Sarijaya bosses can't escape

Jakarta: The capital market and control of financial institutions Agency (Bapepam-LK) is not easy to accept a request made by PT Sarijaya Permana Sekuritas senior employees of an alleged fraud in the management of its funds had only by the owner, broker issue. 

Bapepam-LK Fuad Rahmany President stressed Wednesday Sarijaya management must also be held responsible in respect of the alleged embezzlement of at least 245 billion Rupiah (22.5 million U.S. dollars) of money from investors. 

Fuad claimed management fully informed of the actions undertaken by Herman Ramli Sarijaya owner about the abuse of customer accounts in the pursuit of private interests, and have been able to prevent such practices. 

"The management should take the responsibility. It is their fault to be monitored (by the owner) for fraudulent practices. This is proof that they are not professional." 

"They should not allow other people to intervene in their (banks), especially those who have no power to enforce the management (the bank)," said Fuad. 

Sarijaya is 100 percent owned by Herman, who serves as chairman of the audit. 

Under the existing legislation on business, the chairman of the commissioners have no power to get involved in managing the daily operations of a company. 

Bapepam plans at the request of the Board of Directors Sarijaya soon. 

Sarijaya Director Zulfian Alamsyah said earlier that it was Herman, and that management had no knowledge of his misconduct. 

Herman, the younger brother of Rudy Ramli, former founder of the former Bank Bali, was in police custody since December 24 for alleged financial fraud. 

He allegedly funneled money to the investor up to 17 new accounts under different names and accounts used to benefit from trading on the stock exchange. 

The Indonesia Stock Exchange (idx) Sarijaya suspended since January 6. 

Meanwhile, the management announced Wednesday Sarijaya a number of investors have shown interest in purchasing the company, one of the largest in the country, with 48 branches of securities houses in Java, Bali, Sumatra, Kalimantan and Sulawesi. 

Among them is a consortium of investors from Hong Kong, Melbourne, Australia and Indonesia. 

A representative of the consortium Four Jamal said some Rp 400 billion is for the acquisition of Sarijaya. These include Rp 250 billion for the restructuring and to recover the rest of Rp 150 billion for the extension. 

"The consortium has no connection with the owner. There will be no acquisition of permits for owners 

However, Bapepam said it would carry out a screening to determine who should be eligible investors in securities. 

Until now, there are four other investors are interested in buying Sarijaya the authorities refused to name the investors because of the need for confidentiality. 

Sarijaya The fraud is the latest to date with respect to securities houses. Previously, PT Antaboga Delta Sekuritas has been indicted for abuse of funds investors value Rp 1.4 trillion.

To prevent such acts from happening again, the idx has a new system, so that all investors should monitor their accounts and assets held by the central securities depository Indonesia (KSEI). 

Currently, the houses are not securities report for clients and regulators at the same time, an end of May that opportunities for fraud. 

Idx suspend dinar Sekuritas 

Idx Wednesday suspended the operation of the securities house PT Sekuritas dinar to the company's request to the restructuring. 

Idx President Erry Firmansyah rejects the assumption that the suspension was made in conjunction with the exhibition of the famous firm Bakrie based chain. 

Sarijaya dinar and among the securities houses that were involved in the purchase of the promised PT Bakrie & Brothers of Rp 35 billion and Rp 30 billion, respectively, in exchange for shares in Bakrie. 

Bapepam is investigating 49 securities houses by irregularities.

Nationalism won't boost competitive edge

Jakarta: President Susilo Bambang Yudhoyono warned Wednesday that the efforts of the industry plays the nationalist card to protectionist policies that leads to a lack of competition in the domestic market. 

Yudhoyono said local companies should be able to compete with an influx of imported products and are able to win the hearts of consumers by increasing competitiveness. 

"The national products to compete with imports in terms of quality and price. I am sure that the situation will improve when we are promoting a campaign of" love and buy domestic products. " 

"But the industry should not use nationalistic arguments and preference for local products and is ineffective," he said. 

Given the global economic slowdown, there is a growing tendency to prioritize local products, sometimes in spite of their expensive or of lesser quality, while the government and businesses are stepping up campaigns' purchase of local products. 

Indonesia, Southeast Asia's biggest economy, is struggling with the effects of the global economic slowdown by strengthening the local consumption of local products, which can be an important engine of economic growth under current conditions. 

"If domestic products competitive and innovative, not to worry about the recession, because our industry will be able to meet the demand of the local market. Our economy is stronger," said Yudhoyono. - JP / DESY Nurhayati

PPA to restructure Semen Kupang

Jakarta: Difficulty state cement producer PT Semen Kupang would be returned to the Asset Management Company (PPA), culminating in an agency for the restructuring of state enterprises in difficulty to help put an end to the financial mess it is now in. 

"The PPP will issue to determine the best way to restructure," Secretary of the Ministry of State Enterprises Said Didu said Wednesday. "It may be a shareholder of Semen Kupang, if necessary." 

Despite its financial problems, said added, the company - which produced 300,000 tons of cement last year, has plenty of opportunities for the state to take over from her. 

"I do not see why we need to restore a company to foreign customers, instead of maintaining or profitable," said added, referring to the failure of a movement by the Indian acquisition of the company. 

