Pertamina unit hit by fraud<\/p>\n
Pertamina is investigating a possible fraud case at its crude
\noil trading arm in Singapore, company president Ariffi Nawawi
\nsaid on Wednesday.<\/p>\n
Ariffi said the investigation was launched after an audit
\nearlier this year found illegal disbursements of funds amounting
\nto US$8.2 million from its Pertamina Energy Trading Ltd.
\n(Petral).<\/p>\n
\"We have questioned the board of directors and replaced them.
\nWe are waiting the results of the investigation by Singapore's
\npolice, and also to get the money back,\" Ariffi told reporters.<\/p>\n
Pertamina has been struggling to clean up corruption, which
\nhad been notorious, especially over the past three decades.<\/p>\n
Petral has the concession to import oil for Indonesia from
\nSingapore. The company is required to make a deposit in a
\nSingapore bank when carrying out its transactions. During a six-
\nmonth period in 2002 when the rupiah appreciated strongly against
\nthe U.S. dollar, Petral obtained gains from the currency
\nappreciation. However, these gains were later allegedly
\ndisbursed by a Petral officer to another party.<\/p>\n
According to Ariffi, the perpetrator may have forged the
\nsignature of one of Petral's directors in order to disburse the
\nfunds. -- JP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pertamina-unit-hit-by-fraud-1447893297",
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"sponsor": "Okusi Associates",
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