Top 10 Companies on Indonesia Stock Exchange

PT Telekomunikasi Indonesia (TLKM) Tbk maintained its position as the largest company listed on Indonesia Stock Exchange (IDX) with market capitalization of Rp190.5 trillion or about US$20.2 billion. Astra International (ASII) is the second largest company with Rp140.46 trillion or US$15 billion. Interestingly, Bumi Resources (BUMI), the most active stock on IDX, is out of the Top 10 with market cap of US$5 billion. 

The 3rd is PT Bank Central Asia (BBCA) Tbk with Rp119.6 trillion, followed by Bank Mandiri (Rp97 trillion), Perusahaan Gas Negara (Rp93.44 trillion), Bank Rakyat Indonesia (93.4 trillion), Unilever (Rp84.3 trillion), Adaro Energy (Rp55.3 trillion), United Tractors (Rp51.5 trillion), and Indocement (Rp50.43 trillion).

BUMI is in No.11 with Rp47 trillion, followed by two giant cigarette producers: HM Sampoerna (Rp45.6 trillion) and Gudang Garam (Rp41.4 trillion).

According to Yosefardi.com, 36 companies have market capitalization over US$1 billion as of December 31, 2009, increased sharply from 22 companies in December 30, 2008, but still below 2007 (42 companies). The US$1 billion plus companies have combined market capitalization of Rp1635 trillion or about 81% of total capitalization of companies listed on Indonesia Stock Exchange (IDX).

In 2008, TLKM was also the biggest with market cap of Rp137 trillion, followed by BCA, Unilever, BRI, PGAS, ASII, BMRI, HMSP, ISAT, and SMGR. Adaro, United Tractors, and Indocement are the new members of Top 10 in 2009, while HMSP, ISAT, and SMGR dropped from the list. The biggest loser is Indosat (ISAT), which dropped to 22nd with market cap of Rp25.67 trillion.

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George Junus Aditjondro

George Junus Aditjondro has triggered another controversy with his new book, Membongkar Gurita Cikeas: Di Balik Skandal Bank Century. Other than the alleged physical attack on Demokrat Party politician Ramadhan Pohan, the book has created a war among Facebookers. Who is George?

According to Wikipedia, George is born in Pekalongan, Central Java in May 27, 1946. He was a journalist for Tempo from its inception until 1979. He fled Indonesia in 1995 to escape a political trial for articles he wrote about Soeharto-linked businesses. He is famous for his works on Soeharto Inc.

He lives in Asutralia and is currently a lecturer in Newcastle University, Australia in Sociology of Corruption. He got his PhD from Cornell University, USA in 1993. He was a lecturer at Satya Wacana Christian University in Solo, Central Java along with famous sociologist Arief Budiman.

Very limited information about his personal data. Some people attacked his personal life, others defended saying "that's nothing to do with his works on monitoring corruption and different regimes."

Still, some questioned about his behavior after the launching of his book yesterday. As reported by the Jakarta Post, during the post-launch discussion, George reportedly lost control of his emotions after President SBY's Demokrat Party lawmaker Ramadhan, who was not invited to the event, tried to defend himself regarding an accusation published in the book.

The book accused the Jurnal Nasional newspaper, where Ramadhan is editor-in-chief, received over Rp150 billion financing from Sampoerna through Soenaryo Sampoerna, son of Boedi Sampoerna. Boedi Sampoerna is the biggest depositor at Bank Century, which might have lost over US$200 million if government closed down the bank.

Government defended the bailout on Century (US$700 million), arguing the decision was not designed to help Boedi Sampoerna recover his money. In the words of VP Boediono, the bailout was not about Century, but to save the whole economy.

Ramadhan filed report about the incident to Jakarta Police. He reported George for "misconduct" that carries a maximum sentence of 32 months in jail, or a Rp400,000 in fines.

Well, let them fight in court on this incident. But that shouldn't prevent us from discussing seriously about the content of the book, just like we discussed the foundations linked to Soeharto for a simple reason. We can't afford to have another Soeharto-type of corruption, collusion, and nepotism!

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Frans Seda passes away

Just when the whole nation is mourning the former president Abdurrahman Wahid (Gus Dur), senior economist and former finance minister Frans Seda passes away at 83 this morning. He died in his sleep at his home in Pondok Indah, Jakarta. He is known as a respected Catholic figure in the country.

Born as Franciscus Xaverius Seda in Flores Island, East Nusa Tenggara in October 4th, 1926, Frans was cabinet member in the last years of Soekarno administration and early years of Soeharto regime. He is also known as economic adviser for then president Megawati Soekarnoputri. What a big loss for Megawati, especially because hours earlier she, and the whole country, mourns the death of Gus Dur whom she considered a big brother.

Gus Dur and Frans Seda are close friends, mainly because of their efforts to promote pluralism in Indonesia. Jimly Asshiddiqie, former Constitutional Court chief justice, said both Gus Dur and Frans Seda deserved to be crowned as "national heroes". "We have lost two great figures. They show us how to build the nation. They are pluralism figures, deserved to be crowned the national heroes," Jimly said after paid a tribute to Frans Seda in Jakarta today.

Frans graduated from Katholieke Economische Hogeschool, Tilburg, Netherland in 1956. He was the chairman of Catholic Party in 1961-1968, agriculture minister in 1964-1968, finance minister in 1966-1968, and transportation and tourism minister in 1968-1973.

Frans is also considered an influential figure behind the biggest print media group Kompas Gramedia Group where he has been commissioner since 1970. He was also the chairman of Atma Jaya Foundation, which manages Atma Jaya Catholic University.

Married to Yohanna Maria Pattinaya, Frans has two daughters: Franscisia Xaveria Sika Seda (Ery Seda) and Yoanessa Maria Yosefa Sipi Seda (Nessa Seda). Ery, sociologist, is a lecturer at University of Indonesia. Ery got her PhD from University of Wisconsin, USA with thesis: Petroleum Paradox: Natural Resources and Development in Indonesia, 1967-1997.

Despite his close relationship with Soekarno, Frans was a founder of Democracy League to challenge Soekarno in 1960s. He looks fit for his age, sporty in his 80s. Recipe? "Think positive, listen good music, good food, jogging regularly, swimming," Frans told Kompas few years ago. 

Frans is the author of books like Power and Moral (1996) and An Endless Symphony (1992), both published by Gramedia.

Rest In Peace, Pak Frans! Oh, have a warm discussion with your friend Gus Dur out there in the new world! In the words of Pramono Anung, secretary general of PDI-P, Gus Dur and Frans Seda might have planned for a "meeting".

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IDX closes 2009 with 87% gain

The composite index of Indonesia Stock Exchange (IDX) closed the 2009 trading at 2534 today, a 87% gain from December 30, 2008, to make it one of the best stock markets in the world. IDX is even better than Shanghai (79%) and Bombay (80%), even though Indonesian economy grew slower than China. 

