Category Archives: Sri Mulyani Indrawati

Sri Mulyani Receives Best Minister Award During World Government Summit in Dubai

Jakarta Globe, February 11, 2018

(Reuters Photo/Christopher Pike)

Finance Minister Sri Mulyani Indrawati received the Best Minister Award from Sheikh Mohammed bin Rashid al-Maktoum, Prime Minister and Vice-President of the United Arab Emirates, and ruler of Dubai, during the World Government Summit in Dubai, United Arab Emirates, on Sunday (11/02). The award was given to recognize outstanding government ministers for their exceptional efforts in implementing successful reform. 

SRI MULYANI INDRAWATI INTERVIEW: From political protest to top of the World Bank

Daily Mail, by ALEX BRUMMER, CITY EDITOR, 27th April 2011

When Sri Mulyani Indrawati was drafted into one of the top jobs at the World Bank in June 2010, she could never have guessed how useful her experience as a reformer in the post-Suharto era of klepto-capitalism in Indonesia would prove to be.

In her current job as the Washington based Bank’s managing director, she finds herself responsible – among other things – for the Middle East and North Africa region, which has seen unprecedented upheaval, violence and change since revolution erupted in Tunisia late last year.

Since then no less than 15 of the 17 countries across the region – many of them clients of the Bank – have been in turmoil. In two countries, Libya and Yemen, there is all out civil war.


Unlikely revolutionary: Mulyani's experience as a
reformer in Indonesia has proven invaluable

When the disturbances began, Mulyani, a native of the world’s fourth most populous nation, immediately identified them with events in her own country where the population rose up against the rule of President Suharto in 1998 in the wake of the devastating Asian financial crisis.

‘The changes have a similarity with Indonesia. You have an economy supported by a relatively crude economic performance, or in this case (the Middle East), the oil sector,’ Mulyani argues.

More...

'People feel they are not participating in the decision-making process. Decisions are exclusive to those at the very top. You have grown up with crony capitalism and it creates ever more resentment.’

Our conversation takes place at the conference table in her office on the spacious president’s floor of the World Bank headquarters, just a short distance from the White House.

Mulyani, who is a near permanent presence on the Forbes list of the world’s most powerful women, speaks in fluent – but sometimes difficult to understand – English, and is accompanied by a coterie of advisers.

The World Bank managing director’s own experience in part resembles that of the well-educated revolutionaries in Egypt’s Tahrir Square and across the region. As the protests against the Suharto regime grew amid soaring inflation, which climbed to 80 per cent, and a collapsed economy, Mulyani, an academic at the University of Indonesia, found herself acting as ‘a resources person for the media’.

She became a big voice in the protest movement and as change came about was swept into government as an adviser sitting on the council of economic affairs. After a short sabbatical she was called back to power as finance minister.

The World Bank, with its 10,000 employees and thousands of consultants, looks a doddle in comparison. ‘At the Ministry of Finance we had 64,000 people,’ she recalls.

A slight woman, dressed demurely in a grey silk suit, Mulyani looks an unlikely revolutionary. She says that ‘toppling the small elites in charge and identifying the issues is much easier than correcting it’.

She adds: ‘You have to build new institutions that create an open, fair transparent institution and regulatory framework.

‘Indonesia’s response was dictated by the financial shock of crisis. So there was a phenomenal policy change required at the time.

‘We now have an anti-corruption law, we have a competition law and an anti-monopoly law and a bankruptcy law.

‘It took a year and a half from ending the president’s (Suharto) rule.’ In her view it was possible to speedily drive reform in Indonesia because it was ‘a collapsed economy’.

It may be harder in Tunisia, Egypt and across North Africa and the Middle East because the damage, so far, has not been so cataclysmic.

‘The momentum for change cannot be that radical in a way that it was in Indonesia. Tunisia and Egypt need to design the transition which strike the right balance between the continuity of economic growth and the need to protect poor people.’

As someone coming from the country with the world’s largest Muslim population, does Mulyani believe that Islamism and modern reformed economies are incompatible?

‘I don’t believe it has anything to do with religious belief,’ she snaps back. ‘People now, especially with the internet, are connected. They have an expectation of behaviour, of accountability, avoiding conflict and fair and just competition.

‘In Indonesia we don’t see this as against our values or religious beliefs. In fact I think Islam is actually seeking a just society in a way.’

Part of the clean-up process in Mulyani’s view is returning looted assets to the people through a ‘proper process’. But she warns it takes a long time and people ‘can be easily disappointed’.

