The pile of assets on the desk of Laksamana Sukardi, Indonesia's new minister for state-owned enterprises, has multiplied to include the whole of the country's public sector and a substantial chunk of the private sector. Getting those assets off his desk again will not be easy. Sukardi is faced with two challenges following the decision by his party leader, president Megawati Sukarnoputri, to give him direct control of the Indonesian Bank Restructuring Agency (IBRA), the body charged with cleaning up the mess resulting from the 1997 financial crisis. He needs to raise more funds from the privatization of original state enterprises, and he needs to sell companies held by IBRA as a result of their debts to state-owned banks.
September 01, 2001