Three named in Pertamina case

Three named in Pertamina case

JAKARTA: The National Police have named three suspects in a Rp
100 billion (US$9.6 million) fraud case involving state oil
company, Pertamina.

"They have not yet been detained but a travel ban has been
imposed on them," said deputy spokesman of the National Police
Brig. Gen. Edward Aritonang on Thursday.

The fraud took place on June 23, 2001, but Pertamina reported
the case only on Oct. 5.

The suspects are head of Pertamina's treasury division Lukman
Hakim, head of the foreign exchange department Syaiful D. Ismail
and an employee of foreign exchange company Hardini Sugito, who
remains a fugitive from the police.

The fraud took place when three foreign exchange companies --
PT Logtrans, PT Dumas Valindo and PT Sentra Arus Valindo -- were
supposed to provide foreign exchange to a private bank. Pertamina
found a US$10 million discrepancy in June 2001, which was not
accounted for during the three companies' contract with
Pertamina.

They had been partners to Pertamina since January 2001, but
six months later Pertamina decided the foreign exchange had to go
through the bank as the three companies had failed to meet the
deadline. --JP