Now that she is on the other side of the fence, Mulyani recognises that the World Bank and other development groups have much to learn from the way in which unscrupulous leaders loot the national wealth through crony capitalism and nepotism.

‘We are watching and learning from the experience. Corruption is really an enemy of the people, it is the enemy of the poor and that is why governance has become one of the Bank’s essential principles.

‘Engaging with a country that will not provide support for governance will definitely be a limitation on the Bank’s ability to operate there,’ she insists.

Mulyani is keen to bring a new dynamic to the Middle East economies which avoids a model of ‘high growth which fails to create jobs’. In her view it needs a blueprint that is inclusive and recognises the harm done by discrimination on ‘gender, on minority and location’.

She bemoans the fact that much of the education in nations like Tunisia ‘is not connecting with the jobs market’. Many of the manufacturing jobs are being replaced by automation so it is the services sector which will need to pick up the slack.

As for food prices, one of the other underlying causes of upheaval across the region, Mulyani thinks that governments need to be ‘aggressive in designing a social safety net’.

‘The problem of the food price is structural. The growth of demand cannot be checked in that it is coming from middle income countries demanding more quality and more quantity of food. High demand is here to stay,’ she says.

Mulyani has made an extraordinary journey from academia, to protest leader, to the highest level of government in one of the world’s most complicated countries, and now a portfolio at the World Bank which stretches from Latin America to East Asia and North Africa.

Mulyani says: ‘Many emerging countries are facing the same issue of overheating and inflation because they have been vigorously expanding fiscal and monetary policy to counter the 2008 shock.’

But she is hopeful that they have learned from the past and the economic framework is now much more sound.

Having risen to such dizzy heights does she have further ambition? Could she, for instance, be the first emerging market president of the World Bank.

Mulyani won’t be drawn. She simply notes that the ‘process has to be credible’ which means ‘open and not following any nationality’.

Despite the disadvantages of being a women from Asia – at an institution which since its foundation at Bretton Woods in 1944 has been headed by alpha male Americans – it would be hard to argue against her credentials.

Sri Mulyani Indrawati Interview: From political protest to top of the World Bank

Daily Mail, by ALEX BRUMMER, CITY EDITOR, 27th April 2011

When Sri Mulyani Indrawati was drafted into one of the top jobs at the World Bank in June 2010, she could never have guessed how useful her experience as a reformer in the post-Suharto era of klepto-capitalism in Indonesia would prove to be.

In her current job as the Washington based Bank’s managing director, she finds herself responsible – among other things – for the Middle East and North Africa region, which has seen unprecedented upheaval, violence and change since revolution erupted in Tunisia late last year.

Since then no less than 15 of the 17 countries across the region – many of them clients of the Bank – have been in turmoil. In two countries, Libya and Yemen, there is all out civil war.


Unlikely revolutionary: Mulyani's experience as a
reformer in Indonesia has proven invaluable

When the disturbances began, Mulyani, a native of the world’s fourth most populous nation, immediately identified them with events in her own country where the population rose up against the rule of President Suharto in 1998 in the wake of the devastating Asian financial crisis.

‘The changes have a similarity with Indonesia. You have an economy supported by a relatively crude economic performance, or in this case (the Middle East), the oil sector,’ Mulyani argues.

More...

'People feel they are not participating in the decision-making process. Decisions are exclusive to those at the very top. You have grown up with crony capitalism and it creates ever more resentment.’

Our conversation takes place at the conference table in her office on the spacious president’s floor of the World Bank headquarters, just a short distance from the White House.

Mulyani, who is a near permanent presence on the Forbes list of the world’s most powerful women, speaks in fluent – but sometimes difficult to understand – English, and is accompanied by a coterie of advisers.

The World Bank managing director’s own experience in part resembles that of the well-educated revolutionaries in Egypt’s Tahrir Square and across the region. As the protests against the Suharto regime grew amid soaring inflation, which climbed to 80 per cent, and a collapsed economy, Mulyani, an academic at the University of Indonesia, found herself acting as ‘a resources person for the media’.

She became a big voice in the protest movement and as change came about was swept into government as an adviser sitting on the council of economic affairs. After a short sabbatical she was called back to power as finance minister.

The World Bank, with its 10,000 employees and thousands of consultants, looks a doddle in comparison. ‘At the Ministry of Finance we had 64,000 people,’ she recalls.

