http://thejakartaglobe.com/business/indonesian-miner-linked-to-fugitive-financier/349572
December 27, 2009 Yohanes Obor Indonesian Miner Linked to Fugitive Financier The Energy Ministry is unlikely to approve the transfer of ownership of coal miner PT Riau Baraharum on allegations it is indirectly owned by fugitive Agus Anwar, who was charged with misusing bailout funds his banks received during the 1997-98 Asian financial crisis. "We are still evaluating the company's proposal for changing its shareholder structure and management," Bambang Setiawan, the ministry's director general of minerals, coal and geothermal energy, told the Jakarta Globe on Sunday. Agus, the owner of PT Bank Pelita and PT Instimarat, fled to avoid repaying $47.3 million in rescue funds to the Indonesian Bank Restructuring Agency. A document received by the Jakarta Globe shows the Attorney General's Office asked the Energy Ministry not to approve any shifting of the Pekanbaru-based Riau Baraharum's assets. Although the document was sent from an unknown source, Bambang confirmed the accuracy of the letter. According to the document, Agus is a major shareholder of Singapore-based company Shining Hope. The acknowledged owner of the miner is the Barki family, but Shining Hope's reported use of Riau Baraharum as collateral for a debt issue throws this in doubt. Early in March, the Corruption Eradication Commission asked the Finance Ministry to seize the miner's assets should any evidence materialize that Agus held a stake in the company. Bambang said Riau Baraharum had submitted a proposal for a new ownership structure, including Shining Hope, in February. However, he said the AGO had already made a recommendation against the move in November 2008, effectively halting the process before it began. Bambang said his office sent a letter to Riau Baraharum on Aug. 28 in which the proposal to change ownership was denied. "We recognize only the Barki family as owning Riau Baraharum." In response to speculation that the miner had already changed hands, Bambang reiterated that the Barki family controlled the miner and that the government would not pull its mining license based on rumors. "There are no problems with the Barki family, so we will not take any action, including termination of its mining license," he said. Related articles Japan Gasoline Reveals Plans For $27m Coal-Water Project 7:13 PM 12/08/2009 PLN Opens Tenders for Supply of Low-Grade Coal 8:31 PM 10/07/2009 New National Energy Council to Deliver Draft Plan to President in October 8:08 PM 12/06/2009 Bukit Asam Increases Coal Prices for 2 Power Plants 8:16 PM 29/05/2009 Longest Lines Since 2007 At Newcastle Coal Port 7:44 PM 22/12/2009 [Non-text portions of this message have been removed]