Mining, plantation, banking, telecommunication, consumer, and property are all the top gainers on IDX. Bakrie-related stocks, which dominated the trading on IDX, closed substantially higher despite recent drops. Bumi Resources, the single largest traded stock---some dubbed it Indonesia's biggest casino---dropped 3% in its last trading on IDX today to Rp2425, far below prediction of some analysts (above Rp3000). Still, the stock gained 167% this year. The stock peaked at Rp3475 (Sept 17, 2009). 

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Yusuf Manggabarani, new deputy police chief

Yusuf Manggabarani has been appointed the new deputy police chief, replacing Makbul Padmanegara. This ends speculations about potential promotion of Susno Duadji, former head of criminal investigation unit at National Police. Meanwhile, Nanan Sukarna, will replace Yusuf as inspector for general supervision at National Police HQ.

Born in Gowa, South Sulawesi, in February 11, 1953. He is the son of the late Andi Hasan Manggabarani, former Polmas Regent, South Sulawesi. He is a 1975 Class at Police Academy. His brother, Ahmad Manggabarani is the director general for plantation at agriculture ministry. Andi Husni Manggabarani, another brother, is currently inspector general of fishery and maritime affairs department.

Older brother Hasyim Manggabarani (ret Colonel) passed away in September 2006. Hasyim was Polmas Regent, just like his father.

Yusuf's daughter is married to Aksa Mahmud's son. Aksa Mahmud is the founder and controlling owner of Bosowa Group. So, Yusuf is a relative to former vice president Jusuf Kalla.

Yusuf Manggabarani's younger brother, Idris Manggabarani, is a property developer. Another brother, Ilyas Manggabarani, is marketing department head of PT Semen Tonasa, cement producer and subsidiary of the state-owned PT Semen Gresik Tbk.

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Gus Dur passed away

Former president Abdurrahman Wahid (Gus Dur) has been struggling to recover in the past few days following medical treatment at Jakarta's Cipto Mangunkusumo Hospital. Detik.com speculated that Gus Dur was in critical condition, especially after President SBY unexpectedly visited Gus Dur this afternoon. Few minutes ago, his brother Sholahudin Wahid told the press that Gus Dur passed away Wednesday, 18.45 PM Jakarta time.

Gus Dur once left the hospital on Sunday to visit the headquarter of Nahdlatul Ulama, the largest Moslem organization where Gus Dur is a former chairman. His daughter Yenny Wahid confirmed that Gus Dur passed away at 18.45 PM Wednesday, Dec 30 at RSCM hospital. What a big loss to the nation!

Born in 1940, Gus Dur is the fourth president of Indonesia. He was elected by the People's Consultative Assembly (MPR) in 1999. But MPR impeached Gus Dur in 2001 following the Bulog scandal, replaced by his VP Megawati Soekarnoputri.

Gus Dur is considered a controversial leader, but he is a steadfast advocate of pluralism in the country. Minority groups love him. In the words of Anas Urbaningrum, chairman of Demokrat faction in DPR, Gus Dur is the perfect combination of Islam, Indonesia, and modernism. "It's a big loss to the nation," Anas said.

He is famous for his cracking jokes, even when he was a president. His most famous quotation is "gitu aja koq repot" (why all the fuss or what's the big deal?) if criticized or asked about his views or suggestions.

Former president's spokesperson Adhie Massardi said "Gus Dur wants to be remembered as a good guy," Adhie said.

From her marriage to Shinta Nuriyah, Gus Dur has four daughters: Alissa Qotrunnada Munawaroh, Zanuba Arifah (Yenny) Wahid, Anita Hayatunnufus, and Inayah. Gus Dur graduated from Al Azhar University, Cairo, Egypt, and literature studies in Baghdad University, Iraq in 1970. He then became lecturer at University of Hasyim Asyhari, Jombang (1972-1974), member of advisory council of Nahdlatul Ulama in 1979-1984, and chairman of NU in 1984-1999.

Against all odds, he won the presidential election in 1999, in what politicians believed as the best option that time. He reshuffled his cabinet several times. SBY was initially installed as energy minister, but then promoted him to be the coordinating minister for politic, security, law, and human rights after he surprisingly fired Wiranto.

He is the first president to revoke Soeharto's decree which banned the Chinese from celebrating the Chinese New Year and other cultural events. He also appointed Kwik Kian Gie, from Chinese descent, as coordinating minister for the economy. Gus Dur is considered the most consistent pluralism figure. Rest in Peace Gus!

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Luxury car for State officers: Who can resist?

As of today, about 150 State top officers, including ministers, have been delivered brand new Crown Royal Saloon as their official car. The US$100,000 plus-plus car (because of over 100% luxury tax) is considered too luxury for State officers in a country where most people live with daily expenses of below US$1 per day. Who can resist the luxury item when you know Japanese Emperor is also riding on it?

Thousands of readers posted hate comments about the luxury car reports. But look at how State Secretary Minister Sudi Silalahi defended the policy. "The budget for these cars has been planned and approved," Sudi, one of President SBY's trusted aides said.

Coordinating minister for the economy, Hatta Rajasa, argued the luxury car has been planned by the previous administration. "Don't ask me about that, because this is part of the previous administration's programs. Ask State Secretary," Hatta said.

Well, Hatta was the minister for State Secretary in the previous administration. He was part of the previous administration, for five years. He asked journalists to ask the previous State Secretary minister, who is himself?

Taufik Kiemas, the speaker of People's Consultative Assembly (MPR), can't wait to ride on the new car. "If government provides me with the car, why should I reject. Besides, the car will not be mine. I will use this for the next five years and then return it to the State. Take it as a "loan" from people," Kiemas, husband of former president Megawati said. Hundreds of readers barked at Kiemas for this comment.

Priyo Budi Santoso, deputy House speaker from Golkar Party, responded with BIG SMILE when asked about his impression with the new car to replace his old Camry.

Marzuki Alie, the House speaker from SBY's Demokrat Party, said initially he considered to reject the car. "I thought it would trigger "controversy", which turned out to be true. But the car has been delivered, purchased, what can I do? I will use this new car," Marzuki said.

But not all State institutions would accept the car. The Corruption Eradication Commission (KPK) suggested the State top officers riding Kijang Innova (also a Toyota). Haryono Umar, deputy chairman of KPK said KPK leaders won't take the car.

Syafi'ie Maarif, former chairman of PP Muhammadiyah, the second largest Moslem organization, also suggested officers to ride Kijang instead. "Officers shall not ride on luxury cars. It's just a proof that they are heartless on people's miserable lives," Syafi'ie said.

Anies Baswedan, rector at Paramadina University, said "from budget perspective, the policy might be accountable, but what about people's sense of justice? This is not the right time to ride on luxury cars. What kind of message you want to give to public?" The writer of the article, Inggried Dwi Wedhaswary, wrote "Can our officers have modest style?" 

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No more golf with "clients"

Finance Minister Sri Mulyani Indrawati forbids his staffs, including the director generals, playing golf with people who might trigger conflict of interest. They are allowed to play golf with their colleagues. 