A slight woman, dressed demurely in a grey silk suit, Mulyani looks an unlikely revolutionary. She says that ‘toppling the small elites in charge and identifying the issues is much easier than correcting it’.

She adds: ‘You have to build new institutions that create an open, fair transparent institution and regulatory framework.

‘Indonesia’s response was dictated by the financial shock of crisis. So there was a phenomenal policy change required at the time.

‘We now have an anti-corruption law, we have a competition law and an anti-monopoly law and a bankruptcy law.

‘It took a year and a half from ending the president’s (Suharto) rule.’ In her view it was possible to speedily drive reform in Indonesia because it was ‘a collapsed economy’.

It may be harder in Tunisia, Egypt and across North Africa and the Middle East because the damage, so far, has not been so cataclysmic.

‘The momentum for change cannot be that radical in a way that it was in Indonesia. Tunisia and Egypt need to design the transition which strike the right balance between the continuity of economic growth and the need to protect poor people.’

As someone coming from the country with the world’s largest Muslim population, does Mulyani believe that Islamism and modern reformed economies are incompatible?

‘I don’t believe it has anything to do with religious belief,’ she snaps back. ‘People now, especially with the internet, are connected. They have an expectation of behaviour, of accountability, avoiding conflict and fair and just competition.

‘In Indonesia we don’t see this as against our values or religious beliefs. In fact I think Islam is actually seeking a just society in a way.’

Part of the clean-up process in Mulyani’s view is returning looted assets to the people through a ‘proper process’. But she warns it takes a long time and people ‘can be easily disappointed’.

Now that she is on the other side of the fence, Mulyani recognises that the World Bank and other development groups have much to learn from the way in which unscrupulous leaders loot the national wealth through crony capitalism and nepotism.

‘We are watching and learning from the experience. Corruption is really an enemy of the people, it is the enemy of the poor and that is why governance has become one of the Bank’s essential principles.

‘Engaging with a country that will not provide support for governance will definitely be a limitation on the Bank’s ability to operate there,’ she insists.

Mulyani is keen to bring a new dynamic to the Middle East economies which avoids a model of ‘high growth which fails to create jobs’. In her view it needs a blueprint that is inclusive and recognises the harm done by discrimination on ‘gender, on minority and location’.

She bemoans the fact that much of the education in nations like Tunisia ‘is not connecting with the jobs market’. Many of the manufacturing jobs are being replaced by automation so it is the services sector which will need to pick up the slack.

As for food prices, one of the other underlying causes of upheaval across the region, Mulyani thinks that governments need to be ‘aggressive in designing a social safety net’.

‘The problem of the food price is structural. The growth of demand cannot be checked in that it is coming from middle income countries demanding more quality and more quantity of food. High demand is here to stay,’ she says.

Mulyani has made an extraordinary journey from academia, to protest leader, to the highest level of government in one of the world’s most complicated countries, and now a portfolio at the World Bank which stretches from Latin America to East Asia and North Africa.

Mulyani says: ‘Many emerging countries are facing the same issue of overheating and inflation because they have been vigorously expanding fiscal and monetary policy to counter the 2008 shock.’

But she is hopeful that they have learned from the past and the economic framework is now much more sound.

Having risen to such dizzy heights does she have further ambition? Could she, for instance, be the first emerging market president of the World Bank.

Mulyani won’t be drawn. She simply notes that the ‘process has to be credible’ which means ‘open and not following any nationality’.

Despite the disadvantages of being a women from Asia – at an institution which since its foundation at Bretton Woods in 1944 has been headed by alpha male Americans – it would be hard to argue against her credentials.

World Bank, ADB Support Indonesia’s Economic Corridor Scheme

Jakarta Globe, April 09, 2011


Indonesian President Susilo Bambang Yudhoyono and World Bank managing
director Sri Mulyani Indrawati, right, walking after having a meeting in Jimbaran,
Bali on Friday. This is the first time former Indonesian finance minister
Sri Mulyani Indrawati has met the Indonesian President as the managing
director of the World Bank. (JG Photo/J.P. Christo)
Related articles


Jimbaran, Bali. The World Bank and Asian Development Bank (ADB) have voiced support for Indonesia’s plans to accelerate economic expansion.

Coordinating Minister for Economic Affairs Hatta Rajasa said on Saturday that ADB president Harihuko Kuroda and World Bank managing director Sri Mulyani — until last year Indonesia's top finance minister — had delivered their support at a meeting with President Susilo Bambang Yudhoyono.

