Local shipowners oppose Hutchison's takeover plans<\/p>\n
JAKARTA (JP): The Indonesian Shipowners Association (INSA) has
\nstrongly opposed plans by Hongkong's Hutchison Port Holdings to
\npurchase a 48 percent interest in PT Humpuss Terminal Petikemas
\n(HTP), an operator of a container terminal at Jakarta's Port,
\nTanjung Priok.<\/p>\n
INSA secretary general Barens Th Saragih said on Friday that
\nthe foreign port operator would monopolize services at Tanjung
\nPriok, Indonesia's largest and busiest seaport, if its investment
\nplan was realized.<\/p>\n
\"If the sale is realized, the Hutchison group will become a
\nmonopoly,\" he was quoted by Antara as saying.<\/p>\n
Barens pointed out that Grosbeaks Pte. Ltd., a unit of
\nHutchison Whampoa, already controlled 51 percent of PT Jakarta
\nInternational Container Terminal (JICT), which operates two
\ncontainer terminals at Tanjung Priok.<\/p>\n
JICT is a unit of the state-owned PT Pelindo II, which was
\nprivatized by the government last year.<\/p>\n
Barens also said that the entry of the Hongkong port operator
\ninto the Jakarta seaport would not ensure a better service.<\/p>\n
He said that there were many complaints of poor service at
\nJICT after Hutchison took over as operator.<\/p>\n
Hutchison Port Holdings is a publicly listed company in
\nHongkong which operates 17 container terminals around the world.<\/p>\n
The Hutchison investment plan became controversial, after the
\npress alleged that Inghie Kwik, the son of the Coordinating
\nMinister for Economy, Finance and Industry Kwik Kian Gie, was
\nacting as a broker in the sale of HTP to Hutchison.<\/p>\n
This is controversial not only because Inghie is the son of
\nIndonesia's senior economics minister, but also because HTP is
\namong the thousands of debtor companies under the Indonesian Bank
\nRestructuring Agency (IBRA).<\/p>\n
HTP is a unit of the publicly listed PT Humpuss Intermoda
\nTransportasi, which is controlled by Hutomo Mandala Putra, the
\nyoungest son of former president Soeharto.<\/p>\n
State Minister of Investment and State Enterprises Development
\nLaksamana Sukardi said that only IBRA has the right to sell HTP.<\/p>\n
Laksamana is Kwik Kian Gie's colleague in the Indonesian
\nDemocratic Party of Struggle, the country's largest political
\nparty.<\/p>\n
But Inghie denied allegations that his company called Asset
\nManagement Group of Indonesia was acting as broker. He said that
\nthe firm was merely acting as consultant to Hutchison.<\/p>\n
He also said that HTP was not under the control of IBRA, but
\nwas indebted to a bank taken over by IBRA. He said that IBRA was
\nonly acting as a creditor not the owner of HTP.<\/p>\n
The agency has taken over some Rp 230 trillion (US$31 billion)
\nworth of non-performing bank loans since 1998 in a bid to
\nrestructure the ailing banking industry.<\/p>\n
\"So the rights to sell HTP remains in the hands of the
\nmajority owner Humpuss Transportasi Intermoda and other minority
\nshareholders,\" Inghie said. (rei)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/local-shipowners-oppose-hutchisons-takeover-plans-1447893297",
"image": ""
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