"I told my director generals, play no more golf with people with potential conflict of interests. I'm not suspicious about golfing, but please play with your colleague. For example, director general for tax could play golf with director general of treasury, so they could work together in the tax reporting, for example," Sri Mulyani is quoted by Detik.com.

Last year, South Korea president Lee Myung-bak asked State officers in the country to stop playing golf, because of expensive membership fee (US$250,000) and financial crisis. 

Well, public have repeatedly criticized State officers for their golfing habit with "clients", including between prosecutors and suspects, or judges and lawyers, police officers and brokers, between project leaders and suppliers or contractors.

Last month, legislator at House Commission III, urged police not to play golf with the brokers. "Golfing is the entrance gate for brokers in criminal and civil cases. Look at KPK. There is no golf," Harry Wicaksono, legislator from Demokrat Party said.

Former KPK chairman Antasari Azhar is famous for the alleged "affair" with caddy Rani Juliani.

It's expensive too. Last year, media reported annual budget of US$1 million for golf membership and activities of Bank Jatim, a bank controlled by local administrations in East Java, based on audit by Supreme Audit Agency (BPK).

Early this year, Indonesian Corruption Watch (ICW) discovered huge golf expenses for the board of directors of state-owned airport management company PT Angkasa Pura I.

Panda Nababan, legislator from PDI-P, asked National Police Chief Bambang Hendarso Danuri about golfing activities of local and regional police chiefs while their salary are not enough to buy the golf sticks. "How they finance their golfing hobby?" That's an easy question to answer: the brokers of cases being handled or investigated by police! (Haryanto Suharman contributed to this report)   

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The First Lady & 2014

The 2014 presidential election is still four years away. But senior high students visiting the State Palace yesterday have raised a tough question to the First Lady Ani Yudhoyono about the possibility of becoming president. First Lady downplayed the possibility saying "Never think of replacing Pak SBY someday. I'm not Hillary Clinton."

Well, some people in SBY's Demokrat Party, including party secretary general Amir Syamsuddin, love the idea to promote the First Lady to become the new chairperson of Demokrat Party, replacing his brother in law Hadi Utomo.

The First Lady, according to Amir, has lots of ideas to lead and develop the party. Ani's younger brother Hartanto Edhie Wibowo is the head of state-owned enterprises affairs at Demokrat Party, while his youngest son Baskoro Edhie Wibowo is also executive at the party and a legislator (member of House Commission I, in charge of international affairs and ICT).

The First Lady's name is mentioned in George J. Aditjondro's controversial book: Membongkar Gurita Cikeas; Di Balik Skandal Century, when he discussed about various foundations. One of foundations linked to the First Lady is Yayasan Mutumanikam, where, according to the book, the convicted businesswoman Artalyta Suryani was a treasurer. Artalyta is known by public as "middle-person" for businessman Sjamsul Nursalim.

The First Lady's sister, who is married to Gatot Suwondo (CEO of Bank BNI), is also mentioned in George's book for her role at Jurnal Nasional newspaper. George said that the family of Boedi Sampoerna, through Soenaryo, has "injected" Rp150 billion into Jurnal Nasional.

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The Joker, YKK & The Cikeas Octopus

Corruption Eradication Commission (KPK) confirmed the flow of money from the fugitive businessman Joko Tjandra (nicknamed The Joker by convicted businesswoman Artalyta Suryani) to Yayasan Kesetiakawanan dan Kepedulian (YKK), one of foundations highlighted by George J. Aditjondro in his controversial book: Membongkar Gurita Cikeas: Di balik skandal Bank Century.

"It is true, the amount is approximately US$1 million," Bibit Samad Ryanto, deputy chairman of KPK said today. 

KPK didn't investigate the money transfer because it was considered a "deal" between private sectors. KPK discovered the money transfer during the investigation of Bank Indonesia Liquidity Assistance (BLBI) in relation to the bribery scandal of Artalyta Suryani, considered as middle-person for tycoon Sjamsul Nursalim, and prosecutor Urip Tri Gunawan.

Joko Tjandra's lawyer YB Purwaning Yanuar said he knew nothing about the money transfer to YKK. Yanuar said he only handled the Bank Bali issue.

KPK's statement today is a confirmation of various media reports earlier about the transfer of US$1 million to YKK. Yosefardi.com reported about the issue in its article titled "Mr President & The Joker" in October 1st, 2009.

What is YKK?

As reported by Yosefardi.com, based on the information from its website, Yayasan Kesetiakawanan dan Kepedulian, is a foundation where former military commander Djoko Suyanto is a member of Supervisory Council. Djoko Suyanto was deputy chairman of SBY-Boediono campaign team and president commissioner of listed energy company PT Adaro Energy (ADRO) Tbk. Suyanto is currently coordinating minister for politic, security, law, and human rights affairs. 

Other name listed in the supervisory council of the foundation is Sutanto (former National Police Chief, former president commissioner of state-owned oil and gas company Pertamina, once a member of SBY-Boediono team, but resigned upon public criticism), who is now the National Intelligence Agency (BIN) Head. 

Others including Purnomo Yusgiantoro (former energy and mineral resources minister, currently defense minister), MS Hidayat (chairman of Indonesian Chamber of Commerce and Industry, now minister for industry affairs).

While the executive committee of the foundation is led by chairman Arwin Rasyid (currently CEO of Bank CIMB Niaga), deputy chairman Agustian Partawidjaja (executive of Sinar Mas Group), Nenny Sri Utami (former head of research and development of energy and mineral resources ministry), Setiawan Ambardy (finance director of PT Jaring Lintas Usaha), Dessi Natalegawa (brother of foreign affairs minister Marty Natalegawa, former executive of Prayogo Pangestu's Chandra Asri petrochemical center), etc.

KPK imposed a travel ban on The Joker based on information that he transferred US$1 million to Suryani, known for her relationship to tycoon Sjamsul Nursalim. But KPK then found the money was not transferred to Suryani. That's why KPK released The Joker from the travel ban, which cost them police investigation on "abuse of power". KPK then traced the money and found that The Joker gave the money to CEO of PT Mulia Viadi Sutoyo and Enang as courier. "They then gave the money to Djoko Suyanto from Kesetiakawanan Foundation," Ahmad Rifai, lawyer to KPK leaders explained. 

Suyanto denied the allegation. The donation, he said, was received by the foundation's executive board through its account. "I have no idea about that, it's the foundation's business," he said few months ago.

Today, Suyanto admitted the "donation". "That's true. But its nothing to do with financing the (presidential) election campaign," Suyanto said. "The issue is already old, probably two or three years, probably George fell asleep back then, suddenly woke up and blowing up this issue," Suyanto commented George's theory about The Joker's funds for SBY's presidential campaign.

The foundation was active in providing assistance to various groups as shown in its website. That's probably why people like George asked how the foundation financed all the activities and programs?