“They will support the master plan to speed up infrastructure development and connectivity as the main pillar in the economic acceleration and integration of regional sector in six corridors,” Hatta Rajasa said.

According to government plans, six regions will be designated as main economic corridors. Sumatra will be developed as an agricultural and national energy center, while Kalimantan will focus on mining and energy, Sulawesi-North Maluku on agriculture and fisheries, Bali-Nusa Tenggara on tourism and supporting national food self-sufficiency, Papua-Maluku on natural and human resources, and Java on industry and services.

Hatta on Saturday said that the ADB intended to give direct assistance to both state and private enterprises to develop added value for Indonesian economic acceleration and expansion.

“Thus connectivity, capacity building, and human resources are the three main pillars the Asian Development Bank is interested in,” Hatta said, adding that he had been asked by President Susilo Bambang Yudhoyono to talk with the World Bank and ADB to follow up with the support.

The economic minister explained that based on ADB and World Bank evaluations, Indonesia’s economic situation at present was good, although it faces three problems — namely rising food price rises, oil prices and general inflation.

Antara, JG

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Sri Mulyani: RI should manage risks

The Jakarta Post, Jakarta | Sat, 04/09/2011

Indonesia should prepare against potential global shocks, such as the rising prices of basic commodities, to sustain its economy. World Bank managing director Sri Mulyani Indrawati said on Friday.

Speaking at a meeting with President Susilo Bambang Yudhoyono in Jimbaran, Bali, on late Friday, the former finance minister said the Indonesian government should keep a watchful eye on global situations.

“Indonesia’s economy has been running well, but there are some risks it should manage, like the inflation rate, infrastructure problems and the like,” Sri Mulyani said as quoted by the presidential website, presidenri.go.

Rising food prices and continuing Middle East crises were among the challenges the nation faced, Sri Mulyani said.

She suggested that the government take precautions to improve food security and cooperate with other nations to cope with challenges.

Sri Mulyani greeted as celebrity at ASEAN meeting

Rendi A. Witular and Esther Samboh, The Jakarta Post, Nusa Dua | Fri, 04/08/2011

World Bank managing director Sri Mulyani Indrawati, the former Indonesian finance minister, widely dubbed as Indonesia's icon of integrity, stole the show when she arrived at the ASEAN finance ministers meeting in Nusa Dua, Bali, on Friday.

Wearing a green batik blouse, Mulyani's charm seemed to hypnotize participants during the meeting's opening ceremony, which was also attended by President Susilo Bambang Yudhoyono.

After the ceremony, dozens of reporters flocked to interview Sri Mulyani, while other guests waited patiently to greet her, or to just shake her hand.

Twenty, if not more, journalists ran after the 48-year-old mother of three, forming a group around her around and asking friendly questions, like “How are you?” and “How’s everything?” as President Susilo Bambang Yudhoyono, Bank Indonesia Governor Darmin Nasution, Finance Minister Agus Martowardojo and other ministers of the Second United Indonesia Cabinet walked past.

Sri Mulyani, nick named the "iron lady" and widely recognized as a tough figure of integrity, answered softly, “I’m well, I’m well. I arrived [in Bali] just last night. All is well. Thank you.”

"I'm just glad to be back among all of you," Mulyani said. She declined to comment further.

When asked if she had met the President prior to the opening ceremony, Sri Mulyani answered, “I [met the President] earlier this morning. We met him with other delegates.”

Mulyani is scheduled to meet Yudhoyono again later at 9 p.m. local time at the Intercontinental Hotel, where Yudhoyono and members of the Bakrie family are staying.

The children of Aburizal Bakrie, Anindya and Ardi, as well as top executives from the Bakrie Group business empire, have been seen at the hotel since Thursday.

Aburizal, the chairman of the powerful Golkar Party and the family's chief patron, is scheduled to arrive at the hotel today, according to sources at the Presidential Palace.

Aburizal is touted to have been behind Mulyani's exit from Cabinet early last year. Rumors suggested Aburizal's strained ties with Mulyani were  a result of the impact of her policies on the Bakrie empire.

Speculation emerged surrounding the departure of Sri Mulyani, a University of Indonesia-graduate, that her acceptance of a prestigious job at the World Bank had been ordered by Yudhoyono and was non-negotiable.

Sri Mulyani: ethics, integrity should never be compromised

The Jakarta Post, Jakarta | Sat, 11/27/2010 10:02 AM

Former finance minister Sri Mulyani Indrawati says that ethics and integrity are values public officials should never compromise.

