February 9, 2000 
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| February 9, 2000 | atimes.com | |
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| Southeast Asia Astra president ousted JAKARTA - Shareholders of Indonesia's biggest auto maker, PT Astra International, have named Theodore Permadi Rachmat as its new president, replacing Rini Soewandi, at an extraordinary meeting. Rachmat is a relative of William Soerjajaya, the former owner of the auto maker. He was favored by the Indonesian Bank Restructuring Agency (Ibra), which is Astra's largest shareholder. Ibra chairman Cacuk Sudarjanto said the old management under Rini did not cooperate with Ibra, which needed to divest its 45 percent stake in Astra before the end of the current fiscal year in March. Rini said earlier that Ibra had no voting rights in the extraordinary shareholder meeting as the shares under its control were not its own but were collateral for debts of Astra shareholders. She added that Ibra had not been transparent in its plan to sell Astra shares to a US consortium. Rini's opposition was blamed for the failure of the deal with the Gilbert-Newbridge consortium. Ibra hopes to raise Rp3.5 trillion ($500 million) in fresh funds from its divestment of Astra shares. The agency has been under pressure by the government to raise Rp17 trillion to pay for the interest on bonds issued by the government under its bank recapitalization program. (Asia Pulse/ Antara) | |||||||||
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