KPK Asked to Investigate PGN Case
Thursday, 22 February, 2007 | 16:25 WIB

TEMPO Interactive, Jakarta: The Indonesian Aspirations Forum will urge the Corruption Eradication Commission (KPK) and the Center for Analyzing and Reporting Financial Transactions (PPATK) to investigate the share transactions of PT Perusahaan Gas Negara Tbk (the state gas company) prior to the divestment in December of last year.

The forum, driven by the Coordinator of the Indonesian Corruption Watch, Teten Masduki, economist Faisal Basri and capital market observer Yanuar Rizki, pointed out that state lost Rp1.3 trillion as a result of the large amount of PGN share transactions.

“There is jurisdiction for the KPK and the PPATK to investigate the case,” Teten told reporters yesterday (02/21) in Jakarta.

On December 14, 2006, the Department of State-Owned Enterprises (SOEs) offered 5.31 percent of PGN's shares (divestment) through limited selling.

PT Danareksa Sekuritas, PT Bahana Securities, and CFSB acted as the issuers.

After considering the results of book building, the government decided to offer PGN's shares at a price of Rp11,300 per share.

According to Coordinator of the Indonesian Aspirations Forum Yanuar Rizky, prior to the divestment, there was an indication that the price of PGN's price would be deliberately decreased by certain brokers from Rp13,800 to about Rp11,300 aimed at profiting a certain party.

“The term for this is back door profit,” he said.

Apart from this case, Capital Market Supervisory Agency is in fact investigating the decrease in PGN's share price.

On January 12, 2007, the price of the PGAS-coded share fell sharply by 23.32 percent from Rp9,650 to Rp7,400.

One day earlier (January 11), the price of PGN shares had dropped by 4.5 percent.

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