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Salim Group Fools IBRA—Again!

Monday, November 13, 2000

The Salim Group has duped IBRA once again, by buying back a 12.92 percent share in QAF. Despite prior warnings, the government keeps getting hoodwinked.

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"WHERE there’s a will, there’s a way" is certainly an extremely fitting adage for the way in which the Salim Group does business. Formerly the largest conglomerate in Indonesia, the Salim Group has never made any secret of its ambition to regain control of its assets that were handed to cover the group’s Rp52 trillion Bank Indonesia Liquidity Assistance (BLBI) debt it transferred to the Indonesian Bank Restructuring Agency (IBRA).

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