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Wednesday, July 25, 2007
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Rokhmin Tries to Drag in Freddy Numberi
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Rokhmin Dahuri, who was sentenced to seven years imprisonment yesterday (26/7), tried to drag along Maritime Affairs and Fisheries Minister, Freddy Numberi, in the case of non-budgetary funds. After hearing the verdict, he questioned the Corruption Eradication Commission who has not yet examined Freddy Number—who replaced him as minister.
Rokhmin said Freddy also used the same non-budgetary funds for personal interest. “If Pak Freddy said he didn't know, so do I,” he said.
The Corruption Criminal Acts panel of judges sentenced Rokhmin Dahuri to seven years imprisonment in the case of collecting non-budgetary funds in the Fishery Department. The former minister was also fined Rp200 million, with a secondary sentence of six months of detention.
“The defendant was found having committed a corruption criminal act,” said the chairman of the panel of judges, Mansyurdin Chaniago. The verdict was one year more when compared to the prosecutor's charge. The verdict was also heavier compared to the verdict on former Fisheries Department Secretary General, Andin H. Taryoto, for the same case, that was 18 months imprisonment.
Earlier, Rokhmin also accused the Corruption Eradication Commission (KPK) as discriminating for not arresting Freddy. According to Rokhmin, Freddy used more non-budgetary funds than he, for example for the trip to Rome and house renovation.
KPK Deputy Chairman, Tumpak Hatorangan Panggabean, denied that he had acted discriminatingly. He stressed that the Commission already planned to summon Freddy Numberi in order to develop this case.
Freddy also disputed Rohmin's accusation. He acknowledged he had never ordered the fund collecting. “I was the one who stopped and re-arranged it,” he told Tempo some time ago. He also acknowledged that up to 2006, the fund collection was still going on. Therefore, “to cut the fund chain, I went through all my staff. I replaced the guilty ones.” (Koran Tempo, July 13).
Yesterday, Rokhmin asked for an appeal for the verdict that he called strange.
_____
tempo
Labels: Crime, Internet News, Money, People
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Regional Governments’ Funds Diverted to Capital Market
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The Financial Transaction Reporting and Analysis Center (PPATK) has signaled the existence of funds that belong to regional governments being distributed in the capital market industry.
These funds are for buying securities instruments, including bonds or promissory notes.
“We’ve already received the report,” Yunus Husein, PPATK Chairman, told Tempo in Jakarta last week.
He said he suspected that some of the funds were from project or government program budgets.
As the programs cannot be implemented yet, the funds have been diverted to the capital market.
“This could be to take advantage of the low budget absorption rate,” he said.
According to Yunus, the regional governments’ transfer of funds may be through cooperation with banks, especially regional development banks.
This is because the funds must be deposited first in the banking system before being transferred to the capital market.
“The problem is, we’re experiencing difficulties in monitoring when the funds already entered the capital market,” he said.
PPATK has not yet confirmed who the perpetrators are that have invested regional governments’ money in the stock exchange.
However, “the officials in charge may be involved as the transaction amounts are quite large,” said Yunus.
He said there was in fact no problem if the funds invested in the capital market were regional government officials’ personal monies.
However, he said, this is still need to be questioned.
“Where are the funds from?”
The Indonesian Corruption Watch (ICW) has in fact discovered placement of regional governments’ funds in the capital market.
According to Emerson Juntho, ICW’s Coordinator for Legal and Monitoring Division, this occurred due to the weak monitoring of funds usage in regions.
Emerson said the regional government’s funds were actually public funds, so any transfers to the capital market were clearly violations.
The use of the regional government’s funds, he said, could also involve corruption because, “Who receives the benefits?”
_____
tempo
Labels: Bank, Finance, Indonesia, Internet News, Market
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Tuesday, July 10, 2007
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BI: No Need to Worry about Economic Crisis
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Bank Indonesia (BI) has stated that market players and the public should not worry about a potential second economic crisis spread by a number of world economic institutions.
“Now domestic economic conditions are fully under control,” said Burhanuddin Abdullah, BI Governor, in Jakarta last week.
“Even the position until midyear is still in surplus, so it can still be contractive,” he said.
The Government's Report on the First 2007 State Budget Implementation says that up to mid-June, there has been Rp23.6 trillion budget surplus or a rise of Rp9.7 trillion compared to the same period's surplus last year.
