"The total proceeds raised by IBRA as of January is between Rp 12 trillion-Rp 13 trillion. We're optimistic that we can reach the government target," he told the House of Representatives commission IX on state budget and banking on Wednesday during a hearing session with the minister of finance.

IBRA is expected to raise some Rp 17 trillion in cash this fiscal year ending on March 31 to help finance the budgetary cost of the government's bank restructuring and recapitalization program.

Arwin said the remainder was expected to come from the sale of its 40 percent stake in the publicly listed auto giant PT Astra International, and a 30 percent initial public offering (IPO) of the nationalized Bank Central Asia (BCA).

He also said the agency could recover an average of Rp 700 billion in bank nonperforming loans under its management.

IBRA has said that it plans to raise some Rp 3 trillion from the offering of BCA. The agency was supposed to complete the BCA IPO next month, but because the agency has been slow in registering the plans at the country's Capital Market Supervisory Agency (Bapepam), the offering has been delayed until March.

IBRA plans to make the registration this week.

The agency has also said that it plans to raise around Rp 1 trillion in cash from the sale of its Astra investment, and it expects to complete the sale next month.

"We can surpass the Rp 17 trillion target with the sale of Astra and BCA," Arwin said.

The agency controls some Rp 600 trillion worth of assets transferred from ailing banks and former bank owners.

IBRA is targeted to raise around Rp 16 trillion in cash in the upcoming April 2000-December 2000 state budget.

The cost of the government's bank restructuring and recapitalization program is estimated to reach some Rp 650 trillion. The government has issued bonds to finance the program, in which the interest rates on the bonds will be covered by the state budget.

Arwin said the agency was also optimistic that it could meet the target.

IBRA had been under strong criticism for its slow rate of progress in the sale of its banking assets. The government installed earlier this year a new chairman at IBRA, Cacuk Sudarijanto, in a bid to accelerate the asset sales and loan recovery. (rei)

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But none of the committee members were willing to answer questions about was discussed during the meeting, held at the office of the National Development Planning Board.

Coordinating Minister for Economy, Finance and Industry Kwik Kian Gie, who heads the committee, did not meet with waiting reporters.

IBRA chief Cacuk Sudarianto also kept tight-lipped, hurrying past reporters to his waiting car.

However, committee secretary Dipo Alam told journalists one of the items on the meeting's agenda was the procedures for the sale of IBRA's 40 percent equity in PT Astra International.

"In their first meeting, FSPC reached a decision on the sale of IBRA's Astra shares. I believe Cacuk will announce it himself within a few days," Dipo said.

But he declined to give further details on the planned divestment, which has caused controversy over allegations that IBRA "bulldozed" securities market rules in pushing through its deal with an American investor group led by Newbridge Capital and Gilbert Global Equity Partners.

Another IBRA senior official, Farid Harianto, who also attended the meeting, confirmed Dipo's remarks.

FSPC is made up of the finance minister, the state minister of investment and state enterprises, the minister of industry and trade, the central bank governor, the chairman of IBRA, the head of Jakarta Initiative Task Force and the chairman of the National Development Planning Board.

The committee, established last month by presidential decree, has the task of overseeing the implementation of IBRA's bank and corporate restructuring programs. It reports directly to the President.

The idea behind the establishment of the committee, as described in the Letter of Intent sent by the government to the International Monetary Fund, is to assist IBRA in its bank and corporate restructuring programs.

"FSPC will back IBRA whenever the agency has to make a difficult decision," Kwik said earlier this week.

Kwik added that FSPC would take over IBRA's task of ruling on important and sensitive cases of corporate restructuring.

IBRA officials have reportedly refrained from taking firm action in some cases for fear of lawsuits by the businesspeople or companies affected by the debt and bank restructuring.

"In this case FSPC will make the difficult decisions for IBRA and face the lawsuits by any third party," Kwik said.

The government will issue later this month a decree protecting IBRA officials and FSPC members from lawsuits over the decisions they make regarding corporate and debt restructuring, according to the Letter of Intent.

"The decree will be issued (by the government) and commits the government to providing the officials of IBRA and the members of the FSPC with personal legal assistance in cases where decisions consistent with the proper policies and procedures are challenged," the letter stipulates.(udi)

Menurut Saragih, penjualan lebih dari 20 persen saham Astra oleh BPPN harus dilakukan melalui mekanisme tender offer (penawaran saham secara terbuka). Namun, jika saham yang hendak dijual tersebut kurang dari 20 persen, tender offer tidak perlu dilakukan.

Tender offer ini baru bisa dilakukan setelah mendapat pernyataan efektif dari Bapepam. Sampai Rabu (26/1), menurut Saragih, pihaknya belum mengetahui apakah penjualan saham Astra yang ada di BPPN akan dilakukan melalui mekanisme tender offer atau tidak.

Perdagangan saham PT Astra International di Bursa Efek Jakarta (BEJ) kemarin ditutup dengan harga Rp 3.475 per lembar saham atau sama dengan posisi hari sebelumnya. Pada perdagangan kemarin, saham Astra tertinggi diperdagangkan pada nilai Rp 3.550 dan terendah Rp 3.475, dengan volume 6.020 juta lembar saham berpindah tangan.

