The Mystery Behind the Memo
There is a clash of opinions about the final stage of the BCA shares sale. IBRA is suspected of taking sides and has been reprimanded by its Oversight Committee through a memo.
March 5, 2002
THE first stage of the Bank Central Asia (BCA) tender ended up producing two finalists: Farallon Capital Management and Standard Chartered Bank (Stanchart). The two bidders from Indonesia—the Federation of Indonesian Batik Cooperatives (GKBI) and the Bank Mega consortia—expired in the drop-dead test. This final test included checking for any connections with the bank's former owner, consortium leadership quality and the capability to
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