Court Settlement saja Om Rully :)
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-----Original Message-----
From: "Rully" <rullymainsa...@gmail.com>
Date: Sat, 20 Jun 2009 12:58:02
To: <obrolan-bandar@yahoogroups.com>
Subject: Re: [ob] Bumi Investors Say: ‘No
Probe? No Problem’ - APA GUE BI
LANG! INDO UDAH RUSAK! INVESTOR
LUAR LARI SEMUA
PH,
Would you be kind enough to clarify this allegation? Or should we go to court
so you can prove your allegation?
Salam,
Rully
----- Original Message -----
From: PH™
To: obrolan-bandar@yahoogroups.com
Sent: Saturday, June 20, 2009 12:04 PM
Subject: [ob] Bumi Investors Say: ‘No Probe? No Problem’ - APA GUE BILANG!
INDO UDAH RUSAK! INVESTOR LUAR LARI SEMUA
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