According to Burhanuddin, Indonesia's payment balance (NPI) surplus of US$3.7 billion in June, higher than the initial estimation of US$1.1 billion, also supports economic stability.
The payment balance surplus was not gained at the time before the 1997 economic crisis.
Then, NPI was in continuous deficit.
“Our NPI surplus only happened in 1952 during Korean war
and the 1974 oil boom,” said Burhanuddin.
The last factor, he said, was the economic institutional condition which is also stronger.
Based on BI's monitoring, the banking sector, which used to be a problem, in fact grew stronger.
“So there's nothing to worry about,” said Burhanuddin.
Last week, several institutions warned about the possibility of an economic crisis.
The World Bank, for instance, warned Indonesia about soaring hot money (short-term capital flow) to capital markets.
The flood of foreign capital coming into developing countries' markets and slight differences between domestic interest and international market interests can be very risky.
The Asian Development Bank has suggested Asian countries stay alert about a potential economic crisis like what happened ten years ago.
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tempo
Labels: Bank, Economy, Indonesia, Internet News, Money
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posted by ojack_djakarta
5:26 PM
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Thursday, June 28, 2007
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IEA Questions Fuel Oil Subsidy
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The International Energy Agency (IEA) is questioning the policy of fuel oil subsidies being implemented in Indonesia.
Leonard L. Coburn, IEA's head of energy analysis for Indonesia delegation, said that the fuel oil subsidies policy was not competitive for oil and natural gas investors.
“Investors won't be able to compete with a subsidized-fuel oil market,” he said yesterday (26/6).
Coburn went on to say that a subsidized fuel oil policy also distorted the market so the subsidy was not accepted by eligible parties.
He questioned the government's monitoring system so that subsidies are received by parties that have the right to receive them.
Luluk Sumiarso, Director General of Oil and Natural Gas, said the subsidy policy was related to political policy.
The government, he said, in 2000 planned to eliminate subsidies gradually.
However, the plan was not easy to implement and so far fuel oil subsidies are still being handed out.
“The president will not raise the price of subsidized fuels until 2009,” said Luluk.
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tempo
Labels: Indonesia, Internet News, Market, People
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posted by ojack_djakarta
8:48 AM
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Sunday, June 24, 2007
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RI demands access to 76 citizens arrested in US raid
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Indonesia has demanded access to 76 of its citizens seized at a plastics factory in the United States, saying it wants to make sure they get legal assistance, a Foreign Ministry official said Friday.
"They have overstayed their visas and allegedly violated the U.S. immigration law," ministry spokesman Kristiarto Legowo said. "We want to make sure that, as suspects, their rights areprotected."
He said the Indonesian workers were among 81 suspected illegal immigrants arrested Tuesday at Iridium Industries Inc. in the U.S. state of Pennsylvania, and are going through proceedings foreventual deportation.
Legowo said the raid at the company, which reportedly makes plastic tubes for lotions and other consumer products, was part of the U.S. immigration agency's effort to combat employment of unauthorized immigrants.
He urged Indonesian citizens living in the United States to obey the laws.
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source
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posted by ojack_djakarta
11:59 AM
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Monday, June 18, 2007
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RI works toward new strategy to lift game on export products
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The trade ministry together with the foreign ministry assembled a special meeting in Budapest last week, where trade and promotion officers were summoned to discuss this year's global trade strategies, especially around non-tariff barriers.
"The meeting is the first of its kind," Trade Minister Mari Elka Pangestu told The Jakarta Post last week.
"We assembled all trade attache officers as well as officers from the Indonesian Trade Promotion Center (ITPC) here in Budapest so we could start some two-way communication.
"We explained the 20 percent trade target growth for this year -- which has been divided by each region -- and what our strategies are to achieve it."
Mari said one of the main focuses of the meeting was the issue of non-tariff barriers.
They concentrated on product standardization because Indonesian products -- mostly foods -- often failed to pass sanitary and phytosanitary (SPS) requirements of EU countries.
Mari said one suggestion to improve Indonesian standards was to ask for assistance from international authorities about product and custom standards.
"We will soon send a proposal for capacity building, technical cooperation and cooperation on product standard harmony," Mari said.
"To the European Commission, we will request help in fine-tuning our local systems and standards so that our goods, especially the agricultural products, can meet their requirements.
"We also seek to have cooperation in customs in order to prevent transshipments.
"We want to prevent other countries from using us as the source of origin."
