Ibra advisers jump ship as Indonesian bank restructuring falters

Abstract

Jakarta law firm Lubis Ganie Surowidjojo has abandoned its role as counsel to the Indonesian Bank Restructuring Agency (Ibra). It is the last thing the embattled agency, charged with the crucial role of restructuring Indonesia's banking industry, needed. Indonesia does not need another regional recession with Ibra still operating under so much uncertainty and with so little real progress in selling off the assets of the other main groups.