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Indonesia detains Ex-Bank Restructuring Chief

Written by: Staff

JAKARTA, Feb 23 (Reuters) Indonesian prosecutors have detained the Former Chief of the country's Bank Restructuring Agency in a graft investigation, officials said today.

They said Syafruddin Temenggung was detained last night in connection with the sale of a sugar factory that prosecutors said was below market value.

Tumenggung denied any wrongdoing and refused to sign paperwork related to the detention, but told reporters: ''I will comply to this process and and act cooperatively hoping that fair justice will take place.'' The restructuring agency, known as IBRA, was set up in the wake of the Asian financial crisis of the late 1990s. One of its tasks was to sell off banks and companies it took over.

Many sales were criticised for being at low prices, although IBRA officials argued they were getting the best possible return given market conditions.

The agency was dissolved in 2004.

President Susilo Bambang Yudhoyono made cracking down on graft one of his top priorities when he took power in October 2004.

Indonesia is regularly rated one of the world's most corrupt countries by anti-graft bodies and corruption is seen as a major obstacle to doing business.

Reuters CS DB0940

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