KPK lawyer admitted it got the information about the money from The Joker to Yayasan Kesetiakawanan when KPK grilled Viadi Sutoyo (executive of Mulia Group) in relation to the bribery scandal of Artalyta Suryani and prosecutor Urip Tri Gunawan in May 2008. Bibit argued "that (US$1 million) is between private sectors and the foundation, not KPK's business." Well, looks like it's not just an affair between the The Joker and YKK now, especially after George highlighted the role of other foundations.

Some people argued "what's wrong with the foundations, especially if they're doing good things for people?" Well, nothing wrong with that. Soeharto also argued the same on his foundations like Supersemar, Dakab, Dharmais, Dana Gotong Royong Kemanusiaan, Dana Sejahtera Mandiri, etc. But we all know Soeharto's foundations were also sanctuaries for corruption and rampant collusion due to lack of transparency in their fund raising and accountability of the money they collected. 

(Haryanto Suharman, researcher at yosefardi.com contributed to this article)

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Crown Royal Saloon for officers

Cabinet members and leaders of major institutions like People's Consultative Assembly (MPR), The House of Representatives (DPR), The Regional Representative Council (DPD), and others will ride on the new luxury US$140,000 Toyota Crown Royal Saloon starting New Year 2010.

DPD Chairman Irman Gusman said all the leaders of State institutions will ride on the new 3000cc car to replace Camry they're riding on. The plan already drew criticism from Lukman Hakiem, deputy head for expert council at United Development Party (PPP), member of SBY-Boediono's ruling coalition. "It's just a proof of insensitivity of this administration," Lukman criticized.

Mabruri, spokesperson for Prosperous Justice Party (PKS), also another coalition member, considered Crown Royal Saloon too expensive. Hopefully ministers and leaders from these parties would start the movement to "reject" the Japanese Emperor car.

Environmental minister Gusti Muhammad Hatta enjoys the new car in its first day in service this morning. "Thank You to the President. It's quite within the car," he said with a big smile, Detik.com reported.

The cars have been delivered to ministers. Some even got new cars last week. 

Well, we have about 50 cabinet members (including vice ministers), five MPR leaders, five DPR leaders, five DPD leaders, plus ministerial-level institutions like BPN (??), Supreme Audit Agency (BPK), Supreme Court (MA), Constitutional Court (MK), Bank Indonesia governors (??). Let's make it 100. Total cost might be US$14 million (assuming the State would pay luxury tax, like others!). According to Tempointeraktif.com, the House of Representatives (DPR) had approved last month the use of State budget Rp62 billion to pay the tax for these cars.

Oh, and usually, governors all over the country will follow, because they think they're the same level with ministers. So, add that up with another 32. Some bupatis might think, well, "I'm the King in this regency, so I need the same car like other 'royal officers". Add up with another hundreds etc. 

What a "good marketing" for the car dealer. Which company won the tender?

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Membongkar Gurita Cikeas & Conflict of Interests

Challenged to prove his theory of money flow from state-owned news agency Antara to President SBY's Bravo Media Center, one of key organizations within SBY-Boediono campaign team, George J. Aditjondro, the writer of controversial book Membongkar Gurita Cikeas: Di Balik Skandal Bank Century, said "I got information from internal source." He raised the issue of conflict of interest and violation of election law.

George said the fact is that one of Antara News Agency's executives was also a member of Demokrat Party's success team. He is Rully C. Iswahyudi, deputy director for commercial and IT at Antara. "Even if my allegation will later on proven to be false, it is a violation of law to have the Antara executive in the success team," George argued.

Antara CEO, Akhmad Mukhlis Yusuf, previously asked George to drop the allegation about money flow from Antara's public service obligation (PSO) pool of fund to Bravo Media Center.

Public have raised concern about conflict of interests in the participation of some commissioners of state-owned enterprises in the campaign teams of SBY-Boediono and Kalla-Wiranto. Some decided to resign from SOEs, like in the case of Raden Pardede, but others stay because they claimed they're not part of the formal structure of the success team.

George also raised the conflict of interests issue in his TV debate with Suratto Siswodihardjo last night. Suratto complained about the inclusion of Puri Cikeas Foundation as part of the George's term of Cikeas Octopus. "While I built this foundation with my own money, and that it grows from our businesses. What's wrong with that," Suratto argued.

But George challenged Suratto with the following question, "when will you talk about the chairman of Puri Cikeas foundation and as a chairman of Pro-SBY Movement?"

Suratto, according to our database, is also listed as commissioner of state-owned airport management company PT Angkasa Pura II. Suratto is SBY's neighbor in Puri Cikeas, now an upper class residential area, reportedly purchased at "cheap price" from local farmers.

Puri Cikeas is a heavyweight foundation where CEO of two major banks (BRI and Bukopin) are key officers. State-owned bank BRI and Bukopin both donated to the foundation. The foundation had meetings on government-sponsored programs like biofuel, etc.

Amien Rais, former People's Consultative Assembly speaker, said the main weakness in George's book is secondary source he used, and then added with his own research. But Amien believes in the accuracy of the secondary data.

Interestingly, DPR's Special Committee to investigate Century bailout plans to summon some people mentioned by George in the book. While George didn't make a connection between Century bailout and efforts to recover Boedi Sampoerna's over US$200 million funds in Century, the book contained information about Sampoerna's over Rp150 billion "capital injection" into Jurnal Nasional, a newspaper affiliated with Demokrat Party and SBY. 

About the conflict of interest, we managed to develop a list of cabinet members and commissioners in state-owned enterprises that openly play politics but no punishment weighed upon them. Why the country doesn't want to change? Why the current administration repeats the behavior of previous administrations when it comes to abuse of power and State assets?

Some love the phrase...laws established only to be violated. That seems perfectly correct when you see the list. You can expand the list with hundreds of other names in somewhat similar positions. Not to mention tens of the so-called economists and political observers hired as commissioners in the state-owned companies and government offices. 

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Sekoci Indoratu, giant "NGO" or "shadow political party"?

Sekoci Indoratu (Sekoci = Lifeboat) classified itself a non-government organization (NGO). But the NGO also calls itself "partner" of President SBY's Demokrat Party in the elections (legislative and president). As "NGO", we have to admit Sekoci Indoratu might be the biggest and most powerful NGO in Indonesia. 

Sekoci Indoratu has nationwide branches at provincial level and regency level, equipped with organization structure similar to political parties. Take a look at the structure of NGO Sekoci Indoratu in Kubu Raya, Kalimantan. Interestingly, in some areas, the leaders are either former executives in political parties or government/military officers. In some areas, the local branches also got "financial assistance" from local administration's budget. In Pelalawan Regency, according to an audit by Supreme Audit Agency (BPK), found "donation" of Rp40 million from local budget.

This NGO is very active in local politics. During the governor election in East Java last year, for example, Sekoci Indoratu, claimed its 500,000 members in the province of supporting Soekarwo (candidate from Demokrat Party). Head of the NGO in East Java is Major General (ret) Djoko Subroto. In North Sulawesi, the chairman is Colonel (ret) Frans Mongdong. At the national level, its chairman is Major General (ret) Soeprapto, who is also commissioner at PT Indosat Tbk.

