Sun Hung Kai suspends 2 executives<\/p>\n
JAKARTA (JP): Beleaguered PT Sun Hung Kai Securities Indonesia
\nsaid yesterday it has suspended two of its top executives just
\nprior to the initial share offering of its client, PT Miwon
\nIndonesia.<\/p>\n
Speaking on behalf of Sun Hung Kai, Mardjono Reksodiputro of
\nthe Ali Budiardjo, Nugroho, Reksodiputro law firm announced that
\nthe company's board of commissioners had suspended its president
\nEdward Yuan Tse Lee and director Heru Djojo Adhiningrat on Oct.
\n23.<\/p>\n
Heru was then reinstalled on Nov. 10 by the company's board of
\ncommissioners.<\/p>\n
Utomo Josodirdjo is chief commissioner. John Yip Ying Chee and
\nMari Pangestu also sit on the board.<\/p>\n
Mardjono said the ownership of Sun Hung Kai had changed
\nseveral times. The company is currently 75 percent owned by Sun
\nHung Kai Securities Ltd. of Hong Kong, 15 percent by PT Catur
\nMitra Sekata and 10 percent by Pacific Reliance Ltd.<\/p>\n
Last week, the Capital Market Supervisory Agency (Bapepam)
\nsuspended Sun Hung Kai from underwriting and stock broking
\nactivities for its failure to fulfill its obligations in
\nunderwriting Miwon's initial public offering.<\/p>\n
The agency also suspended the working permits of six
\nexecutives of the company.<\/p>\n
Miwon, a South Korean joint venture, offered 25 million shares
\nduring its recent initial public offering, but only six million
\nshares were subscribed.<\/p>\n
Sun Hung Kai underwrote 21.55 million shares of Miwon's
\noffered shares on a full commitment principle. This means that
\nSun Hung Kai should have bought all the unsold shares.<\/p>\n
The head of Bapepam's legal bureau, I Nyoman Tjager, said
\nyesterday that the agency would restore Sun Hung Kai's license
\nand also the working permits of its six executives when the
\ncompany fulfills its obligation to Miwon. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sun-hung-kai-suspends-2-executives-1447893297",
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