So how much money would create such angst in the Yudhoyono government and cause the PAP government to risk bilateral ties? A look at the top 7 most wanted Indonesian white collar criminals that are currently on the run might provide some indication:
- Eddy Tanzil: Sentenced to 20 yrs. Embezzled $620 million from state-owned Bank Bapindo. Escaped and is now believed to be living in
- Bambang Sutrisno: Former VP of defunct Bank Surya. Sentenced to life for embezzling Rp1.5 trillion. Now apparently living in Singapore.
- Andrian Kiki Ariawan: Former president director of defunct Bank Surya. Sentenced to life for embezzling Rp1.5 trillion. Now apparently living in Singapore .
- Samadikun Hartono: Former president director of defunct Bank Modern. Sentenced to 4 yrs for embezzling Rp169 billion. Whereabouts unknown.
- Sudjiono Timan: Former president director of state-owned investment company PT Bahana Pembinaan Usaha
. Sentenced to 15 years jail for embezzling Rp1.1 trillion. Believed to be in Singapore. Indonesia
- Maria Pauline Lumowa: Boss of PT Gramarindo Mega
. Suspected of embezzling Rp1.7 trillion from state-owned Bank Negara Indonesia . Fled to Indonesia before trial. Singapore
- Irawan Salim: Former president director of Bank Global, suspected of embezzling Rp830 billion. Rumored to have fled to Singapore,
For a country that has been ravaged by corruption for so long, who knows how much of Indonesian money that has flowed into
- Foreigners' share of total caveats lodged for private properties in
in 2006 increased to 23%. Indonesians accounted for the lion's share of 22% of foreign buyers. (BT, 21 Mar 2007) Singapore
- A third of
's 55,000 high net worth individuals are Indonesians holding PR status, with assets worth $87b. (Merrill Lynch and Capgemini, October 2006) Singapore
Not only are trillions of rupiah involved (1trillion Rp is about S$170m), Indon President Yudhoyono’s political survival depends heavily on his ability to tackle corruption in
Moral and ethical assertions aside, when would it be not in
A few readers in Singapore Angle saw my article as implicit support for harboring "dirty money". My reply:
I personally do not support harboring convicted white collar criminals. My intent was to discuss why, in my mind, PAP took so long to sign the treaty. Our relationship with Indonesia was never very good since Suharto's fall and the subsequent riots. One Indon president actually taunted us with the "little red dot in a sea of green" remark. It was only until the sand ban and its potential impact on PAP's plans for growth that it was forced to act. In addition to trying to gain something in return by throwing other issues onto the table (PAP is fond of what it calls a "win-win" agreement), I believe PAP had to also ensure due diligence by being certain IF and HOW MUCH dirty money is stashed in Singapore (not an easy task) and IF SO, would the key institutions involved be able to withstand any repercussions. I believe all these led to the delays.
In terms of risking the plans in being a financial hub in not addressing the accusations of harboring questionable money, we only need to look at Switzerland.