JAKARTA: After being selected as the Chairman of the Board of Commissioners the Financial Services Authority (DK-OJK) in a closing election, Muliaman D. Hadad ensured the transition of supervision and regulation to run well without any shocking obstacles for financial industry.
He also underlined countering corruption will be a priority. “The transition period has to be smooth, thus there will be certainty for supervision and business,” he said last night after the election.
Hadad who is currently responsible as Deputy Governor of Bank Indonesia beat Achjar Iljas, commissioner of Bank Negara Indonesia Syariah (BNI Syariah) and former Deputy Governor of Bank Indonesia.
Meanwhile, six other members were selected by closed voting, which every member of Commission XI chose six names at once.
The voting result of the candidates, before the election, showed Head of Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) Nurhaida who collecting 54 votes.
The candidate who also generated a lot of votes were former Chief Representative of Bank Indonesia for New York Kusumaningtuti Sandriharmy Soetiono (53 votes), and Commissioner of Indonesian Deposit Insurance (LPS) Firdaus Djaelani (53 votes)
Furthermore, former Auditor of Indonesian Audit Board (BPK) Ilya Avianti (50 votes), former International Director of Bank Indonesia Nelson Tampubolon (50 votes) and Director General of Debt Management Rahmat Waluyanto (40 votes).
According to the provisions, the House of Representatives will not determine the position of each members in DK-OJK.
The new regulator, known as Otoritas Jasa Keuangan, or OJK, will supervise capital markets, insurers, pension funds and other nonbank institutions next year and oversee commercial lenders starting in January 2014.
As citing from Bloomberg, the World Bank and Moody’s Investors Service were among those calling for Indonesian financial regulators to be non-politicized.