Sorry rully that me just upset from the article from Jakarta Globe. There is no need to go to court to prove. because i have nothing to prove.
I am one of the minority shareholder. Of course we depend on you. Please kindly explain why there is sudden change. My mistake for my statement. I fully take it back. Hope you forgive me. Of course all statement below are for jokes only. Like margin call etc. But if you take that seriously I am sorry. --- In obrolan-bandar@yahoogroups.com, "Rully" <rullymainsa...@...> wrote: > > 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: âNo Probe? No Problemâ - 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: 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 >
