Bank Century's assets slashed US$860 million

PT Bank Century (BCIC) Tbk reported total asset of Rp5.58 trillion as of December 2008, dropped Rp8.67 trillion from Rp14.26 trillion in Dec 2007 due to the fraud allegedly committed by the bank's former shareholders.

According to an audited financial report for 2008 by AAJ Associates, the bank's equity was minus Rp2.17 trillion and CAR of -35.92%. As of Dec 2008, the bank had accumulated losses of Rp8.9 trillion which caused equity deficiency of Rp1.5 trillion. LPS took over the bank in December 31, 2008 and already injected Rp6.13 trillion into the bank. Third party deposits in the bank halved to Rp5.099 trillion from Rp10.25 trillion. The shareholders allegedly embezzled depositors' money through various schemes. The bank reported operating profit of Rp56 billion last year, slashed from Rp515 billion in 2007, while net loss of Rp7.3 billion is a significant drop from Rp195 billion in 2007.

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