Lapindo disaster updates
Arifin Panigoro's PT Medco Energi Internasional Tbk sells 32% interest in Brantas PSC for USD200 to Prakarsa Group (Bakrie-linked Minarak Labuan back up the group's financial liabilities). Lapindo Brantas Inc (controlled by Bakrie's Energi Mega Persada) owns 50% interest in the troubled oil & gas concession area. Energi once planned to exit from the disaster (remember the USD2 transaction with Freehold?) but stock market authorities blocked that. Why stock market authorities let Panigoro get out from the disaster?
I guess Bapepam sees like this...Medco sells 32% stake for USD100, while Energi tried to sell 50% stake to Freehold for USD2. Just kidding!
Why Medco decided to exit? Cut loss. Why Prakarsa (or Bakrie) decided to buyout Medco? Potential upside?
Why Medco & Santos (owns 18% in Brantas PSC) booked huge loss provisions from Brantas PSC while Energi didn't? Because Energi believes the cost of handling the mudflow disaster could be recovered by the State under cost recovery scheme?
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I guess Bapepam sees like this...Medco sells 32% stake for USD100, while Energi tried to sell 50% stake to Freehold for USD2. Just kidding!
Why Medco decided to exit? Cut loss. Why Prakarsa (or Bakrie) decided to buyout Medco? Potential upside?
Why Medco & Santos (owns 18% in Brantas PSC) booked huge loss provisions from Brantas PSC while Energi didn't? Because Energi believes the cost of handling the mudflow disaster could be recovered by the State under cost recovery scheme?
Labels: Lapindo
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posted by yosef at 7:22 AM
3 Comments:
really can't wait for public reaction to this, Ministry of Social WELFARE burdening the taxpayer with HIS company's multimillion dollars liabilities by stating that Lapindo case is a natural disaster. such an irony against his title eh?
Medco sued EMP for not properly handling the drilling. The drilling company of lapindo is simply greedy and stupid !
Local Crooks and bastards controling Indonesia now, proudly call itself as prominent Indonesian families -Bakrie, Kala, Panigoro. The problem is no body cares anymore. Where is Amien Rais and others? Has been bribed as usual..? It is cheaper to bribe these crooks than compensating Lapindo victims. I wonder what happen if the owner of Lapindo was Indonesian-Chinese or foreigner instead of a bumi...must have been dead by now....Recall Newmont / Buyat.
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