The Sandcastle Called Lippo - Economy - magz.tempo.co

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Lippo

The Sandcastle Called Lippo

Tuesday, February 18, 2003

The plunge of the Lippo Bank share price followed by a dual-finance-report scandal show that something’s wrong in the Lippo Group. Bapepam and IBRA should do something about this.

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Like building a sandcastle. That seems to be the Lippo business group’s journey since James Riady took over in the mid-1990s. The group’s agility in starting and transforming subsidiaries arouses people’s admiration, but it doesn’t cover up the reality that it’s all done for the sake of profits. The case of Lippo Life insurance company metamorphosizing into Lippo e-Net in 2000 made people shake their heads. All this

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