(published by The Jakarta Post on 03 Dec 2009. Click here)
Vice President Boediono and Finance Minister Sri Mulyani Indrawati are now standing in the brink over the case of Bank Century bailout. Just like the boxer who is cornered in the boxing ring, their position has made their “pro-enemy” supporters cheer and dance in brouhaha. The supporters avidly want them both knocked-out as early as possible.
It is difficult not to say that Boediono and Sri Mulyani obviously are a minimum target by their “enemies”. I said as the “minimum” because if they are out (whether they are pressured to resign from the Cabinet or suspended temporarily), the other target is President Susilo Bambang Yudhoyono. Say Yudhoyono is strong enough to stand in the middle of the storm, tarnishing his reputation is sufficient for his political foes, at least at this time.
The Bank Century debacle, indeed, should be investigated to reveal what has been going on. The scandal should be opened to answer the allegation that there was misappropriation of the bailout process and fraud within the Bank Century, that the Rp. 6.7 trillion of the bailout was saving deposits of several high figure depositors rather than save the entire domestic banking industry and Indonesian economy, that some of the money had flown to the Democratic Party and to fund Yudhoyono’s campaign for legislative and presidential election.
That’s the allegation that has spread among public, where Boediono and Sri Mulyani are mentioned as the most responsible. As usual, pressure is mounting from some elements demanded Boediono and Sri Mulyani be fired, although the allegations have yet to be proved. Additionally, process to follow-up the audit result of the Supreme Audit Agency (BPK) is still ongoing. Where is the logic on pressing them to resign?
The House of Representative, pioneered by the Indonesian Democratic Party of Struggle (PDI-P) party formed an inquiry committee to investigate the case. The inquiry committee will have power to summon anyone who is implicated in the scandal including Boediono, Sri Mulyani, and even the President for questioning.
We are keen for this country to handle economic challenges properly and prudently by our leaders to ensure good governance. However, is the spirit of good governance solely what motivated the inquiry committee to form? I wish so, but please forgive me if I personally doubt it, moreover after learned the case was, since the beginning, driven to aim the two most trusted aides of President SBY as the shooting targets.
My doubt over the motivation of the inquiry committee is mostly supported by the fact that Sri Mulyani has created a lot of enemies during her term as the finance minister. Her personality as the decisive, uncompromised, clean, and not afraid to bulldoze the corrupt officials within her institution, has gained praise from many and at the same time also has been cursed, such as her bulldozing characteristic.
Her stance as the guard of state budget also irritated whoever requested to get bailouts for their companies that suffered losses during the global financial crisis recently. Her victory at one sides, is a loss for others at other sides. That is a Pyrrhic victory and now the losers are waiting for her fall.
It is important to know Yudhoyono supported actions to open the scandal. He, through his Democratic Party eventually backed the plan of the House of Representative to form inquiry committee to investigate it.
President Yudhoyono should make everything clear, not only because his name, his family and his party have been accused of receiving the bailout funds, but also to defend the government's reputation.
The great man has not stumbled over a mountain but a pebble. Will the Bank Century fiasco become a pebble for Boediono, Sri Mulyani or even SBY?
***
Serpong, 30 Nov 2009
Titus J.
related stories:
A Laugh at Our Lawmakers
The Iron Lady is Winning the Battle
Vice President Boediono and Finance Minister Sri Mulyani Indrawati are now standing in the brink over the case of Bank Century bailout. Just like the boxer who is cornered in the boxing ring, their position has made their “pro-enemy” supporters cheer and dance in brouhaha. The supporters avidly want them both knocked-out as early as possible.It is difficult not to say that Boediono and Sri Mulyani obviously are a minimum target by their “enemies”. I said as the “minimum” because if they are out (whether they are pressured to resign from the Cabinet or suspended temporarily), the other target is President Susilo Bambang Yudhoyono. Say Yudhoyono is strong enough to stand in the middle of the storm, tarnishing his reputation is sufficient for his political foes, at least at this time.
The Bank Century debacle, indeed, should be investigated to reveal what has been going on. The scandal should be opened to answer the allegation that there was misappropriation of the bailout process and fraud within the Bank Century, that the Rp. 6.7 trillion of the bailout was saving deposits of several high figure depositors rather than save the entire domestic banking industry and Indonesian economy, that some of the money had flown to the Democratic Party and to fund Yudhoyono’s campaign for legislative and presidential election.
