Wednesday, November 15, 2006

Another confusing statement from Energi on Lapindo

Once again, actions do speak louder than words. While people expects something substantial on how the hot mudflow in Sidoarjo could be stopped, PT Energi Mega Persada (EMP) Tbk is busy with efforts to walk away from the disaster.

This time, as reported by Bisnis Indonesia today, EMP said that Lapindo will be divested to a new company, controlled by non Bakrie family, after Bapepam (Indonesia's SEC) refused the plan to sell Lapindo for US$2 to Lyte (a vehicle controlled by Bakrie family). I got information today that the name of the new buyer is Freehold Group Ltd, a BVI company. No details available on who owns the company which may lead to the question of who will take the burdens of the environmental disaster?
It's just strange the way EMP respond Bapepam's rejection to sell as a rejection to sell Lapindo to Bakrie Family. I think the issue is not to whom EMP sell Lapindo, but the divestment itself is the real problem.
In the last few months, EMP bombarded public with tons of statements, which some investors consider as misleading information. Under the capital market law, misleading information is a crime. But so far, it seems that Bapepam is not serious enough to deal with the information issue.

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