The Business Times 25 July 2008 Letters to the Editor Nursalim never charged with embezzlement YOUR article "Indonesian VP stands by A-G under fire to quit" (BT, June 21) perpetuates inaccurate imputations that are severe and gravely damaging to Sjamsul Nursalim. You cited a case that “revolves around billions of dollars in emergency liquidity funds allegedly embezzled by banker Sjamsul Nursalim”. While there is a case related to a businesswoman, Mr Nursalim has not met nor spoken to her for many years and there are no grounds for any ties to the case, let alone allegations. There was never any embezzlement of liquidity support fund either. This was a case where a reputed historic bank, BDNI, along with many other Indonesian banks during the banking crisis more than a decade ago, received emergency liquidity support funds. All transactions at the time were transparently documented and counter-signed by public officials. As the largest private foreign exchange bank, BDNI was particularly hit as the dollar amount escalated due to the rupiah’s plunge, skyrocketing interest rates to 80 percent, and heavy penalty imposed. The details and breakdown of the funds usage were then published in several major local newspapers. No funds from the government were ever embezzled. Neither was there any alleged embezzlement as Mr Nursalim was never charged by the Indonesian authorities of any misappropriation. On the contrary, Mr Nursalim personally repaid liquidity support funds to BDNI with the transfer of major assets of Mr Nursalim under a master settlement agreement signed by the Indonesian government, with the blessing of the World Bank and the International Monetary Fund. Multiple parties and firms of International renown were involved in the legal settlement further to a presidential decree and statute to protect debtors’ legal certainty. The Indonesian Bank Restructuring Agency later sold those assets. Mr Nursalim had no involvement in the timing, process, nor the amounts for the sale of those assets. The economic turmoil that swept Indonesia adversely affected the value of the assets, one of which, the world’s largest integrated shrimp farm with billions invested and providing livelihoods for hundreds of thousands, had to be sold at a significant discount because of social unrest and lawlessness. As Indonesia meets the challenges of a young democracy, there is a dire need for a conducive climate for business investments, job creation and poverty alleviation. Many business people have struggled hard to build real businesses but have suffered under a climate of legal uncertainty. We hope the international media will consider both side of the story in presenting a balanced and measured account of events. K Krisnawan Corporate Communication Department GT Group Jakarta - Indonesia