I guess it is about how you stand. first for that article, i am not the writer.
Of course i know that if we keep talking this issue never resolve and BUMI still at the lowest level. But it is not about the share price. This is how you should stand. Even Mappi can extend time to talk to BUMI for the outcome. If BUMI agree that it is publish. If not let adjust it to everyone favour. This is call independent. I believe that he should stand for us. that what the leader of minority shareholder right? maybe he forget. He is just worries if this thing take longer time BUMI share price will be at rock bottom. --- In obrolan-bandar@yahoogroups.com, Aria Santoso <ariasant...@...> wrote: > > 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: âNo Probe? No Problemâ - APA GUE > BILANG! INDO UDAH RUSAK! INVESTOR LUAR LARI SEMUA > Date: Fri, 19 Jun 2009 20:04:02 -0700 (PDT) > From: PH⢠<vaulst...@...> > Reply-To: obrolan-bandar@yahoogroups.com > To: obrolan-bandar@yahoogroups.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: âNo Probe? No Problemâ > > > > In 2007, Indonesia was ranked worst out of 11 regional markets in the > > Asian Corporate Governance Association survey, and, judging by the > > market regulatorâs 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 â" not to mention the interests of small investors â" > > it now appears that itâs a case of âout of sight, out of mind,â with > > analysts and even Bumiâs 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 Bumiâs purchase of > > three coal firms â" PT Darma Henwa, PT Fajar Bumi Sakti and PT Pendopo > > Energi Batubara â" 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 â" which was > > never given â" Âand that some of the coal firms were actually > > affiliated with Bumiâs 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 â" all it had to do was > > renegotiate the price and bring it down to a âreasonableâ 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 â" 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 companyâs > > 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. > > > > âThe other issues become irrelevant if the prices paid are > > reasonable,â he said, when asked whether the market watchdog was > > justified in abandoning its affiliation probe. > > > > Meanwhile, a representative of Bumiâs minority shareholders, Rully > > Oetomo, said: âWe welcome the fact that Bumiâs management is willing > > to renegotiate and seek a better price for Fajar Bumi.â > > > > 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. > > > > âWe will not push Bapepam to continue the investigation into the > > affiliation issue if we are happy with the price,â Rully said. > > > > But despite the newfound acquiescence of the companyâs 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 ânothing more than a game.â > > > > > > Jakarta Globe > > > > >
