lebih tepat jari kali ya :D ini kan email... joke :D
On Sat, Jun 20, 2009 at 3:04 PM, harrywijaya81 <harrywijay...@yahoo.com>wrote: > > > --- In obrolan-bandar@yahoogroups.com <obrolan-bandar%40yahoogroups.com>, > PHâ„¢ <vaulst...@...> wrote: > > PH ............... > kalo u ngomong , mulut tolong dijaga , jgn asal keluar aza ... > w tau , mgkn u salah satu org yg sangkutz di bumi wkt 8000 an yah ... > kekekkekeeeee ... rasain u ... kalo emang lg sangkutz berat di bumi , jgn > sensitif gt donk tolol ............. > > mgkn anda tdk kenal dkt dgn rully , tp saya sangat kenal dgn rully ... > rully bukan type org yg bisa disuap . > > KALO ANDA YG KETUA KIPS , MGKN IYA , BISA DISUAP . > > DASAR TOLOL ... > > > > > 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 â€" not to > > mention the interests of small investors â€" 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 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 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 â€" 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 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 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 > > > > >
