*Another prita?* 2009/6/20 Aria Santoso <ariasant...@gmail.com>
> > > Dear PH, > I suppose that u need to learn about the difference of law & ethics. > > Should u do fart in front of us, it would be unfavorable to many of us; > however we couldn't sue you for that. It's not a law-breaking thing so > we can't take any legal action. > In fact we are not happy for that action and the bad smell left for us. > It's about ethics in social relationship. > > Below allegation in public is managed under law. Please be so kind to > ensure that you will settle it. > > Cordially, > Ace > > > -------- Original Message -------- > Subject: [ob] Bumi Investors Say: ‘No Probe? No Problem’ - APA GUE > BILANG! INDO UDAH RUSAK! INVESTOR LUAR LARI SEMUA > Date: Fri, 19 Jun 2009 20:04:02 -0700 (PDT) > From: PH™ <vaulst...@yahoo.com <vaulstrad%40yahoo.com>> > Reply-To: obrolan-bandar@yahoogroups.com<obrolan-bandar%40yahoogroups.com> > To: obrolan-bandar@yahoogroups.com <obrolan-bandar%40yahoogroups.com> > > PH™ wrote: > > > > > > > > Even leader / representative of Minority shareholder bisa di beli... ;( > > Takut kali kalau masalah ini berlanjut saham dia nanti kena margin > > call... jadi boke... dan mendingan jg terima duit dulu dari orang > > tertentu.... > > > > > > --------------------------------------- > > > > > > Bumi Investors Say: ‘No Probe? No Problem’ > > > > In 2007, Indonesia was ranked worst out of 11 regional markets in the > > Asian Corporate Governance Association survey, and, judging by the > > market regulator’s apparent whitewash of the PT Bumi Resources probe, > > nothing much has changed. > > > > However, despite the potential damage to the credibility of the bourse > > and the regulator — not to mention the interests of small investors — > > it now appears that it’s a case of “out of sight, out of mind,” with > > analysts and even Bumi’s minority shareholders suddenly saying they > > are happy with the decision of the Capital Market and Financial > > Institution Supervisory Agency (Bapepam-LK). > > > > In January, the agency launched a probe into the Bumi’s purchase of > > three coal firms — PT Darma Henwa, PT Fajar Bumi Sakti and PT Pendopo > > Energi Batubara — for a total of Rp 6.18 trillion ($593 million) after > > an investor and media outcry over allegations that the acquisitions > > were overpriced. > > > > It was also alleged that the acquisitions amounted to a material > > transaction requiring the approval of Bumi shareholders — which was > > never given — and that some of the coal firms were actually > > affiliated with Bumi’s owners, the Bakrie group of companies, through > > obscure cross-shareholding arrangements. > > > > However, after a seemingly interminable probe that included the > > recruitment of an outside appraiser, the only fault Bapepam could come > > up with was that the price paid for one of the targets, PT Fajar Bumi > > Sakti, was Rp 370 billion too high. > > > > But even here Bumi was given an easy way out — all it had to do was > > renegotiate the price and bring it down to a “reasonable” level, which > > it says it is now in the process of doing. > > > > The market watchdog also let Bumi off the hook on the material > > transaction question, saying that since the transactions took place in > > different fiscal years the issue of materiality did not arise — a view > > that many would consider excessively legalistic given that all of the > > transactions took place within little more than one week. Dharma Henwa > > was bought on Dec. 30, Pendopo Energi Batubara on Jan. 5 and Fajar > > Bumi Sakti on Jan. 7. > > > > Capital market regulations designed to protect the interests of > > minority shareholders require a company to seek shareholder approval > > for a transaction if its value exceeds 10 percent of the company’s > > revenue or 20 percent of its market value. In this case, the combined > > value of the transactions would have required such approval had they > > not been completed in different years. > > > > On the affiliation issue, Bapepam has completely abandoned its > > investigation without coming up with any findings, saying that the > > question is now irrelevant. > > > > Indra Safitri, an independent capital market legal consultant, said > > that Bapepam had based its actions on the findings of the independent > > appraiser. > > > > “The other issues become irrelevant if the prices paid are > > reasonable,” he said, when asked whether the market watchdog was > > justified in abandoning its affiliation probe. > > > > Meanwhile, a representative of Bumi’s minority shareholders, Rully > > Oetomo, said: “We welcome the fact that Bumi’s management is willing > > to renegotiate and seek a better price for Fajar Bumi.” > > > > Rully said that since the transactions were found to have been > > nonmaterial, Bumi would not now have to seek shareholder approval. A > > meeting had been scheduled for this purpose this coming Friday. > > > > “We will not push Bapepam to continue the investigation into the > > affiliation issue if we are happy with the price,” Rully said. > > > > But despite the newfound acquiescence of the company’s shareholders, > > doubts nevertheless persist, not to mention concerns over the future > > of corporate governance here as a whole, with one analyst having aptly > > characterized the entire affair as “nothing more than a game.” > > > > > > Jakarta Globe > > > > > > >