“I believe that gripping tightly ethics and integrity is an uncompromised requisite [for public officials],” Sri Mulyani said in her written speech being delivered during the book launch titled Mengapa Sri Mulyani (Why Sri Mulyani) in Jakarta on Friday evening.

Sri Mulyani said that Indonesia should learn to uphold ethics that put the public good in the top priority.

“It [Indonesia] needs to develop policies that hold responsible of the public in its nation building efforts,” she was quoted by Metrotvnews.com.

She added that compassion and persistence are other valued principles to develop for a country to move forward and gain respect.

Sri Mulyani, well known for her impeccable integrity in bureaucratic reform and international experience, has resigned in May to take the World Bank managing director post hot on the heels of a political crisis which centers on the House of Representatives’ demand for legal measures against Sri Mulyani and Vice President Boediono in connection with the Bank Century bailout in November 2008.

Bank Indonesia Suspends Sales of 3-Month Debt in Bid to Cool Hot Funds

Jakarta Globe, Dion Bisara & Muhamad Al Azhari | November 10, 2010

Jakarta. The central bank temporarily stopped selling three-month debt papers on Wednesday, a move analysts said was meant to minimize chances of a sudden reversal of “hot money” that has been flooding in.

Bank Indonesia temporarily stopped selling three-month
debt papers on Wednesday. (Bloomberg Photo/Dimas
Ardian)
Analysts and even former Finance Minister Sri Mulyani Indrawati, now a managing director at the World Bank, were concerned about the possibility of asset bubbles forming in the financial markets, especially as quantitative easing by the United States may funnel even more hot money into the economy.

Possible moves, she said, could include tying up funds for as long as a year to lessen the risk of hot money leaving the country.

Bank Indonesia and the Finance Ministry previously hinted that they believed foreign inflows remained manageable.

But on Wednesday, the day when the central bank usually holds its regular auction of debt papers, it decided to “temporarily” stop selling three-month debt papers, known as SBIs.

Instead, it offered investors six- and nine-month papers and one- and two-month term deposits.

The move, according to Difi A Djohansyah, a bank spokesman, was “aimed to shift excess liquidity into a longer tenor of papers.”

The central bank introduced term deposits, an instrument to absorb excess liquidity, in July. Unlike SBIs, such instruments are not tradeable in the secondary market, which analysts say discourages speculators.

“I think Bank Indonesia wants to reduce the burden of the open market operations by limiting the funds in SBIs,” said Eric Alexander Sugandi, an economist with Standard Chartered Bank.

But he said he was not convinced Wednesday’s move would slow down capital inflows, “because global liquidity is very ample right now. Though it would reduce the risk of a sudden reversal in the short term, and make investors consider a longer-term investment in government or corporate bonds, or in the stock market.”

The bank has recently shown concern over possible capital outflows.

BI last week also proposed a holding period for investors who buy government bonds, but did not elaborate.

In July it changed the auction from a weekly to a monthly event and imposed a one-month holding period for SBIs in a bid to lock in the funds for longer periods.

The surge in foreign cash has boosted the nation’s balance of payments surplus in the third quarter this year.

Indonesia posted a surplus of $7 billion in the three months ended in September, compared with $5.4 billion recorded in the second quarter, central bank data shows.

The nation’s foreign exchange reserves rose to $91.8 billion at the end of October from $86.5 billion a month before.

An analyst said the surplus underscored the shift in funds from countries with slow economic growth and low returns on assets to fast-growing emerging markets like Indonesia .

“Portfolio investments to Indonesia mounted to a staggering $6.1 billion, which is close to the figure in the first quarter of 2010. By our estimates, inflows into SBIs may have contributed 40 percent of that figure.

This gives a picture of the urge that policy makers face to take action against SBI inflows,” said Helmi Arman, an economist from Bank Danamon in Jakarta.

Meanwhile, the Finance Ministry did not seem concerned that inflows could reverse.

Finance Minister Agus Martowardojo told reporters on Wednesday that he did not favor capital controls and that the country’s economic fundamentals remained sound.

Rahmat Waluyanto, the director general of debt management at the ministry, said any attempt to implement capital controls “would repel investors and put our investment grade, which we expect to get next year, at risk.”

Do you think this latest central bank effort can ease outflow risk?
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Sri Mulyani Denounces Indonesian Corruption From World Bank Post

Jakarta Globe, Angela Dewan | November 11, 2010        

Bangkok. From her prestigious new position as a World Bank managing director, Sri Mulyani Indrawati has taken another stab at old enemies, without naming names, an art she mastered after her ousting as Indonesia’s finance minister in May.

