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NEWS UPDATES 4 November 2010

Yudhoyono told to shoulder responsibility

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An Indonesian Democratic Party of Struggle (PDI-P) legislator says President Susilo Bambang Yudhoyono needs to show his firm leadership to calm the ongoing controversy over state-owned steel manufacturer Krakatau Steel's initial public offering (IPO) fiasco.

"We have only been discussing this matter in the ministerial level so far," PDI-P's Sukur Nababan said on Thursday.

"While it is true that the ministers are technically responsible for the fiasco, the president must be held accountable as well, at least morally," he added.

The price for the IPO has been set at Rp 850 per share, which is deemed as too cheap by economists and analysts because the valuation of the Krakatau Steel shares could amount up to Rp 1,150 per share.

Previously, legislator Chandra Tirta Wijaya from the National Mandate Party (PAN) said the cheap IPO price would cause between Rp 450 billion to Rp 750 billion in state losses.

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