Indonesia has formed a task force that includes law enforcement officials to go after nearly US$8 billion of unrepaid state funds handed out to bank owners during the Asian financial crisis in the late 1990s, ministers said on Friday.
The government provided billions of dollars of financial support to troubled banks during the crisis to keep them afloat as Southeast Asia's largest economy slumped amid riots that helped topple late strongman president Suharto.Much of the support, which came in the form of a liquidity facility from the central bank, has never been repaid, Coordinating Minister for Political, Legal, and Security Affairs Mahfud MD told a news conference.
"We will go after all of that and we hope that all obligors and debtors will be cooperative," Mahfud said. Mahfud, a former constitutional court justice, also warned that while no criminal case is being pursued against debtors, authorities could launch one if people did not comply. He also said they had the capacity to pursue assets and people overseas.
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