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Indonesia: Nation hit with the latest in global banking negligence

By  |  March 14, 2013

The Global banking scandals have found yet another addition to the crackdowns. Indonesia’s KPPU, the nation’s antitrust watchdog, has announced that there is “a strong indication of a cartel in our banking industry.” The statement was made at a press conference by KPPU Chairman Nawir Messi. According to reports, the authority is accusing the nation’s banks of fixing prices that affect lending rates, and that Bank Indonesia may be the cause for such negligence. Statistics have found that the nation’s banks are about twice as profitable as their counterparts in Southeast Asia, China and India. But analysis has found inefficient operations among local banks. As a result, the KPPU will initiate a legal case.

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    Full Content: The Jakarta Post

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