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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Stitch who wrote (3833)	5/26/1998 11:59:00 AM
From: Michael Sphar	Respond to of 9980

And the Indonesian common people are voting already with their wallets. In the news this Tuesday morning here in California: For private and personal use only: Frantic depositors rush Indonesia's biggest private bank Tue, 26 May 1998 8:00:07 PDT Story from AFP / Intania Fajar Copyright 1998 by Agence France-Presse (via ClariNet) JAKARTA, May 26 (AFP) - Frantic depositors formed long lines at branches of Indonesia's largest bank, Bank Central Asia (BCA), here and in other cities Tuesday as rumors spread that the bank was unable to pay depositors. The rush on the bank capped several days of heavy withdrawals from BCA, which is owned by business tycoon Sudono Salim -- better known as Liem Sioe Liong -- and two of ousted President Suharto's children, Sigit Hardjojudanto and Siti "Tutut" Hardiyanti Hastuti Rukmana. One European banker here said pessimistically that he thought the BCA rush could be "the last nail in coffin" for the battered Indonesian economy. The BCA is, according to one financial analyst, the "jewel" of the diversified Salim Group, the country's top conglomerate, whose reach extends extends to Hong Kong and Singapore. A BCA public relations official here declined comment on the bank's financial position, saying only that all deposits and loans were "guaranteed by the government." ... Article truncated for brevity.