After the Loss
Chandra Asri, an olefin manufacturer once planned to be the pride of Indonesia has been sold off cheaply to a foreign investor. Many regret this. But why did it have to happen?
October 7, 2003
FROM its establishment in 1990 to its sale last week to Glazer and Putnam Investment by the Indonesian Bank Restructuring Agency (IBRA), there has always been something strange about the giant Chandra Asri olefin project. In its 13 years, there have been many unsolved mysteries and, over the same period, Rp10 trillion of government money has been allowed to disappear.
With capital of US$1.67 billion—US$128 million of it loans from Ban
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