The coup d'etat against Iwan Pontjowinoto
President Director of PT Jamsostek (Persero) Iwan Pontjowinoto, a close aide to minister of state owned enterprises Sugiharto, is facing a coup d'etat from workers and fellow board members.
Jamsostek workers union threathened to stage nationwide protest if government as shareholder failed to meet their demand to replace Mr Pontjowinoto, a former chairman of Sharia Economy Society (MES) and managing director at state-owned investment bank PT Danareksa (Persero). Workers described Pontjowinoto as an authoritarian leader and always intimidating other officers of the company.
Four board of directors joined the workers demanding the replacement and supported the vote of no-confidence in Pontjowinoto, the first of a kind in the country.
Internal rifts have put Mr Pontjowinoto on the hot seat, especially when he tried to give away Rp6 trillion of funds for stock trading to two state-owned investment banks, Danareksa and PT Bahana Securities. Board of commissioners and BOD vetoed Pontjowinoto's proposal though.
Jamsostek managed social security funds from 25 million workers in the country. As of December 2005, Jamsostek managed Rp36.85 trillion (US$4 billion) of which around US$2 billion invested in bonds and Rp14.75 trillion in bank deposits.
There are some reports of fishy deals at Jamsostek that have been filed to Corruption Eradication Commission. The previous CEO and investment director have been sentenced few years behind the bars in corruption cases.
But Sugiharto came quickly to defend Pontjowinoto saying government will keep the man in the job arguing the company's first quarter performance has been on track.
Read my previous posts on Jamsostek:
1) Iwan Pontjowinoto & our money
2) Jamsostek Airways
3) Shariah Principle on Jamsostek: Ooops...
4) Adi Sasono-Sugiharto Connection
5) Ahmad Djunaedi, the fugitive
READ MORE!!!
Jamsostek workers union threathened to stage nationwide protest if government as shareholder failed to meet their demand to replace Mr Pontjowinoto, a former chairman of Sharia Economy Society (MES) and managing director at state-owned investment bank PT Danareksa (Persero). Workers described Pontjowinoto as an authoritarian leader and always intimidating other officers of the company.
Four board of directors joined the workers demanding the replacement and supported the vote of no-confidence in Pontjowinoto, the first of a kind in the country.
Internal rifts have put Mr Pontjowinoto on the hot seat, especially when he tried to give away Rp6 trillion of funds for stock trading to two state-owned investment banks, Danareksa and PT Bahana Securities. Board of commissioners and BOD vetoed Pontjowinoto's proposal though.
Jamsostek managed social security funds from 25 million workers in the country. As of December 2005, Jamsostek managed Rp36.85 trillion (US$4 billion) of which around US$2 billion invested in bonds and Rp14.75 trillion in bank deposits.
There are some reports of fishy deals at Jamsostek that have been filed to Corruption Eradication Commission. The previous CEO and investment director have been sentenced few years behind the bars in corruption cases.
But Sugiharto came quickly to defend Pontjowinoto saying government will keep the man in the job arguing the company's first quarter performance has been on track.
Read my previous posts on Jamsostek:
1) Iwan Pontjowinoto & our money
2) Jamsostek Airways
3) Shariah Principle on Jamsostek: Ooops...
4) Adi Sasono-Sugiharto Connection
5) Ahmad Djunaedi, the fugitive
Labels: Danareksa, Jamsostek, Sugiharto
READ MORE!!!
posted by yosef at 7:57 PM
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