The same approach, Mari said, would also be adopted for the North American market.
Addressing the attache and promotion officers at the meeting, Mari said she expected them to be aggressive in pursuing these goals.
She told the meeting she expected local authorities to fully understand and comprehend all trade policies.
And she said all authorities would at the same time need to help manage the campaign against Indonesian products.
"In the U.S. and also in Europe, we have to battle the negative campaign against our crude palm oil," Mari said.
"We have been accused of causing an environmental disaster by using protected forests for palm oil plantations.
"And we have to correct this."
Another issue that came to light at the meeting was the threat of anti-dumping tariffs.
Earlier this month the U.S. accused Indonesia of subsidizing its paper industry and imposed an anti-dumping tariff on Indonesia's glossy paper trade, forcing Indonesian exporters to pay up to 10.85 percent in additional duty.
"I must say that it is not fair," Mari said.
"We barely reach four percent of the paper export market share to the U.S."
Indonesia would prepare a legal team to battle the accusation. she said.
The working agenda of attache and promotion officers this year includes: a policy dialogue with the United Kingdom on Indonesian-UK partnerships; a trade mission to London, Brussels, Rome, Amsterdam and Madrid; and a trade promotion event in Paris in November.
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Djakarta Post
Labels: Business, Indonesia, Internet News, Market
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posted by ojack_djakarta
3:44 PM
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RI police to get three new Japan-made patrol boats
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The Indonesian Police will have three new Japan-made patrol boats late this year and will use them to deal with crimes like piracy in Malacca Straits, where Japanese ships frequently pass the area, a Japanese official has said.
"The three motorboats will set sail to Indonesia next December or three months faster than schedule," Sumidagawa Shipyard Co. Ltd`s overseas development assistance project general manager K. Fujiwara said Monday.
Indonesian Ambassador Jusuf Anwar witnessed the launching of one of the three patrol boats at Sumidagawa Shipyard last Friday. Sumidagawa Shipyard Co. Ltd. is a manufacturer of patrol boats, ferries, and medium-class warships.
Each of the three patrol boats has 27 meter in length, 98 tons in dead weight, 30 knots in speed and can carry 12 personnel.
Meanwhile, Indonesian Police Educational and Security Office Body Commissioner General Imam Hariyatna said in a report made available here Monday that the three patrol boats were part of a follow-up to the Japanese government`s grant which had been implemented since 1962 when Japan provided Indonesian with war reparations.
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Djakarta Post
Labels: Indonesia, Internet News
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posted by ojack_djakarta
3:41 PM
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Friday, June 15, 2007
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DPR Asked to Evaluate Tangguh Gas Price
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The House of representatives (DPR) has been asked to form a special team to investigate the liquefied natural gas (LNG) sales contract from Tangguh gas field in Papua.
The price of Tangguh gas overseas is regarded as cheaper compared to that of domestic gas sales.
Effendi Situmorang, an oil industry observer, said that the team was aimed at researching and probing the contract and sales price of Tangguh gas.
The special team, he said, comprises DPR members, government officials and the Supreme Audit Agency (BPK).
“The purpose of forming the team is to take responsibility as regards whether the 20-year gas sales contract will result in benefit or loss for the state,” he told Tempo yesterday (13/6).
According to Effendi, the Tangguh gas sales price, US$3.5 per mmBtu on average, is the lowest price in the history of Indonesia's LNG sales.
“LNG price from Tangguh is lower than gas price in domestic market, which is above US$4 per mmBtu on average,” said the former Pertamina's Director of Production Sharing Management (now the Upstream Oil and Gas Executing Body or BPH Migas).
He explained that now the State Electricity Company's (PLN) power plants buy gas at prices above US$4 per mmBtu on average.
Moreover, Tangguh gas sales price can cause price discrimination in LNG from Arun gas field in Aceh and Badak gas field in East Kalimantan.
“Up to now Japan buys LNG from Indonesia at between US$7 and US$8 per mmBtu on average,” said Effendi.
Purnomo Yusgiantoro, Energy and Mineral Resources Minister, disagreed that Tangguh gas sales price was too cheap.
His reason was that the US$3.5 per mmBtu price is the export price (free on board).
“When the goods reach the destination, the price can reach US$7 to US$9,” he told Nieke Indrietta from Tempo.
Purnomo went on to say that around 50 percent of Tangguh's LNG for Sempra is also transferred to other contract to gain a better price.
