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Friday, January 7, 2011

Fuad Rahmany rumored to be replaced

BI/bursa
7/1/2011
Arif Gunawan S., Agust Supriyadi, Irvin Avriano A.
Bisnis Indonesia

Fuad Rahmany rumored to be replaced

JAKARTA: Bapepam-LK Chief Ahmad Fuad 'Arjuna' Rahmany rumored to be replaced immediately, related to selection that been held from the end of last year to pick the replacement.

Based on rumors in the capital market players, the Arjuna replacement selection was followed by a several candidate from Bapepam-LK internal officials and in the Ministry of Finance's (MoF) circles.

"It been said few of the candidates that been submit its participation document in the selection are Debt Management Office Director General Rahmat Waluyanto and Bapepam-LK Secretary Ngalim Sawega," said one of the rumor's source today.

The other rumors source said the Baepam-LK internal management that been register for the selection are Research and Information Technology Bureau Chief of Bapepam-LK Yoopie Abimanyu, Securities Transaction & Institutions Bureau Chief of Bapepam-LK Nurhaida, and Investment Management Bureau Chief of Bapepam-LK Djoko Hendratto.

Djoko Hendratto when confirmed said the selection was not true, and himself didn't followed the selection. "I think its not true," said him in a short message service last night.

Rahmat Waluyanto didn't reply our message, either with other rumored officials. The rumored itself also said the selection has reached the final stage, and the Finance Minister Agus Martowardojo and his two deputy has had the Fuad's replacement name.

According to another source, the inauguration will be held at MoF office on next Monday, January 11th.

Fuad when contacted didn't gave a straight decline, but he said he will comply to his superiors if ordered so.

Fuad was Universitas Indonesia Economic Faculty alumnus that been graduated in 1981. He lead Bapepam-LK since 2006, and appointed by the previous Finance Minister Sri Mulyani Indrawati.

He achieved Master of Art title from Duke University North Carolina, USA in 1987, and a doctor title from Department of Economics, Vanderbilt University, Tennesee USA, 10 years later.

The rumors about Fuad replacement already spread since Sri Mulyani replaced by Agus Martowardojo last year, but it find a realization this very early year. Sri Mulyani has been forced to step down by President related to Bank Century acquiring by the government, that accused to be a bad judgement and indicated a corruption.

Fuad appointment by Sri Mulyani indicated he was an accomplice of Sri Mulyani.

Before leading Bapepam-LK, he was Deputy for Budgeting and Accountancy for Badan Rehabilitasi dan Rekonstruksi Nanggroe Aceh Darussalam dan Nias (BRR NAD). He also had been appointed as Chief of Sovereign Debt Management Center (Pusat Manajemen Obligasi Negara/PMON).

Both in the two leading position, Fuad also known as a clean and strict officials.

In previous years, his assertiveness brings him in a success in improving Bapepam-LK integrity by reformation in the capital market authority. The officials wages was raised to a plausible rate, that believed and proven has been capable to reduce money playing in its officials.'

He also cracked down several victim of money players officials in Bapepam-LK. He often refuse aid from Bapepam-LK's stakeholder and client, even for flower bouquet or birthday cake. But lately he also rumored already have an apartment in the downtown, that related to a minor sentiment.

Several market players when asked for reaction said deplore of the replacement decision. One of the capital market player said there will be trouble to find a suitable replacement for Fuad because of his high integrity that can not be compared to anyone in the Bapepam-LK inner circles.

Fuad also well known as Arjuna in the Bapepam-LK. It is a code for his security aid to inform another officials about his arrivals or departure. The word Arjuna itself has also makes a difference because can described either represent Fuad itself as a clean government official.

He also can win media sentiment, related to his openness to the press and intend to treat media as Bapepam-LK's partner, but still lack of advancement result which caused by his officials' lack of willingness to do the same action.

The other Ministry of Finance officials that been rumored will be replaced are Acting Fiscal Policy Chief Agus Suprianto. He was been rumored will be replaced by the former FEUI Dean, Bambang Permadi Sumantri Brodjonegoro, or by Insurance Bureau Chief of Bapepam-LK Isa Rachmatarwata.

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