How they finance the organization? Who provided funds for its operations?
According to Tempo, Sekoci was formed in the run-up to the 2004 legislative election for Yudhoyono’s political interests. Almost 90 percent of thepersonnel on this team were retired military men. Among them were T.B. Silalahi, Soeprapto, Amir Sembiring, Irvan Edison, and Max Tamaela. "Not surprisingly, their activities employed a military pattern, among other things, by conducting intelligence, territorial and sociopolitical activities," Tempo wrote in October 2008 (Revving Up the Old Engines).
In addition to retired soldiers, Tempo reported, the team also consisted of a number of businessmen and business operators, among them Teddy Tohir (founder of Astra) and his son, Boy Garibaldi Tohir (Adaro), Robbyanto Budiman (Wahana Makmur Sejati), Patrick Waluyo (Northstar Pasifik), and Frans Kansil (Unilever). There were also politicians, such as Yahya Ombara (formerly of the Indonesian United & National Unity Party).

  

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Clean Golkar Caucus? BIG JOKE!

A group of Golkar politicians established what they called "Clean Golkar Caucus" to unseat party chairman Aburizal Bakrie. While they might pointed to the US$220 million tax manipulation allegedly committed by Bakrie-related companies as the rationale for replacing Aburizal, the caucus' name is a problem. "Clean Golkar politicians? What a big joke," a friend commented.

Zaenal Bintang, founding member of the caucus, said Aburizal shall resign temporarily. "He shall resign," Zaenal told the press in the residence of former coordinating minister for the economy Rizal Ramli.

So, who is the "clean" guy to replace Aburizal? Zaenal promoted Agung Laksono (currently the coordinating minister for people's welfare, replacing Aburizal). Agung is also deputy chairman of Golkar Party. Is he clean?

Well, that's not important for them. But they could ride on the recent political dynamics where Golkar, a member of the ruling coalition, is in the frontline on ongoing investigation on Century bailout. 

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Sampoerna, SBY-Demokrat, & Century bailout

George Aditjondro wrote in the controversial book: Membongkar Gurita Cikeas, Di balik Skandal Bank Century about the connection of Sampoerna Group/Family with SBY-Demokrat through Jurnal Nasional newspaper. Boedi Sampoerna, according to Supreme Audit Agency (BPK), had over US$200 million deposit in Century, which would gone, if government closed down the troubled Bank Century.

I just remember when our fellow journalists discussed about who's behind Jurnal Nasional newspaper when it first hit newsstands few years ago (2006 to be exact). Journalists in town mainly mentioned Sampoerna. Which Sampoerna or who in the Sampoerna family involved in Jurnal Nasional (JURNAS), nobody knows except people within the company. George wrote that it's Soenaryo Sampoerna (not Putera, nor Boedi) who invested in the newspaper (PT Media Nusa Perdana). Soenaryo's name is mentioned in various reports about PT Esa Kertas, who is in legal dispute with Bank Danamon. Our source said Soenaryo, known as Kian Soen, is the son of Boedi.

In the first two years of JURNAS, according to George, Sampoerna installed two representatives: Ting Anantan Setiawan and Rainerius Taufik. Ting's role has reportedly been replaced by First Lady Ani Yudhoyono's younger sister, who is also the wife of Gatot Suwondo (BNI CEO). 

Nobody knows how much money Sampoerna already invested in JURNAS. George only pointed to print cost of the paper since 2006 has reached Rp90 billion. If that's true, JURNAS might have spent over Rp300 billion, because according to our experience in the media business, printing cost might be around 30% of total cost.

Still, nobody knows who gave what and how much for the operation of this newspaper. What's the connection between Sampoerna investment in JURNAS and Century bailout? George, in a talk-show with TVOne, said he made no connection between those two. Let people to draw conclusion? Well, what an unpleasant New Year gift for SBY and Demokrat Party. 

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Membongkar Gurita Cikeas triggers controversy

For those regularly monitoring Indonesian politics at play, George Aditjondro's book, Membongkar Gurita Cikeas (literally means: Uncover Cikeas Octopus), is a compilation of scattered reports about various foundations closely linked to Cikeas (President SBY, The First Lady, and the broader inner circle (including Demokrat Party). What makes it special is actually the inner circle's strong reaction to the book, most likely because of the connection to ongoing investigation on Century scandal.

George opened the book with the popular transcript of a wiretapped conversation between Anggodo Widjojo and Ong Yuliana where Yuliana claimed SBY's support for Ritonga (former deputy attorney general) on a plot (i.e. criminalization of KPK leaders).

George discussed about Sampoerna Group's "assistance" to Jurnal Nasional, a newspaper closely affiliated to Demokrat Party and SBY; utilization of public service obligation (PSO) funds for Bravo Media Center, one of campaign arms of SBY-Boediono; SBY-affiliated foundations (Puri Cikeas, SBY Nurussalam, Kesetiakawanan & Kepedulian, etc); First Lady-related foundations (Batik Foundation, Sulam Foundation, etc); Business connection of Cikeas Family, etc.

Yosefardi.com published various articles in the period of 2007-2008 about these issues under the following titles: Puri Cikeas Foundation, SBY's dzikir foundation, cabinet ministers wives' club, Tempo Scan Group & SBY, Tjokrosaputro & The First Family, Mr President & The Joker, etc.

The book has disappeared from bookstores. TBG reportedly withdrew the book. But Naluri Imayanti, duty manager of Gramedia Matraman (Jakarta) outlet, denied the withdrawal. "That's not true. The book has yet to entered the bookstore," Naluri said.

The publisher printed 4,000 copies for US$4/copy. Bookstores withdrawn the book, reportedly due to "pressures", just when the inner circle of the ruling elite seriously discussing the book. The President's spokesperson has expressed SBY's "concern" about the book's content. Demokrat Party executives mainly call the book a "defamation" and as a result, the writer shall be brought to justice (legal process).

House Speaker Marzuki Ali (from Demokrat) said the book is full of baseless allegations and defamations toward SBY.

Denial also came from Antara News Agency, which according to George, channeled public service obligation funds to Bravo Media Center (member of SBY-Boediono campaign team). Suratto Siswodihardjo, chairman of Puri Cikeas Foundation, asked George to drop the conclusion that the foundation he established is part of the Cikeas Octopus. "I simply can't accept that conclusion," Suratto, known as a friend of SBY and chairman of Pro SBY Movement/commissioner of state-owned company PT Angkasa Pura II said in a dialogue at TVOne. But George rejected straightforwardly. "I will not drop that," George said in the dialogue.

All of these would only popularize the book. What a "blessing in disguise" for the publisher. Members of the DPR's inquiry team on Century have reportedly ordered the book directly to the publisher in Yogyakarta (Galang Press). Some universities have also ordered substantial copies.

