Skip to content
Subscriber Only
Markets Magazine

Citigroup Collides With Death in Indonesia Emerging Market Debt


In life, Irzen Octa ranked among the least significant of Citigroup Inc.’s 200 million customers. In death, the cash-strapped small-businessman from Jakarta has come to haunt the reputation of the world’s 8th-biggest bank.

At dawn on an overcast March morning, Octa, 49, left his modest $60,000 row house on the western outskirts of the Indonesian capital and rode off on his Yamaha motor scooter into the frenetic traffic and equatorial heat. His destination: a Citibank office in a smart downtown neighborhood known as the Golden Triangle, where he was to discuss a 48 million rupiah ($5,500) principal debt on his Citibank platinum credit card, Bloomberg Markets magazine reports in its August issue.