That’s the allegation that has spread among public, where Boediono and Sri Mulyani are mentioned as the most responsible. As usual, pressure is mounting from some elements demanded Boediono and Sri Mulyani be fired, although the allegations have yet to be proved. Additionally, process to follow-up the audit result of the Supreme Audit Agency (BPK) is still ongoing. Where is the logic on pressing them to resign?
The House of Representative, pioneered by the Indonesian Democratic Party of Struggle (PDI-P) party formed an inquiry committee to investigate the case. The inquiry committee will have power to summon anyone who is implicated in the scandal including Boediono, Sri Mulyani, and even the President for questioning.
We are keen for this country to handle economic challenges properly and prudently by our leaders to ensure good governance. However, is the spirit of good governance solely what motivated the inquiry committee to form? I wish so, but please forgive me if I personally doubt it, moreover after learned the case was, since the beginning, driven to aim the two most trusted aides of President SBY as the shooting targets.
My doubt over the motivation of the inquiry committee is mostly supported by the fact that Sri Mulyani has created a lot of enemies during her term as the finance minister. Her personality as the decisive, uncompromised, clean, and not afraid to bulldoze the corrupt officials within her institution, has gained praise from many and at the same time also has been cursed, such as her bulldozing characteristic.
Her stance as the guard of state budget also irritated whoever requested to get bailouts for their companies that suffered losses during the global financial crisis recently. Her victory at one sides, is a loss for others at other sides. That is a Pyrrhic victory and now the losers are waiting for her fall.
It is important to know Yudhoyono supported actions to open the scandal. He, through his Democratic Party eventually backed the plan of the House of Representative to form inquiry committee to investigate it.
President Yudhoyono should make everything clear, not only because his name, his family and his party have been accused of receiving the bailout funds, but also to defend the government's reputation.
The great man has not stumbled over a mountain but a pebble. Will the Bank Century fiasco become a pebble for Boediono, Sri Mulyani or even SBY?
***
Serpong, 30 Nov 2009
Titus J.
related stories:
A Laugh at Our Lawmakers
The Iron Lady is Winning the Battle
Comments
Lembaga Penjamin Simpanan (LPS) telah mengucurkan dana sebesar Rp6,7 triliun kepada Bank Century atas rekomendasi pemerintah dan Bank Indonesia. Angka itu menjadi bengkak, padahal semula yang di setujui DPR hanya sebesar Rp1,3 triliun. (Kompas 1 september 2009).
“ Betapa baiknya sikap pemerintah terhadap pemilik bank yang selama ini bermasalah”. “Kenapa pemerintah selalu bersikap protektif terhadap bank-bank yang pengelolaannya bermasalah??” semua itu Patut menjadi misteri bagi kita.
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UU Nomor 10 Tahun 1998 tentang perbankan, mewajibkan semua bank berhati-hati dalam memberikan pinjaman. Namun LPS mengabaikan aturan tersebut.
Prinsip the five C’s of credit analysis yang menjadi dasar pemberian dana talangan rupanya tidak diterapkan oleh LPS. LPS harusnya meneliti Character (kejujuran pemilik bank), collateral (jaminan utang bank), capital (modal), capacity (kemampuan mengelola bank) dan condition of economy sebelum boilout diberikan.
Dalam proses hukum bank Century, pemilik bank century Robert tantular beserta pejabat bank Century telah ditetapkan sebagai terdakwa kasus penggelapan dana nasabah. Bahkan manajemen Bank Century telah terlibat dalam memasarkan produk reksadana PT Antaboga Sekuritas yang jelas-jelas dalam pasal 10 UU Perbankan telah dilarang.
Artinya, dari segi the five C’s of credit analysis, Bank Century sebenarnya tidak layak sama sekali mendapatkan dana talangan dari LPS. Ironis nya LPS justru mengucurkan dana sampai 6,7 triliun ke bank itu!!!
Muncul pertanyaan, apa yang melatarbelakangi pemerintah memberian dana boilout tersebut??? akan kemana larinya dana bailout 6,7 triliun itu?
Jawabnya, Kemungkinan: pertama, pejabat LPS ceroboh dalam bertindak sehingga dianfaatkan oleh pejabat bank yang terafiliasi dengan partai politik tertentu. Kedua, Pajabat LPS, pejabat bank bermasalah dan partai politik tertentu bersekongkol bersekongkol mengemplang dana bailout.
Jawaban yang pasti, kita tunggu skenario politik berikutnya..