While SBY's supporters see SBY as a regular victim of defamation, others expressed their concern about the return of authoritarianism if the book is banned from distribution. Interestingly, Amir Syamsuddin, secretary general of Demokrat Party, who is also a lawyer, said the book shall not be withdrawn from distribution. "The book is rubbish, no relation between its title and the content," Amir commented.

President's spokesperson Julian Aldrin Pasha dismissed speculations that government has banned the distribution of the controversial book.

For your own research, checkout the following websites:

(1) Puri Cikeas Foundation

(2) Kesetiakawanan and Kepedulian Foundation

(3) Yayasan Majelis Dzikir SBY Nurussalam. Or this article.

(4) Yayasan Batik Nusantara

You may read others, for reference: 

(1) Indonesia Tersenyum

(2) Indonesia Pintar

   

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Luna Maya, Infotainment & The Edict

The beautiful artist Luna Maya managed to get over 100,000 supporters in various Facebook accounts to "fight the crappy infotainment", higher than the Facebook accounts supporting finance minister Sri Mulyani Indrawati. Luna Maya's concern about Infotainment she wrote in her Twitter account has sparked nationwide discussion, including the edict from Moslem clerics. Actually, three years ago, Nahdlatul Ulama's national conference in Surabaya issued an edict prohibiting Moslems from broadcasting, publishing, and watching infotainment news or TV gossip shows.

The Jakarta Post reported earlier that Luna allegedly defamed infotainment journalists by posting a comment in her Twitter account, calling infotainment journalists lower than commercial sex workers and murderers. As of Wednesday morning, last week, her Twitter account was no longer accessible. Thursday last week, the Jakarta chapter of Indonesian Journalist Association (PWI) representing infotainment journalists reported Luna to the Jakarta Police for defamation.
News portal Okezone.com reported that Luna had been angered by infotainment journalists after an incident in one of Central Jakarta's mall, where one of the journalists' camera hit the head of Aleia, the daughter of Peter Pan's vocalist Ariel who had accompanied her that night.
Since then several Facebook accounts have been established to support her fight such as Free Luna Maya from ICT Law trap (42,000 supporters), Support Luna Maya from Arrogant Infotainment (122,000 supporters), etc. There are at least 25 Facebook accounts to support the artist.
Nahdlatul Ulama chairman Hasyim Muzadi reaffirmed the edict saying gossippy infotainment is classified as "haram" (prohibited under Islamic teachings). "Such gossip is not considered entertainment news anymore. Reports about internal affairs of a family and conflicts between family members shall be stopped," Muzadi said. He cited the Holy Qur'an to strengthen his argument.

Of course not all entertainment news are gossippy. The problems are probably on the implementing definition and classifications. But Indonesia's Broadcasting Commission (KPI) admitted earlier that it's reviewing at least 40 infotainment programs which might have violated Broadcasting Law No. 32/2002 article 36 point 5b (porn-related issues).

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Major bookstore withdraws controversial book on SBY

Major bookstore identified as TBG has reportedly withdrawn the distribution of Membongkar Gurita Cikeas: Di Balik Skandal Bank Century (picture, courtesy of Kompas.com), a book written by George Junus Aditjondro, upon instruction from "boss". The book, basically about foundations surrounding President SBY, has reportedly been discussed seriously by SBY's inner circle in SBY's private residence in Cikeas, West Java.

Kompas.com reported that TBG, most likely linked to Kompas Gramedia Group, withdrew the distribution of the book today, just few hours after the bookstore network received the delivery from its publisher (Galang Press).

The publisher, Julius Felicianus, claimed TBG owner got "hate calls" from unidentified person who asked the withdrawal.

Tempointeraktif.com quoted Julius saying Gramedia bookstore in Yogyakarta had withdrawn the book after "security officers" paid a visit. 

George launched the book in Yogyakarta on Wednesday, Dec 23 and immediately became a best seller. "The President is very concerned with the book release, because what disclosed in the book is not the fact," Julian Aldrin Pasha, the president's spokesperson said.

What's in the book? Well, actually nothing really new. George wrote about foundations like Puri Cikeas, Mutu Manikam, Kesetiakawanan, SBY Nurussalam, etc. George pointed relationships between First Lady Ani Yudhoyono and Artalyta Suryani (jailed in bribery case of prosecutor Urip Tri Gunawan) in Mutu Manikam Foundation where Artalyta was the treasurer, while the First Lady is the patron leader.

George also wrote about Kesetiakawanan Foundation which linked Djoko Suyanto (coordinating minister for politic, security, law & human rights) and Djoko Tjandra (for a US$1 million donation through PT Mulia Graha Tatalestari), etc.

The book is controversial for the link between SBY and the ongoing investigation on Century. Demokrat faction chairman Anas Urbaningrum expects the book is not part of a negative propaganda saying "SBY is not involved in the Century issue." 

But the publisher dismissed such allegation arguing George submitted the manuscript in June 2009 before the Century case emerged in political arena.

Andi Arief, one of SBY-Boediono's team member in the presidential campaign, considered George's new book a "defamation". He pointed to page 30 and 31 of the book, where, according to Andi, George mentioned about transfer of money from state-owned news agency LKBN Antara of Rp40.6 billion to Bravo Media Center, one of SBY-Boediono's key organizations.

George rebuffed Andi saying "the amount is not an issue. The most important thing is whether there were money transfer from Antara. Do they deny this? Because I have internal sources at Antara who could verify that."

The bottom line, George reminded, is the importance of auditing on foundations related to people in power and campaign teams. We can't agree more!  

  

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Southern Arc & Indotan close acquisition

TSX Venture-listed Southern Arc Minerals Inc. has closed its acquisition of certain rights from Indotan Inc., including the right to the name Indotan Inc. Subsequent to its previous announcement, the structure of the transaction was modified to include the acquisition of two Singapore subsidiaries of Indotan.

Indotan assigned its rights to the Indotan name, granted Southern Arc power and control over all matters related to the Singapore companies, and has agreed to transfer the shares in the Singapore companies to Southern Arc once the required permits have been granted to the Singapore companies pursuant to the mining laws of Indonesia.

In consideration for the assignment of the rights to the applications, the acquisition of the subsidiary and the name Indotan Inc., Southern Arc will issue 3.5 million common shares to the parent company subject to two options in favour of Southern Arc. The first option will entitle Southern Arc to acquire 1.5 million of these shares at a price of $0.90 per common share within a period of 18 months. 

The second option will entitle Southern Arc to acquire 0.5 million of these shares at a price of $0.50 per common share within a period of 8 months. All of the shares to be issued by Southern Arc will be subject to a four month statutory hold period. In place of the existing 1% NSR’s on both the Sumbawa and Lombok Properties, Southern Arc will grant a 2% NSR on the Sumbawa property and a 1% NSR on the Lombok Property, as those applications were originally described in March, 2005. 

In the case of the Lombok Property, the NSR does not apply to the Block 1 property (which encompasses all of Selodong, Mencanggah, and Pelangan prospects) acquired by Southern Arc from Newmont in January, 2006.