Sri Mulyani Indrawati, the former Indonesian finance
 minister and now a World Bank managing director,
speaking at the International Anti-Corruption Conference
 in Bangkok on Wednesday. (JG Photo/Angela Dewan)
“Corruption remains intertwined with politics, and there are brazen attacks on those fighting corruption,” she said at the 14th International Anti-Corruption Conference in Bangkok on Wednesday.

Sri Mulyani’s comments echo those she made in May, when she said particular forces were “hijacking” economic reform in Indonesia — comments believed to be directed at business tycoon and Golkar Party chairman Aburizal Bakrie, who opposed many of her reformist policies.

Having lost her post as finance minister after a House of Representatives special committee found her Rp 6.7 trillion ($757 million) bailout of Bank Century in 2008 was illegal, Sri Mulyani appears to be enjoying the extra leg room she has been granted at the World Bank, delivering a frank speech on corruption, pointing to Indonesia without hesitation.

“Sometimes corruption comes in the form of counterfeit drugs, so people don’t get better, or they die,” she said.

“Sometimes corruption is a building that collapses in the face of a natural disaster, because the quality inspector took a payment from the construction contractor to falsify an inspection. Corruption can kill.”

She listed the World Bank’s achievements in improving transparency and fighting corruption, including the six-year disbarment of publisher Macmillan for paying a bribe to try and win a World Bank contract in Africa.

She proved confident in her position when an audience member accused her of touting her personal views rather than those of the institution.

“My own personal ethical values and the bank’s ethical values should match,” she said.

“In this case, I’m not going to entertain that I have my own personal values that are distant from the bank’s. If the bank had a policy that did not reflect the view of anticorruption or good governance, it is the job of the management, including myself, to correct it.”

While Sri Mulyani has reason enough to distrust the Indonesian government’s commitment to tackling corruption, she remains optimistic that progress has been made since 15 years ago, when “the C-word was barely whispered, if at all mentioned.”

“Corruption is an issue we know politicians can’t ignore now in Indonesia, and the KPK, our anticorruption commission, has made huge progress, despite the difficulties they are facing,” she said.

Sri Mulyani’s continued commentary on corruption and politics in Indonesia has observers speculating that she may be planning a return to politics and even a run for president in 2014.

But she said, “I am just concentrating on my role at the World Bank at the moment.

“Of course, the World Bank has many projects in Indonesia, just like in other countries, so it can help Indonesia achieve its national development goals.”

Speculation about Sri Mulyani’s possible return to politics was sparked when the Alliance for Democracy Education launched a Web site in her honor last month.

It carried a picture of Sri Mulyani along with the slogan “I’ll Be Back,” but the NGO says the site was only created to improve public awareness of ethics.

The United Development Party (PPP) has already said it would support Sri Mulyani should she run for president, and if she ends up going head-to-head with Bakrie, she will likely find international support from investors.

But Sri Mulyani has given no clue about whether she wants to return to Indonesia or keep working on a global scale.

Gayus admits to receiving $3 million from Bakrie companies

The Jakarta Post, Jakarta | Tue, 09/28/2010 6:58 PM

Former junior tax officer Gayus Halomoan Tambunan, a key player in an alleged legal mafia and tax mafia, confirmed on Tuesday that he had received US$3 million (Rp 28 billion) from three companies controlled by the family of Golkar Party chairman Aburizal Bakrie.

Gayus said in his testimony heard during the trial of businessman Andi Kosasih at the South Jakarta District Court that PT Kaltim Prima Coal, PT Arutmin and PT Bumi Resources gave him the money to illegally adjust their tax obligations. All the companies have denied Gayus’ claim.

“Initially I kept the money at home and in a safety box. I transferred the money to banks in stages,” he said as quoed by kompas.com.

Gayus, who is on trial separately in the same case, denied National Police detectives’ claim that the investigators had frozen his bank account worth Rp 370 million at the Bintaro branch of BCA.

The police investigators, Gayus added, had frozen only Rp 17 million of his money he had deposited at BCA. He said he deposited his money worth Rp 28 billion in 20 different bank accounts.

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Case: Gayus Tambunan

Aburizal in 2014, if the Polls Are Right

Golkar Party chairman Aburizal Bakrie, left in this file photo, has announced his intention to run for Indonesian president in 2014, if the polls are in his favor. (Antara Photo/Saptono)