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New man in Jakarta

New man in Jakarta

(Indonesia) - A senior finance official, Syafruddin Tumenggung, has been appointed head of IBRA, the Indonesian Bank Restructuring Agency, the seventh chairman in a little over four years. Currently a deputy to the Chief Economics Minister and Secretary of the state body that oversees IBRA, Tumenggung is a career civil servant whose appointment is designed to quell the personality clashes and political meddling in the huge asset cache IBRA controls that have been rampant around the Agency.

IBRA controls assets with a nominal value of some 600 trillion rupiah (US$63.8 billion), assets most analysts see Tumenggung likely to accelerate divestment of. The Agency is tasked with raising some 35.3 trillion rupiah in cash from asset sales under the 2002 State budget.

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