Jangan langgar aturan

Sebuah sumber mengemukakan bahwa pihaknya menyadari betul bila BPPN dikejar target untuk mendapatkan Rp 17 trilyun dari hasil penjualan aset yang dimilikinya hingga bulan Maret ini. Namun BPPN hendaknya tidak menabrak-nabrak aturan Pasar Modal, karena kalau hal itu terjadi maka akan merusak sistem Pasar Modal Indonesia secara keseluruhan dan pada akhirnya akan membuat investor meninggalkan Indonesia.

"Marilah kita bantu BPPN untuk memenuhi target yang menjadi tanggung jawab mereka. Namun hendaknya ditaati peraturan yang ada, sehingga kejadian seperti kasus akuisisi Bank Bali oleh Standard Chartered Bank tidak terulang kembali," tutur sumber itu.

Ia menambahkan, dengan cara seperti sekarang, apa yang diinginkan BPPN bisa tidak tercapai. Termasuk mengganti Direksi Astra yang sekarang serta keinginan untuk menganulir hasil Rapat Umum Pemegang Saham soal pembatalan restrukturisasi utang perusahaan tersebut.

Dari informasi yang didapatnya, Bapepam sudah mengirimkan surat kepada BPPN bahwa untuk peninjauan kembali hasil RUPS yang sebelumnya, BPPN selaku pemegang 40 persen saham Astra International tidak diperkenankan untuk menggunakan hak suaranya. "BPPN dianggap memiliki conflict of interest, sehingga apakah keinginan untuk meninjau kembali hasil RUPS yang lalu perlu dilakukan, itu diserahkan kepada 60 persen pemegang saham yang lain," tuturnya.

Tidak benar

Sementara itu menanggapi desas-desus tentang persetujuan yang diberikan Komite Kebijakan Sektor Keuangan (Financial Sector Action Committee/FSAC) terhadap perjanjian BPPN dengan Newbridge dan Gilbert serta telah meneruskannya kepada Presiden, Menko Ekuin Kwik Kian Gie kepada Kompas menyatakan hal itu tidak benar.

"Itu tidak betul. Presiden tidak ikut campur dan tidak dilibatkan, karena kami menganggap urusan ini terlampau kecil untuk dikemukakan kepada Presiden. Tentang bahwa FSAC menyetujui, FSAC memang setuju BPPN tetap memberi kesempatan kepada Newbridge, asalkan Newbridge harus berani membayar dengan harga tertinggi dibanding siapa pun," kata Kwik.

Mengutip penjelasan Kepala BPPN Cacuk Sudarijanto pada pertemuan FSAC, kemarin, di Gedung Bappenas, Kwik mengatakan, BPPN tidak bisa mengingkari kontrak, tetapi BPPN juga tidak bisa tidak transparan dan tidak adil.

BPPN, demikian Kwik masih mengutip Cacuk, harus memberi kesempatan kepada semua orang untuk membeli saham Astra. Cacuk dan Deputi Kepala BPPN Farid Harianto sendiri tidak mau memberikan keterangan kepada wartawan.

Ketika ditanyakan adanya kenaikan penawaran oleh Newbridge maupun Gilbert terhadap harga saham Astra International dari Rp 3.750 per lembar saham menjadi sekitar Rp 4.100 per lembar saham, Kwik menuturkan, "Itu sama sekali tidak dibicarakan dalam pertemuan. Namun, saya kira tidak masuk akal kalau Newbridge yang seolah-olah mempunyai hak prerogatif membuka harga duluan yang tinggi. Bukankah lebih baik dia menunggu siapa yang berani menawar harga lebih tinggi, kemudian dia menyamai, toh dia yang dapat?" (ika/fey/har/tom)

A TEMPO Interaktif source said that each month, Bank Mandiri sent Rp 13,150.000 to nine members of the BPKP team that was working in the bank. Bank Mandiri also had to pay the Rp 40 million investigation cost to the central office and Rp 40.5 million for the investigation into its general audit report that ran from July 12, 1999 to August 31, 1999.

Robby said that he knew nothing about the honorarium, or the transportation and lunch money for the BPKP team that cost up to Rp 13 million per month. “Even if there was such an expense, I definately didn’t know about it,” he said when it was confirmed on Tuesday. Until now, the results of the financial audit into Bank Mandiri by BPKP have not been released.

Until the end of the first session of trade, the second liners dominated the transactions on the floor. “Grup Lippo stocks are still being targeted by investors, as well as Telkom and Astra stocks,” a dealer said. Lippo Securities stock was traded at between Rp 475- 450, Lippo Life at Rp 750, and Multipolar at Rp 1,125. Telkom stock was traded at Rp 3,875. Meanwhile the price of Astra Internasional stocks was corrected to Rp 3,300, although it later increased to Rp 3,700.

Most of the investors trading actively on the floor were local ones, while foreign investors are still concerned about the stability of a number of regions. 

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