NTC ownership change considered legal violation

JAKARTA: The decision of the Ministry of Energy and Mineral Resources to approve the change of shareholders in PT Nusantara Termal Coal (NTC) is considered a violation against the law. Oscar Sagita, the legal representative of Djendri Djusman, the legal
Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 06 Desember 2010  |  02:12 WIB

JAKARTA: The decision of the Ministry of Energy and Mineral Resources to approve the change of shareholders in PT Nusantara Termal Coal (NTC) is considered a violation against the law. Oscar Sagita, the legal representative of Djendri Djusman, the legal shareholder of NTC according to the ruling of the South Jakarta District Court, said the change of the ownership in the coal company as approved by the Ministry of Energy had violated the provisional ruling of the South Jakarta District Court No. 1427/2007.

"The provisional ruling, which prohibits any legal actions including share switch, still has legal power and so far no other legal ruling has annulled it." Oscar questioned the letter of the Directorate General of Mineral, Coal, and Geothermal at the Ministry of Energy and Mineral Resources (ESDM) No. 2875/82/DJB/2010 dated October 11, 2010. The letter was signed by Director General of Mineral and Coal Bambang Setiawan. In the letter to NTC, the government approved the change of shareholders in NTC. PT Bungo Raya Nusantara finds its shares diluted from 60% or 18,750 shares worth US$187,500 to 24.8% shares, while PT Bara Adhipratama finds its shares increasing from 12,500 shares or 40% shares worth US$125,000 to 56,875 shares or 75.2% worth US$568,750. The approval letter was previously issued based on the official note of Director of Mineral and Coal Business Development Bambang Gatot Ariyono No. 3401/08/DBM/2010 dated October 7, 2010. NTC is a coal mining company holding coal mining working agreement in the Regency of Muara Bungo (Jambi, 2,832 hectares). In the first semester of 2010, NTC was able to produce 555,540 tons of coal. The operation of the mine started in 2006 and the concession period is 30 years. The legal representative from Lucas SH & Partners Law Firm reminded the judge assembly of the South Jakarta District Court in its provisional ruling had ordered that no one should make any legal action, including switching the ownership of 18,750 shares in NTC owned by Djendri during the trial. "The ruling has indeed been appealed, but the appeal ruling has not yet been issued." The case is now tried at the Jakarta Appeal Court under case number 643/PDT/2009/PT.DKI. However, the Directorate General of Mineral and Coal instead approved the change of shareowners in NTC on October 11, 2010, which also rearranged the boards of directors and commissioners of NTC. "The approval is a violation against the law," said Oscar. When asked for confirmation, Bambang Setiawan declined to comment. (wiw)

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