position, Century Bank Capital in positive point 2,53%. The other 3 Banks also had Capital less then minimum requirements, 8%.
That was why Goverment injected the Capital to meet minimum Capital requirement 8 %. The other sides, stated that Capital position when KSKK injected the Capital was minus 3,53%. The diffrent point happened because the other sides based on lasr report from Central Bank, Financial Statement dated November 2008.
Two diffrent dated Financial Statement affected two diffrent point of views.
Mr.Boediono reminded the Committee that we didn't want Bank crisis happened again as 1997 experiences. At that time Goverment closed 16 small size banks - 2,3% of total Bak Assets - Central Bank forced to inject capital Rp. 600 trilyuns, then welknown as Bank Indonesia Bank Liqquidity Scandals.
How much the loss of the Bank if sold in the next 5 years as planned? Iman Sugema Phd in Kompas daily described in detail based on Juli 2009 Century Bank Financial report. Capital shares injected by Guaranteed body as July 24, 2009, Rp.6.762 billions. With such big value of funds, book value of the Bank only a trenth, Rp.678,5 millions. It means the Guarantee body, LPS loss as Rp. 6,08 trilions or 90% of bailed out value.
In Capital market phrase LPS buyed 10 x over the book value. If the Bank sold in the same time without losses, Bank should sold 10 x PBV (Price to book value). It was impossible, because historical Bank accuisision average in 3 x PBV.
In order to kept Bank not in losess position, we should calculated opportunity costs, lets say as high as SBI (Serifikat Bank Indonesia) rate between 6 - 14 % annually. In case the Bank woul sold in the next 5 years, we take 6% rate. In that time the Bank value and market prices reach Rp. 9.05 trilions. if we used 14% rate, the market price should be Rp.13,02 trilions.
Working very hard. If we want to achieved Rp.9,05 trilion price using PBV 3X, then eqity value minimum Rp. 9 trilions. In order to reach Rp.3 trilion book value, the Bank growth minimum 35%. If the break event point set higher to Rp.9 trilions then the Bank growth should be higher, as 45 % annually. And the figure over normal standar. Standar ROE for Century Bank size are 12%. Figure 35 or 45 % are impossible.
To cover the losses, Goverment shuold run after the assets/deposited had been transfered out of Indonesia by the tree robbers, the main share holder, RT, RAR and HAW. The faster the better before they convert their account and transfered to wherever they hideas a save heaven.
Mr.Susno Duaji, high officer in Police office in front of Special Committee of Parliment, Januari 20, 2009 described that foreigner share holders, Hesham and Rafaat writing him a letter on Juli 24, 2009 the willingness to transfer Rp.600 billions to Century Bank. But he delivered the letter To Sri Mulyani instead as a in charge official.
In the hearing Susno Duaji suggested to clarify two transfers to two simple citizen costumers that bubble their accounts. One costumers, Amiruddin Rustam a technician in Makassar Branch that got Rp.30,5 billions - dissappeared - and a taxy driver in Ciputat, Tangerang branch that got hundred millions rupiah.
In the same hearing The Committee invited 3 economist. Dradjad Wibowo rised a new findings that some Rp.900 billions was missing in bailed out calculation. Auditor BPK found out that the Bank lossess only Rp.5,8 trillions, but the bailed out jump up to Rp.6,7 trilions
Dradjad also said that in the letter from Bank Indonesia to KSKK commitee said that to increased the Capital minimum requirements, from minus 2% to positive 8% needed capital injection, Rp. 632 billions plus Rp.4,79 trilions for liquidity purposes. Total injections was Rp. 5,4 trilions, not Rp.6,7 trilyon. In this calculation there were Rp.900 billions missing, no details explanation yet.
In order to follow the proces of bailed out in chronological order, I had noted some dates as follows.
Shor term fasilities or FPJP (Fasilitas Pinjaman Jangka Pendek) first phase was November 14, 2008 Rp.502,07 billions. Tree days later at Nov 17, Rp.187,32 billions. KSSK Committee meeting 3 days later at Nov 21, 2009 decided total bailed out value Rp.6,7 trilions
Labels: POLITICS
0 Comments:
Subscribe to:
Post Comments (Atom)