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Robert Tantular & Miranda Goeltom

Lawyer of former owner of Bank Century, Robert Tantular, strongly denied allegations that his client ever gave Jaguar luxury car and cash for overseas trips to Miranda Goeltom, former senior deputy governor of Bank Indonesia. Interestingly, Robert's former business partner accused Robert of bankrolling Miranda's campaign for BI position few years back.

Bambang Hartono, the lawyer, said his client had professional relationship with Miranda. "All bank owners know Miranda. They (Robert and Miranda) only met in official events like Christmas party or seminars organized by BI," Bambang said.

Interestingly today some newspapers quoted Rafat Ali Rizvi, former shareholder of Century, saying Robert once financed the campaign of someone to be the senior deputy governor of Bank Indonesia.

The Jakarta Post quoted Rafat today saying "Robert told me on several occasions he financed the selection process for one of the officials to become senior deputy governor. I told Robert he shouldn't be doing this. It's tantamount to bribery. Robert said it was alright."

The Inquiry Team established by DPR to investigate Century scandal will summon Miranda again. She might be confronted with Rafat's "testimony". They might also summon Robert Tantular on this issue.

Miranda told the team last week that she talked to Robert several times, but "we never become friends."

Some media outlets reported that she burst into tears before the team, especially when legislator from Hanura mentioned about her fond of arts. That was her second appearance. "Why me?", "I don't know?", and "Ask other BI officials!" were some of her answers on questions from the team members.

What an unpeaceful retirement for Miranda! She has also been questioned several times in the bribery scandal implicating some legislators.

The Post article concluded close ties to BI officials had helped Bank Century break rules and committed frauds. Well, reading the 500-page audit report from Supreme Audit Agency (BPK), one could easily share such conclusion. Who shall be responsible for the flaws?

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Marsilam & Century bailout

President SBY said he never assigned Marsilam Simanjuntak, head of President's Special Delivery Unit (UKP3R), to represent him in meetings related to the decision to bailout Bank Century.

"President SBY didn't know about that and Marsilam's presence was not upon the president's order," Julian Aldrian Pasha, President's spokesperson said.

Julian said it's irrelevant to speculate on Marsilam's presence as an indication of President SBY's involvement in the Century bailout. "He attended the meetings in Marsilam's capacity as advisor to Finance Minister," Julian said.

Two weeks ago, Marsilam told the press that he attended the Century-related meetings according to tasks given by President SBY to UKP3R. The Inquiry Team established by DPR to investigate the bailout has raised questions about Marsilam's role in the bailout. Former secretary to the Financial Sector Stability Committee (KSSK) Raden Pardede said earlier that "Mr Marsilam was asked by President to work with KSSK."

Why the president has to deny his role through Marsilam's presence? Is it a sign that the President want to detach himself from the bailout decision and let Sri Mulyani Indrawati and Boediono face the inquiry by themselves? If SBY believes the bailout decision was right, why would he try to detach himself from the decision?

Today, finance ministry sent out another clarification: Marsilam was invited by the KSSK as a source, just like others. Once again, if they believe the bailout decision was right, why they have to trigger another speculation about Marsilam's role with such conflicting statements?

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Facebookers for Sri Mulyani

As of this morning, Facebook account dedicated to support finance minister Sri Mulyani Indrawati has attracted 44,622 supporters. It is about a 100% growth from December 22 (23,000 supporters). But one supporter asked, "why is it so difficult to even reach 100,000?"

Well, for a comparison, two KPK leaders---Bibit Samad Rianto and Chandra M. Hamzah---managed to get over 1 million Facebook supporters nine days after the account established. Prita Mulyasari also secured over 150,000 Facebookers within few days.

Someone created the account for Sri Mulyani under the banner "We Believe in Sri Mulyani's Integrity". But its performance is not that impressive, even compared to the account established to support the investigation of Century bailout called Gerakan Pemerintah Bersih---Penuntasan Skandal Bank Century which already secured 88,000 supporters. Sri Mulyani is one of the so-called "main targets" in the ongoing investigation.

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Hatta Rajasa is still the frontrunner

Coordinating minister for the economy Hatta Rajasa is still considered the frontrunner in next month's race for chairmanship at National Mandate Party (PAN), the fifth largest party in the House of Representatives (DPR). His main challenger is economist Drajad Wibowo.

One of them will replace Soetrisno Bachir who has been in the position since 2005. Soetrisno is a businessman with interests in energy sector.
Patrialis Akbar, executive of PAN, who is also minister for law and human rights affairs, believes Hatta is supported by most party members. But Drajad claimed he secured support from leaders of 327 provincial and regency level branches of PAN. Hatta supported SBY in the July presidential election, while Drajad campaigned for Kalla. 

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Detik.com still tops the list

Detik.com is still the highest ranking online publication in Indonesia ahead of Kompas.com. According to Alexacom, Detik.com ranked 9th in traffic in Indonesia, while Kompas in the 12th. 

Detik has also Detiknews.com in No. 13, Detiksport.com in 18, Detikhot.com in 26, and Detikinet.com in 32. Detik.com also ranked 452 worldwide in terms of traffic, while Kompas.com in 682. How about Tempointeraktif.com? It ranked 128 in Indonesia and 8074 worldwide. It is better than Republika.co.id (138 in Indonesia, 9247 worldwide). Inilah.com has higher traffic rank at 43rd in Indonesia and 3372 worldwide. Vivanews.com, controlled by Bakrie Group, is the biggest achiever, ranked 30 in Indonesia and 2386 worldwide. Okezone.com, controlled by MNC Group (Tanoesoedibjo), ranked 21st, clearly not No.1 online news and entertainment like its claim.

In general, Facebook generated the highest traffic in Indonesia, followed by Google.co.id, Yahoo!, Blogger, and Youtube.   

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Ayu Azhari, vice regent candidate?

Sexy artist Ayu Azhari believes she would win the election in Sukabumi Regency, West Java as vice regent. PDI-P, the third largest in the country, reportedly supports her candidacy.

Tjahyo Kumolo, executive at PDI-P, said the party has yet to formally nominate Ayu.
Political observers warned PDI-P of possible credibility issue if it gives blessing for Ayu. Gaffar Karim, political science lecturer in UGM, said accommodating popular figure like Ayu could ruin PDI-P's image...Some Sukabumi residents prefer other beautiful popstars like Desi Ratnasari or Heppy Salma...

But others say: who cares? Is it matter? Check out her pictures here....She could be Indonesia's "hottest officer". Oops..she's one of few Indonesians invited in Barrack Obama's inauguration party at the Capitol Hill, Washington early this year. Ayu is mother of six. The youngest is Lennon Tramp from her relationship with White Lion singer Mike Tramp.

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Hagianto Kumala joins Delta

Hagianto Kumala, former CEO of PT United Tractors (UNTR) Tbk, has formally been appointed the new CEO of PT Delta Dunia Makmur (DOID), which acquired giant mining contractor PT Bukit Makmur Mandiri Utama (BUMA). 