Semen Kupang to fulfill his activities since May last year because he is not to resolve a Rp 25 billion (U.S. $ 2.3 million) in debt Sewatama PT Jakarta, one of its suppliers. 

The debt is at the top of the Rp 500 billion it owed to Bank Mandiri last August. 

The State Bank has converted part of its debt into shares Semen Kupang is a major shareholder of the company. Mandiri is a 38 per cent in the company, formerly a subsidiary of the largest cement manufacturer, PT Semen Gresik. 

The other shareholders are the central government, which owns 61.48 percent of PT Semen Kupang hand, and a provincial government Flobamora PD company which holds 1.12 percent or Rp 1.5 billion. 

Semen Kupang descent path leads to the layoff of 600 workers in the middle of last year, sparking public protests and street rallies. (DNA)

PT ASEI, Jamkrindo to get Rp1t each

Two state-owned enterprises, export insurance Export PT Asuransi Indonesia (Asei) and loan guarantee Jamkrindo, each Rp 1 trillion euros (about U.S. $ 91 million) as part of the promotion in 2009. 

The funds will be for three reasons: the continued robust exports, stimulate new export opportunities demand and avoid redundancies, despite the global economic recession, the Minister for SOEs said Didu said Wednesday. 

Asei fund will be used to strengthen the company's ability to cover the exports. "This support will hopefully Asei the ability to export insurance, the promotion of exports of this year," he said. 

Said added the insurance would help companies deal with various fees and charges as entrepreneurs face in the export of goods. 

Exports were expected this year due to a decrease in demand by the impact of the global economic crisis. 

The government says it is willing to Rp 50 billion of economic incentives to promote economic growth to be 5 percent this year compared with last year, 6.2 percent of the estimate. 

As Jamkrindo said added, the new resources could increase its role in empowering the country, small and medium-sized enterprises - the company's principal clients. 

"Jamkrindo use Rp 1 billion to add another Rp 20 trillion in assets," he explained. "The warranty covers more loans for small and medium-sized enterprises." (Dis)

Stimulus gives temporary relief

Jakarta: Encouragement of the government for oil, gas and geothermal energy sectors - which amounts to 2.5 trillion Rupiah (U.S. $ 225 million) - can contribute to the consolidation of the exploration of schedules, but the years of incitement may be too short to long-term benefits. 

However, Sammy Hamzah, Vice President of the Indonesian Petroleum Association (IPA), said the incentive conditioning, launched by the Government would be very useful for oil and gas contractors to their current activities in the middle of the present crisis. 

"With the momentum, we expect that the exploration could take place as planned, even if the economic situation is now similar to that of six months," said Sammy through a Short Message Service (SMS) on Tuesday. 

The government Monday launched an exercise for a total value of Rp 50 billion (U.S. $ 4.6 billion) to help the country survive the economic crisis. The package will be applied to the year 2009. 

Included in the package of incentives to import duties, taxes and value added tax on some imported products used in oil, gas and geothermal industry. The policy is in fact an extension of a scheme of the Ministry of Finance in 2008. 

For 2009, the government considers that the exemption of fees for the three companies generated Rp 2.5 billion of government revenue, now lost. 

The government said oil and gas expected this year to attract investment to $ 16.64 billion, an increase of $ 12.21 billion in 2008. 

Sammy said the incentive would have indirect positive effects on production. 

Meanwhile Suryadarma, chairman of the Indonesian Geothermal Association (API), said that the incentive that a year making it difficult for geothermal operators in the calculation of the long-term costs and values their projects. 

"There is no guarantee that the impetus will be given again next year?" he said. 

Suryadarma said the incentives should ideally be given for the entire duration of a contract for geothermal energy, which last between 25 and 30.

Adhi Karya looks at big government projects

Jakarta: The global economic turmoil presents great opportunities for the state of PT Adhi Karya with the government, forced to spend heavily on infrastructure projects to protect the economy from external shocks. 

"We are targeting 70 percent of our projects this year by the government and the rest of the private sector," Secretary of the Company Kunard Gularso said the office of the Ministry of State for State-owned enterprises on Tuesday. 

In the context of the global economic slowdown, the government apart from more than 60 trillion Rupiah for infrastructure projects this year to help stimulate the economy and create jobs amid the threat of dismissal by the companies hit hard by the global slowdown. 

According Kunard, private sector projects tend to be less reliable, especially in a time of crisis. 

"The private sector projects the industry will be more financially risky because of the difficulty of obtaining loans today," he said, adding that these projects include the construction of offices, apartments and shopping centers. 

Kunard Adhi Karya said that currently focuses on the construction of 32 km from the highway in Cirebon, a project worth about 900 billion Rupiah. 

"It is a postponement of the draft last year," he said. "We are working on half phase to be completed in April." 

Overall Adhi Karya has to complete many projects carried over from last year, with a total value of 8 trillion Rupiah. 

In the period January to September last year, the company recorded Rp 52.16 billion in net income. 

Kunard said the company has allocated Rp 150 billion to buy back its shares since last year, but not to spend about Rp 6 billion so far. 

"We are still achieving redemption, and the plan should be completed by Jan, 13". (Dis)