Danamon's Bare Cupboard
Tuesday, August 26, 2003
Due diligence on Bank Danamon revealed that its owner, Usman Admadjaja, had cleaned out the bank's coffers.
arsip tempo : 173233544981.
USMAN Admadjaja once believed Bank Danamon should grow at all costs. Indeed, in only 10 years since its establishment in 1988, Danamon had 800 branches and fielded 17,000 employees. But this ambition may now cost him dearly. When the economic crisis set in, like many local banks Danamon collapsed, owing Rp12 trillion. Usman's personal assets, handed over to cover his debts, were valued at only Rp2 trillion.
A due dilligence by Cooper Lybrand
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