Tutut set to stay on at toll road company<\/p>\n
JAKARTA (JP): The eldest daughter of former president
\nSoeharto, Siti \"Tutut\" Hardijanti Rukmana, is set to stay on as
\npresident of the country's largest toll operator Citra Marga
\nNusaphala Persada (CMNP).<\/p>\n
But following a shareholders meeting yesterday, the company
\nannounced that Tutut's husband Indra Rukmana and Soeharto's
\ncousin Sudwikatmono had stepped down as the chief commissioner
\nand commissioner respectively. Former minister of trade and
\nindustry Tunky Ariwibowo has also resigned as a commissioner.<\/p>\n
Indra has been replaced by Sofjan Assauri, who earlier served
\nas commissioner, and Sudwikatmono and Tunky by Dadi Haryadi and
\nYusuf Hamka.<\/p>\n
\"None of the shareholders asked for Tutut's resignation so
\nthat she will remain the president of the company until the year
\n2002,\" said CNMP's Director Teddy Kharsadi after the
\nshareholders' meeting.<\/p>\n
As the practices of corruption, collusion and nepotism come
\nunder intense public scrutiny, companies linked to Soeharto's
\nfamily and cronies are facing mounting public pressure to sever
\nties or clear them from executive boards.<\/p>\n
Tutut's brother Bambang Trihatmodjo resigned as president of
\nthe publicly listed diversified business group PT Bimantara Citra
\nlate last month. Earlier this month, he stepped down as
\npresident commissioner of petrochemical company PT Tri Polyta.<\/p>\n
In a press conference on Monday, Tutut was defiant that she
\nwould fight to keep CMNP's helm, saying that her
\n\"professionalism\" proved she was worthy of the job.<\/p>\n
However, she demanded that her comments be embargoed until
\nafter the company's shareholders meeting.<\/p>\n
\"If the shareholders ask me to step down, I will ask them
\nwhether the request is based on professional or political
\nreasons.<\/p>\n
\"If it is for political reasons, I will ask them to reveal it
\nin a statement so that people know that and they still believe in
\nmy professionalism and give me work.\"<\/p>\n
Tutut believed the company would still fare well in the future
\ndespite the absence of political connections since it had relied
\non professionalism from the outset of its operations.<\/p>\n
She argued that CMNP landed contracts during her father's 32-
\nyear rule to its professionalism, and not because of sweetheart
\ndeals.<\/p>\n
CMNP, established in 1987, operates the 16-kilometer (km) toll
\nroad linking Cawang, East Jakarta, and Tanjung Priok, North
\nJakarta, and the 13.13-km toll road connecting Tanjung Priok and
\nJembatan Tiga in Pluit, West Jakarta.<\/p>\n
CMNP holds 30-year build-operate-transfer contracts until 2019
\nover the Cawang-Tanjung Priok toll road and until 2025 over the
\nTanjung Priok-Jembatan Tiga toll road.<\/p>\n
Tutut claimed to have a mere 2.2 stake in CMNP through her
\ncompany PT Citra Lamtoro Gung Persada. The remaining stakes are
\nowned by the public (39.5 percent), state toll road company Jasa
\nMarga (17.79), Yayasan Purna Bhakti Pertiwi (11.01), cement
\nproducer Indocement (8.8), transportation company Steady Safe
\n(7.6), Steady Safe Finance (6.6), state steel producer Krakatau
\nSteel (6.06) and cooperatives (0.4).<\/p>\n
The company is developing several toll road projects in the
\ncountry and abroad, including a 237.4-km toll road project in the
\nPhilippines.<\/p>\n
But several projects, including the 36.5-km Waru-Tanjung Perak
\ntoll road in East Java, have been put under review by local
\nauthorities who suspected the company had obtained them through
\npolitical connections, corruption and collusion.<\/p>\n
Tutut said the government had awarded projects to the company
\ndue to its professionalism, instead of political connection.<\/p>\n
She said CMNP had hired attorneys to protect it against any
\nmove by the government to unilaterally annul contracts with the
\ncompany.<\/p>\n
The company said it booked a net profit of Rp 45 billion (US$3
\nmillion) for the first quarter of the year, up 49 percent from
\nthe year-ago period.<\/p>\n
The shareholders agreed that the company pay a Rp 25 dividend
\nper share on its 1997 profit. (jsk)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/tutut-set-to-stay-on-at-toll-road-company-1447893297",
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"sponsor": "Okusi Associates",
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