Bapepam fines firms for violations
JAKARTA (JP): Nine publicly listed companies have been fined a total of Rp 4.2 billion for breaching capital market regulations, the Capital Market Supervisory Agency (Bapepam) said here on Monday.
Bapepam chairman Herwidayatmo said the nine companies were fined for not disclosing important information to the public and for undertaking business actions which harmed the interests of minority shareholders.
He identified the companies as PT Surya Dumai Industri, PT Wania Indah Busana (previously PT Indosteel), PT Dharmala Agrifood, PT Dharmindo Adhiduta, PT Aster Dharma Industry, PT Anwar Sierad, PT London Sumatera Plantations, PT Sekar Laut and PT Sekar Bumi.
In addition, Bapepam issued warning letters to five other companies: PT Asia Kapitalindo, publicly listed Fiskaragung Perkasa, PT Trasindo Multi, PT Mas Murni and PT Surya Inti Permata.
PT Asia Kapitalindo received a warning letter early this year for breaching the guidelines for the management of mutual funds.
Bapepam is also investigating alleged insider trading by one of the creditors of the now insolvent and delisted PT Fiskaragung Perkasa, Herwidayatmo said.
"We are cooperating with the police to look into any possible criminal acts which may have been committed by that Cayman Islands-based creditor," he said.
Two companies, PT Transindo Multi Prima and PT Mas Murni Indonesia, are being investigated for their alleged market manipulation between late April and early May, Herwidayatmo said.
"We are going to find out whether they created any 'artificial transactions' in their respective company's share trading."
Two securities companies allegedly engaged in the above "artificial" transactions have been temporarily suspended, Herwidayatmo said, declining to identify the companies.
PT Surya Inti Permata recently was alleged to have been involved in market fraud related to its planned stock split, Herwidayatmo added.
Herwidayatmo also said Bapepam would continue to investigate whether insurance company PT Lippo e-Net committed insider trading and supplied misleading information to the public.
Lippo e-Net
In the meantime, PT Lippo e-Net is required within the week to provide the public with explanations of inconsistent statements contained in one-page advertisements in two national newspapers, Herwidayatmo said.
"We have so far found indications that PT Lippo e-Net gave inconsistent information to the public. Now we want the management of the company to provide a clarification in the media," he said.
Herwidayatmo said the clarification should contain the company's investment plan in entering the Internet market, including a financing plan and a timetable.
Information released to the public through the media in a series of "press releases" require clarifications as well, Herwidayatmmo said.
PT Lippo e-Net announced in early January it would soon allocate Rp 1 trillion to enter the Internet market, and said the life insurer had transformed itself into an Internet company. The Rp 1 trillion investment has not taken place to date.
Senior analyst Indra Safitri questioned the seriousness of Bapepam in handling the Lippo e-Net case.
"Bapepam should have handed Lippo e-Net an administrative sanction by now," he said.
By requiring Lippo e-Net to make a public clarification, Bapepam has implicitly stated the company breached the rules, according to Indra.
Freddy Saragih, head of the Company Financial Analysis Bureau at Bapepam, said property concern PT Bumi Modern also had breached regulations by not reporting the results of its rights issue to Bapepam.
"We still haven't received two important reports from Bumi Modern following its rights issue," Freddy said.
The reports are the audited new shareholders composition list and a revised plan of the use of the funds collected from the rights issue, he said.(udi)