Debtors To Benefit As Government Ignores Advice

According to latest developments in reformulating the MSAA and MRA agreements on debt settlement, the government look set to only demand additional assets while the House of Representative (DPR) will decide on the final form of the crucial release and discharge clauses. Somewhat reminiscent of Suharto's New Order era, there appears to be a very warm relationship between the government, members of parliament and conglomerate owners while advice from legal consultants is completely ignored.

October 2, 2000

THE INVESTIGATION on reformulating the debt settlement agreements totaling Rp 112 trillion between the Indonesian Bank Restructuring Agency (IBRA) and the conglomerate owners the policies was carried out by Tumbuan-Pane (TP) legal consultants together with the Kartini Muljadi and Partners (KMR) law firm. The results have now been deciphered, discussed and disseminated. Yet one doesn't hear any applause. Odd? No, not really, when one remembers that

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