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The Lippo Scandal

Sanction Discount

Tuesday, March 25, 2003

The initial Bapepam sanction of Rp5 billion was reduced and the board of commissioners exonerated.

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Herwidayatmo, Head of the Capital Market Supervisory Agency (Bapepam), looked tense. He finally appeared at the press conference, on the third floor of the Bank Indonesia building, four hours later than the scheduled time. His usual smile was absent as he started to read off the results of the investigation into the Lippo Bank financial scandal, which has held the public's attention for the past two months.

He finished

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