A Furtive Front

The governments loan to Timor was sold to a third party at a discounted price. The purchaser borrowed a companys name to close the deal.

December 5, 2006

THE front company, PT Vista Bella Pratama, is a third-party player waiting for an end to the Rp1.3 trillion dispute between the Indonesian government and PT Timor Putra Nasional. Vista bought the governments debt receivable in Timor, worth Rp4.6 trillion, from the Indonesian Bank Restructuring Agency (IBRA) three years ago. The price was only Rp445 billion, a tenth of what the government could collect on.

With this transaction, Vista became the b

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