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Sam Kok’s Equilibrium Point

Tuesday, February 18, 2003

Asia Pulp & Paper’s debt restructuring agreement may be turned down by foreign creditors. Does IBRA favor the Widjaja family too much?

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Syafruddin Temenggung looked elated that day. Smiling constantly, the Head of the Indonesian Bank Restructuring Agency (IBRA) posed with Teguh Ganda Widjaja, son of taipan Eka Tjipta Widjaja, gripping his hand tightly. On that day, December 18, the two had just signed a preliminary agreement on Asia Pulp & Paper’s (APP) debt restructuring. APP is a giant company owned by the Widjaja family.

It’s common knowledge that the second lar

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