Business Times 7 August 2002 Report on Nursalim loans wrong Your Aug1 report “ Ibra wants Nursalim to repay 1t rupiah in 9 months” by Bloomberg said that Sjamsul Nursalim’s bank “extended loans to a number of companies under the Gajah Tunggal Group…, which have not been repaid”. This is incorrect. There never were any liquidity funds extended to Mr Nursalim’s businesses under the Gajah Tunggal Group. Liquidity support was given to the publicly-listed Bank Dagang Nasional Indonesia (BDNI) during the height of Indonesia’s economic crisis to prevent a collapse of the banking sector. All transactions of liquidity fund usage have been countersigned, transparently documented and reviewed. All of these funds were for repayment of BDNI’s third-party obligations to depositors and third-party financial institutions. No part of the funds was extended to Mr Nursalim’s businesses or related parties. No funds were ever misappropriated. Even then, Mr Nursalim has had to repay to the government in full all obligations incurred by BDNI under the landmark MSAA agreement. Some parties have challenged this but the payment has been confirmed by the Indonesian government’s own Supreme Audit Agency and there are duly notarized statements. On July 31, Mr Sjamsul Nursalim was invited by Ibra to receive the temporary recommendations from the legal Assistance Direction Team, the Oversight Committee and the FSPC regarding the compliance level of Sjamsul Nursalim to the shareholder settlement. He will be issuing his comments on these recommendations in two weeks.