Behind the Golden Image of Sinar Mas

IN October 2000, the Indonesian Bank Restructuring Agency (IBRA) arrived at the final stage of recapitalization by rescuing Bank Bali. Since late 2000, the agency has been bracing itself to tackle other heavy tasks, such as settling private debts, selling assets under it authority and submitting the proceeds to state coffers. The various criticisms aimed at IBRA—in relation to the recapitalization—have, accordingly, disappeared from t

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