Thursday, September 17, 2009

Lundin farm-out Rangkas Block

Lundin Petroleum AB announced on Thursday that its wholly owned subsidiary Lundin Rangkas BV has entered into a farm-out agreement with Carnarvon Petroleum (Indonesia) Pty Ltd, a subsidiary of Carnarvon Petroleum Ltd (Australia) in respect of the Rangkas block onshore West Java, Indonesia.
According to Lundin, Carnarvon will acquire a 25% interest in the Rangkas block onshore Indonesia. The block covers 3,977 km2 and several leads have been identified in the block. A 2D seismic acquisition program is due to commence in 2010.
Lundin Rangkas BV is the operator of the Rangkas block and will have the remaining 75% working interest. The completion of this transaction is subject to the approval of the Government of Indonesia.

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Noordin M Top shot dead (?)

Indonesian police claimed the most wanted terrorist Noordin M. Top has been shot dead in a police raid in Solo, Central Java. Police wanted Noordin's death as a Idul Fitri gift for President SBY. Too good to be true?
National Police Chief Bambang Hendarso Danuri told media today that Noordin shot dead after exchanged gunfires with The Special Anti-Terror Force (Detasemen 88) last nigth. "Police shot dead Noordin," Danuri said to dismiss speculation that Noordin killed from a suicide bombing. Danuri explained that police managed to corner Noordin in the bathroom before shot him dead.  
Three other terrorist suspects, Bagus Budi Pranoto (Urwah), Susilo (Adik), and Ario Sudarso (Aji) were also shot dead in the raid. Urwah is considered one of key suspects in the 2003 bombing of Australian Embassy in Jakarta.
The house raided by police is owned by Sugiyanto, rented by Susilo since four months ago. Susilo's pregnant wife named Putri Munawaroh is severely injured from the gunfires.
How police came to the conclusion? Fingerprint test. How about DNA test? Well, police is conducting the DNA test. Results will be known in the next 30 hours or so.
Comments?
2) Australian media called it "big win" for Indonesian police. (Well, this is a timely positive news needed by police amid public criticism about its maneuvers on Corruption Eradication Commission/KPK).
3) Dynno Chressbon, terrorism observer, doubted Noordin's death claiming that "Noordin is in West Java for a religious journey." (He made the statement before police confirmed Noordin's death)
4) Priyo Budi Santoso, chairman of Golkar Party's faction in the House of Representatives (DPR) said, "I hope this is not related to the issue of weakening of KPK." (He made the statement also before police's formal announcement)
5) Badarudin Ismail, spokesperson for Noordin family in Malaysia, said "we doubt that, but better wait confirmation from DNA test." (He made the statement before police' formal announcement)
  

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Bakrie Life default

PT Asuransi Jiwa Bakrie (Bakrie Life) has reportedly defaulted payments to about 40 out of 100 investors in the insurance' product which pooled Rp370 billion funds.
Bakrie Life had offered installment of 1% per month for the defaulted payments, but investors rejected. Bakrie Life's Diamond Investa managed to pool Rp370 billion in the product. It is not clear where Bakrie Life invested the money. Investors were promised for placements in bonds (90%), stocks (5%), and time deposits (5%). But some investors were informed that up to 70% of the funds have been placed in stocks, mainly Bakrie-related stocks. The case is being investigated by Capital Market Supervisory Agency (Bapepam).
Bakrie Life is controlled by PT Bakrie Capital (94%). Bakrie Capital is controlled by Nirwan Bakrie and family. Infobank magazine crowned Bakrie Life as the best life insurance last year. What?
PT Maxima Financindo through PT HD Capital Tbk is reportedly planning to acquire Bakrie Life. HD Capital is famous for repurchase agreements with Bakrie Group. But Bapepam said Bakrie Group can't just walk away from its obligations to investors.
Bapepam suggested investors to file lawsuit against the insurer. 

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Friday, September 11, 2009

Gecko vs Komodo & Corruption Eradication

Police (giant crocodile, Komodo) has named Chandra M. Hamzah, vice chairman of Corruption Eradication Commission/KPK (gecko, small house-lizard) as suspect in a bribery scandal involving PT Masaro, a move considered as a death bell for fights against corruption.

It's Susno Duadji, head of the criminal investigation unit at National Police HQ, who equalled Indonesian police force with giant crocodile (buaya in Indonesia) and KPK as gecko. Duadji clearly refers to "imbalance of power" between the two organizations.

The terms could also be interpreted as "threat" from police side to KPK. They want to say, " hey, be careful. We could eat you out without traces. Get out of our way" when KPK wiretapped Duadji's cellphone out of suspicions that Duadji "got something out of releasing Boedi Sampoerna's funds at Bank Century."

Indonesia Corruption Watch (ICW) considers the latest move from police as a strategic maneuver to weaken KPK in corruption eradication.

War between police and KPK escalated in recent months. Yesterday, police grilled three KPK leaders for what police called "abuse of power" in the imposition of overseas travel ban for fugitive businessman Djoko Tjandra and Anggoro Widjaja (detained in bribery scandal).

Police also grilled KPK leaders to clarify allegations raised by suspended KPK chairman Antasari Azhar that his former colleagues took bribery from PT Masaro boss Anggoro Widjaja. Azhar has been detained in a murder case and is being prosecuted in a different bribery scandal. Anggoro told police that he gave out Rp6 billion to two KPK officials.

KPK, on the other hand, has long investigated Bank Century scandal, including involvement of Susno Duadji in the case. Susno played crucial role in the release of US$18 million funds owned by PT Lancar Sampoerna Bestari (Boedi Sampoerna) from the troubled Bank Century. There were allegations that the fee was about US$1 million.

President SBY once "brokered" a "peace deal" between police and KPK at the State Palace, asking both institutions to work hand-in-hand in fighting corruption.

Well, war between police and KPK would only benefiting corruptors. Not to mention the recent maneuver to cut significantly KPK's prosecution rights through the currently debated corruption crime bill. KPK, if the bill passed into law, will only have the rights to launch corruption investigation, but will not be able to prosecute corruptors. The prosecution rights will be solely in the hands of Attorney General's Office (AGO).

But we can't also assume that KPK officers are free from corruption and bribery. Antasari Azhar's case has ruined the agency's credibility severely. KPK has emerged into a powerful institution. Legislators, government officers, and their partners in crime hate the institution a lot. As happened throughout the history, power tend to corrupt and absolute power corrupts absolutely.

So, it is important to check the power of these institutions---police, AGO, KPK, court system, etc. Still, public consider KPK performed better than both police and AGO. So, would be a death bell for the country's anti-corruption fights if we fail to strengthen synergy between these institutions. In this context, just like police grilled KPK leaders, let KPK also grill police officers, including Susno Duadji. 

But due to the current war where both sides have lost their objectivity in the cases, may be it's better to establish an ad hoc team to handle the cases until things return to normal. (by Haryanto Suharman & Yosef Ardi, taken from yosefardi.com)

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