Lawyer downplays BPK probe into Semen Gresik<\/p>\n
Sari P. Setiogi, The Jakarta Post, Jakarta<\/p>\n
A lawyer representing publicly listed cement giant PT Semen
\nGresik downplayed on Monday the probe being conducted by the
\nSupreme Audit Agency (BPK) into the company's past acquisition of
\nPT Semen Padang and PT Semen Tonasa.<\/p>\n
"All the papers we have on the acquisition process is legal.
\nMoreover, it is not within BPK's authority to decide whether the
\nprocess is legal or not," Todung Mulya Lubis from Lubis, Santosa
\n& Maulana Law Office told The Jakarta Post.<\/p>\n
He said only a court could make a decision regarding the
\nlegality of the acquisition process.<\/p>\n
The three firms are state-owned cement companies. The
\nacquisitions were made in 1995 to make Semen Gresik the country's
\nlargest cement producer.<\/p>\n
Last Friday, BPK senior auditor Amrin Siregar said the agency
\nwas conducting an investigation into the acquisition process on
\nthe grounds that the transaction might have not been legal,
\nbecause it was not supported by a government regulation.<\/p>\n
He said according to Law No. 9\/1969 and Government Regulation
\nNo. 12\/1969, every allocation of an asset in a state-owned
\ncompany should be supported by a government regulation.<\/p>\n
"If the process was illegal, how it could get listed on the
\nJakarta Stock Exchange? The firm got in there (JSX) after a due
\ndiligent process," said Todung.<\/p>\n
Amrin said the BPK had sought clarification from the
\nindependent accountant who had audited Semen Gresik's 1995
\nfinancial accounts, Sarwoko & Sandjaja Public Accountants, as to
\nwhy the absence of the required government regulation was not
\nexplained in the audit report.<\/p>\n
This is not the first time that the BPK has launched a probe
\ninto this issue. In 2001 and 2002, the agency sent an official
\nletter to the Ministry of Finance and the Office of the State
\nMinister of State Enterprises requesting an explanation on the
\nabsence of the government regulation.<\/p>\n
As of today, there has been no response from either office.<\/p>\n
In 1995, Semen Gresik acquired Rp 1.1 trillion shares in Semen
\nPadang, West Sumatra, and Semen Tonasa, South Sulawesi, which
\nwere consolidated into Semen Gresik.<\/p>\n
In 1998, Mexican cement giant Cemex SA de CV, the world's
\nthird-largest cement maker, acquired more than 25 percent of
\nshares in Semen Gresik, which went public in 1991.<\/p>\n
The government still owns a 51 percent stake in Semen Gresik,
\nwhile the remainder is held by the public.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/lawyer-downplays-bpk-probe-into-semen-gresik-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}