Kotjo fights Singapore sanctions

Kotjo fights Singapore sanctions

SINGAPORE (Reuter): Indonesian businessman Johannes Kotjo said he was appealing against the sanctions imposed on him by the Stock Exchange of Singapore (SES), the Business Times (BT) said yesterday.

He told the newspaper in an interview that he intends to play a major role in Singapore's corporate scene despite having been censured by the SES last week.

The SES banned Kotjo and his nominees from holding directorships in any listed Singapore companies for 30 months, other than existing ones in ABR Holdings and Van der Horst.

The SES said Kotjo had through an interview with a news agency on Nov. 10, created a false market in the shares of United Pulp & Paper, a company in which his consortium had launched a potential takeover bid on Nov. 9.

Kotjo would appeal on the grounds that the report on his proposed plans for UPP had nothing to do with its share price surge. He said he had clarified the matter on the first business day after the report was published.

The news agency had also said its report was flashed more than an hour after the stock market had opened and after most of the day's gains had been booked.

BT quoted Kotjo as saying: "While I have to respect the decision of the authorities and am willing to be punished for any wrongdoing, in this instance I do not think I did anything wrong."

Kotjo also said: "I want to be a good corporate player in this country. I have put my money here and others, not only from Singapore, but also from the U.S., Taiwan, Hong Kong and Indonesia, have followed me here."

Kotjo said he was sorry if minority shareholders had been affected by the recent developments. "I am a serious businessman and feel responsible to the minority shareholders who have had nothing to do with what has happened," he said.