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Corruption

The Pit of Krakatau

Tuesday, August 20, 2002

As the once-thriving Banten steelmaker piles up hugelosses, prosecutors have begun to investigate allegationsof misappropriation.

arsip tempo : 173506411614.

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Krakatau Steel is commemorating its 32nd anniversary next week, but no one is celebrating. This state-owned steel plant in Cilegon, Banten, is entangled in a serious financial problem: it has incurred losses of about Rp300billion. Consequently, there will be a total shake-up of Krakatau's executive board, though its term of office doesn't expire until July 2003. "The executive board replacement will be expedited," said one Krakatau

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