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Dave Spart

Indonesian Banksters Make Off With Bali Out Funds (1997)

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http://www.asiasentinel.com/index.php?option=com_content&task=view&id=462&Itemid=31

. . . The stalled sand barges, on their way to Singapore, were actually political leverage in the extradition squabble over a flock of crooked bankers said to be hiding out there after fleeing Indonesia following the 1997-1998 Asian financial crisis. Singapore has long styled itself as an Asian equivalent of Switzerland, maintaining strict banking secrecy laws. Government authorities have been refusing to sign the treaty, with officials saying they would only negotiate if the pact was signed in tandem with a security agreement. Singapore has been leery of Indonesian intentions ever since Indonesia’s then-president, Sukarno, staged what he called “konfrontasi” in an unsuccessful attempt to take over the entire island of Borneo between 1962 and 1966. Singapore was part of Malaysia at the time.

Indonesia believes the bankers took part in an astounding heist of more than US$13.5 billion looted from the Indonesian central bank’s recapitalization lifeline to 48 ailing banks. According to Indonesian authorities, the recipient banks, many owned by cronies and relatives of the ousted strongman Suharto, used much of the money for currency speculation, loans to affiliated business groups and repayment of subordinated loans and securities transactions instead of guaranteeing creditors’ deposits.

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So is Singapore just as crooked as Switzerland then?

It's not really comparable to anywhere else, in my view. Good, strong laws and powers for good corporate behaviour. Only enforced in certain circumstances......

great place to live for rich and poor though. low crime, affordable rents, etc etc.

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It's not really comparable to anywhere else, in my view. Good, strong laws and powers for good corporate behaviour. Only enforced in certain circumstances......

great place to live for rich and poor though. low crime, affordable rents, etc etc.

Are we talking about Switzerland or Singapore here.

what you say mostly applies to Switzerland, though I dont know about rents. So much of their wealth though is funded by the banks which make their money as a safe home for cash stolen from others around the world. A stable society makes the banks secure, and gives the government every incentive to keep the society stable.

Meanwhile, hard working people are ripped off everywhere and short of an invasion, nations have little chance of getting their money back. The only leaders who would invade Switzerland, tend to be the same ones that would tuck their portion of stolen wealth in a bank there, so they wont.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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