SES reprimands Johannes Kotjo

SES reprimands Johannes Kotjo

SINGAPORE (Reuter): The Stock Exchange of Singapore publicly
reprimanded Indonesian businessman Johannes Kotjo for creating a
false market in the shares of United Pulp & Paper and banned him
and his nominees from holding new directorships for 30 months.

The SES said in a statement yesterday that Kotjo, a prominent
investor in the Singapore stockmarket and currently a director of
Van der Horst Ltd and ABR Holdings Ltd, had made misleading
statements about UPP shortly after launching a potential takeover
bid for the company on Nov.9.

"The exchange hereby reprimands Mr Kotjo for his conduct, and
rules that Mr Kotjo and his nominees must not hold directorships
in listed companies other than Van der Horst and ABR for a period
of 30 months," the SES statement said.

Kotjo was part of group of Indonesian investors who agreed a
series of options in November to buy 43.5 percent of UPP.

The options, which are valid until Jan. 31, 1996 and priced at
S$1.10 per share, would trigger a formal takeover of UPP if
exercised.

The SES said Kotjo had made a series of optimistic statements
about UPP and its prospects under new ownership via a published
interview on Nov. 10.

The SES noted UPP's share price then soared to close at S$2.07
on the same day on high volume. The share stood at S$1.21 when
trading in the company was suspended on Nov. 2.

It said Kotjo later said some of the interview had been taken
out of context and "he was merely expressing his own opinion".

But the SES said Kotjo should not have made personal or
speculative comments about the company at that time.

"The exchange's Corporate Disclosure Policy states that where
there has been a misleading press report, directors should
immediately clarify or rebut any inaccuracies," the SES said.