Natpac free from dismissal threat

JAKARTA: Indonesias investment manager company, PT Natpac Asset Management, is exempt from dismissal threat from the local market authority following the appointment of new directors early this year.Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) gave the dismissal threat last year following the indication of misuse in managing the discretionary fund (KPD).They have already had new directors, said the Head of Investment Management Bureau of Bapepam-LK, Djoko Hendratto, to Bisnis recently.Based on the data in Bapepam-LKs website, the investment manager company listed two new directors, namely Saurdot Lumban Gaol and Mentor Simanjuntak, along with two other directors who once resigned, Eddy Darwan Saragih and Suharli Marbun.The misuse indication refers to Bapepam-LKs evaluation result on investment programs in several companies that in fact must be restructured. Basic assets of discretionary funds include promissory notes (PN) and exchangeable bond.The projects were the toll road managed by PT Marga Hanurata Intrinsic from Kertosono to Mojokerto, East Java, valuing more than IDR2 trillion. It was claimed that the project had passed the land clearing phase and was waiting for the loan from a bank consortium.Such project was funded by the issuance of promissory notes (PN) and convertible bonds then being invested in KPD for project financing. At the moment, the KPD valued IDR333 billion or significantly shrank compared to the end of June, reaching IDR371 billion.PT NatPac Graha Artamas, led by Tan Sukirman, issued the PN with 20% interest rate and the annual convertible bonds. Tan Sukirman also controlled 98.5% shares of NatPac Asset Management.The company currently undertakes improvement measures for several assets of the discretionary funds with some investors. At the moment, the company places all PNs and convertible bonds to a custodian bank, PT Bank Bukopin Tbk.Natpac offers two schemes to its KPDs investors, including asset conversion to other securities and a change in investment contract, from KPD to limited mutual funds. (T02/NOM)