The acquisition boosted Delta stock price from Rp410 in early May to Rp2175 in August, but since then the stock lost 30.1% to close at Rp1520 this week.

Born in 1946, Hagianto graduated from Bandung Institute of Technology in 1974. He joined Astra Group in 1971 and became CEO of UNTR in 1999.

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Oilex drops further

Stock price of Oilex Ltd drops further by almost 3% this morning, crashed 55.3% since November 12, 2009, on reports about unsatisfactory outcome of drilling at Lore-1 well in Timor Leste's joint petroleum development area.

Oilex stock surged from $0.145 in July to $0.39 last month, but then fell substantially to $0.17 this morning. Oilex told ASX that Lore-1 well drilling has so far failed to find commercial hydrocarbons. 

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Gunawan Steel kicks off IDX trading

PT Gunawan Dianjaya Steel (GDST) Tbk will start the trading of its stocks on Indonesia Stock Exchange (IDX) Wednesday, December 23rd. GDST is the 13th company listed on IDX this year, raising Rp160 billion from the IPO of 1 billion shares.

Gunawan Dianjaya Steel's IPO price is Rp160. With total listed shares of 8.2 billion GDST will have initial market cap of Rp1.312 trillion or about US$140 million. The company had total asset of Rp911 billion as of June 30, 2009 with sales revenue of Rp830 billion in the first half 2009 and operating loss of Rp318 billion. The company reported net profit of Rp83 billion last year on sales revenue of Rp3.02 trillion and operating profit of Rp417 billion.

After the IPO, Kellywood Holdings Limited controls 51.37% shares in GDST, followed by Bavarian Venture Investment Limited with 35.94%, PT Jaya Pari Steel (JPRS) Tbk 0.49%, and public 12.2%.

Number of IPOs dropped substantially this year to 13, so far, from 19 last year and 24 in 2007. Total funds raised through IPO this year also crashed to Rp3.8 trillion from Rp24.39 trillion last year and Rp17.18 trillion in 2007.

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Rudiantara resigns from PLN

Rudiantara, vice president director of state-owned electricity company PT Perusahaan Listrik Negara (PLN) has tendered his resignation letter to SOEs ministry, Detik.com reported.

Rudiantara said he had professionally accomplished what he thinks he should do at PLN. He has been in the position since 2007. Rudiantara will soon get a new job he didn't disclose. He was director at PT Semen Gresik (SMGR) Tbk before PLN job and director at telecommunication company PT Excelcomindo Pratama (EXCL) Tbk before SMGR.

Government plans to install new CEO for PLN to replace Fahmi Mochtar. Jawa Pos CEO and owner Dahlan Iskan is considered the strongest candidate to replace Fahmi. Dahlan admitted he had signed a letter before President SBY last week for that job. There will be no vice president director position in the new structure of PLN management. So, resign before the job is no longer available!

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Teledata acquires Centrin Online

Teledata (Singapore) Limited has entered into a MoU to acquire 446.74 million shares, representing 77.68% of the issued and paid up capital of PT Centrin Online Tbk, for S$17.2 million.
Listed on the Indonesia Stock Exchange (IDX), PT Centrin Online Tbk is a leading Indonesia-based Internet service provider, with services such as dial up, business access, local area network(LAN) dial up, dial up integrated services digital network (ISDN), dedicated and leased lines Web hosting services, co-location services, mailing list services and voice-over-Internet protocol.The Company has branch offices in Jakarta, Surabaya, Bogor, Yogyakarta, Batam, Medan and Denpasar.
Under the MOU terms, Teledata is proposing to pay S$5.0 million in cash to be financed by way of bank borrowings while the balance will be paid through the issuance of a convertible bond in favour of PT Centrin.
The convertible bond will have a coupon rate of 5% per annum, par value of S$12.16 Million with a maturity date of 20 January 2012. The convertible bond may be converted into stock of Teledata upon maturity at a price of S$0.10 per share.

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Century bailout & capital outflow

Liquidity crunch hit global financial market way before the Century bailout. With or without financial crisis in Indonesia, global fund managers would still withdraw their funds from Indonesian market.
If we look at statistics of stocks trading in September-December 2008, it is clear that foreign funds flown aggressively in the fourth quarter 2008. Even in the third quarter 2008, net buy of foreign investors at Indonesia Stock Exchange (IDX) reached Rp2.26 trillion. It is lower than second quarter (Rp4.8 trillion).
Two weeks trading (before the Century bailout) at IDX resulted in net foreign buy of Rp110 billion (Nov 10-21). There were the so-called capital outflows of Rp289 billion in the first week of November, the second and third week of October (-Rp810 billion and -Rp650 billion respectively). That was mainly due to tight liquidity in some private equity firms.

But the fourth week of October we saw huge inflow of capital into the stock market. The biggest inflow of foreign capital in the stock market was recorded in fourth quarter of 2008 (+Rp11.42 trillion) for simple reason: the stocks have already bottomed out that time.

In fact the biggest inflow of capital in the stock market was recorded in fourth week of October at +Rp5.4 trillion, three weeks before government decided to bailout Century. So, what capital outflow they talked about when discussing Century bailout? How about money market or flow of funds in the banking system that time? Unfortunately, we don't have that. But Bank Indonesia argued foreign reserves dropped substantially that time. (TH/YA)

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Centurion acquires Aceh gold projects

TSX Venture-listed Centurion Minerals Ltd has executed a MoU with PT Sigma Mineral Exploration to acquire an 85% interest in three gold exploration concessions in Aceh Tengah regency, Aceh province. 

The three projects are approximately 10,000 Ha in size and are located near to the south of East Asia Mineral's Miwah gold project. East Asia Minerals is also listed on TSX Venture. 

As reported by MarketWire few hours ago, pursuant to the agreements Centurion shall manage all exploration activities, be responsible for license issuance costs and 100% of exploration expenditures and related costs through to feasibility study. Upon receipt of IUP mining claim licenses, completion of definitive agreements and regulatory approvals, Centurion intends to commence an active exploration program on the three projects.

Alfred Lenarciak, Centurion chairman has just completed discussions with the local authorities of Aceh Tengah Regency. They have expressed being pleased with the Company's initiatives to commence exploration on the most promising mineral prospects in the area. 

Centurion and its local parner is also in the process to reactivate the Sable gold project, 15-km west of Miwah epithermal gold project.

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Straits signs US$380M loan

Straits Asia Resources Limited, which controls coal concessions in Kalimantan, has signed a five year club financing facility of US$380 million today.
The facility is fully committed for five years and comprises a term loan US$250 million, revolving working capital of US$50 million, and LC/bank guarantee facility of US$80 million.
The facility will be used to refinance an existing US$255 million facility, and provide working capital for expansion of coal production.
The club of banks participated in the facility are Siam Commercial Bank, Krung Thai Bank, Bangkok Bank, and Standatd Chartered Bank. PTT is the controlling shareholder of Straits Asia which produce about 10 million tons of coal in Sebuku and Jembayan mines in Kalimantan.

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