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sourceLabels: Indonesia, Internet News, Money
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posted by ojack_djakarta
12:45 PM
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Humpuss To Issue US$400 Million In Bonds
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PT Humpuss Intermoda Transportasi Tbk. plans to issue bonds worth US$400 million to purchase five ships this year. Earlier, this company that runs a sea transportation business planned to obtain a banking loan to fund its expansion.
Agus Darjanto, President Director of Humpuss Intermoda, said that based on analysis the company has carried out, it had been decided not to obtain a banking loan.
“If we borrow from banks, there is little ‘room to move,’ despite us needing a large amount,” he said after holding a press conference following Annual and Extraordinary General Meetings of Shareholders in Jakarta yesterday (13/6).
Agus said the bonds that will be issued comprise of senior debt amounting to US$350 million with eight year period and junior debt of US$50 million with five year period.
The funds will be the sources of the company's expenditure up until to 2010.
He went on to say that after purchasing the new ships, the company plans to continue securing the company's assets in order to look for new loans.
The funds, said Agus, will be used for refinancing all the company's debts, including bond obligations.
Humpuss has allocated US$159.6 million (around Rp1.4 trillion) to purchase five new ships.
According to Agus, the five ships consist of Panamax ships and chemical tank ships.
As regards Panamax, those we are aiming at are that like the ships of Malaysia, Thailand, Japan and Korea,” he said.
In terms of chemical tank ships, the targets are 13,000 dead weight tons (DWT) ships.
The purpose is to meet the international market segment.
Earlier, Sapto Basuki, Humpuss Intermoda's Corporate Secretary, said that some of the funds for purchasing will be gained from the sales of two oil tank ships whose contract terms have ended and are worth US$36 million (Rp316 billion).
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sourceLabels: Bank, Internet News, Money
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posted by ojack_djakarta
12:38 PM
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Thursday, June 14, 2007
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Malaysian scientist: Look to Indonesia
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Malaysia and the rest of the Muslim world have much to learn from Indonesia's progressive approach in Islamic education, said political scientist Farish Ahmad-Noor.
Indonesia had a big number of moderate scholars that even if a few radical groups emerged, the mainstream groups would quickly silence them, said Farish, an Institute of Strategic and International Studies consultant.
During the Soeharto era, the Muslims expanded on cultural Islam rather than dogmatic politics-based Islam, he said. After that, it was taught in a scientific way.
In comparison, Islam in Malaysia is politicized and there is no independent space for it to be in the public domain, he said when interviewed at the ISIS International Affairs forum onrevisited? Shifting dynamics of radical movements in Indonesia" Wednesday.
While banning militant groups worked, he said he was concerned that if there was no deep understanding of religion at the public level, the state would continue to be the brother."
"What if one day the state is replaced by a fanatic prime minister? There will be no mode of civil defense underneath. This is where Indonesia is different from us.
"The rejection of terrorism in Indonesia did not come from the state but from the people. They didn't want to see mosques or churches or Bali or Jakarta bombed," he said.
Farish said Malaysia, in the 1920s, was more open, with people discussing the applicability of syariah law in the modern world and the role of Islam in politics.
Syed Sheikh Al-hadi, for instance, wrote Hikayat Faridah Hanum, the first modern Malay literature about women's rights.
Farish, a visiting professor at the Sunan Kalijaga Islamic University in Jogyakarta, said he is often asked:is the interpretation of Islam so narrow in Malaysia when historically and culturally we (Malaysia and Indonesia) are similar?"
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source
Labels: Indonesia, Internet News, People
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posted by ojack_djakarta
12:48 PM
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Wednesday, June 13, 2007
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European Commission and Japan Grant US$15 Million for Bird Flu
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The European Union and the Japanese government have given grants amounting to US$10 million and US$5 million respectively for handling the bird flu virus in Indonesia.
The grants were announced during a meeting between the Indonesian government and the donor countries at the “ HPAI in Indonesia: Latest Situation and Future Steps to Control H5N1 Virus” as the theme, at the Gran Melia Hotel, Jakarta, today (13/6).
“The spread of bird flu virus in Indonesia is sporadic and doesn't show any certain pattern. The war against this virus must be applied in all directions, especially as regards animals as the source of infection,” said Bayu Krisnamurthi, Head of the National Team for Bird Flu Handling and Readiness to Face Pandemic Influenza (Komnas FBPI).
It is planned that the grants will be used for supporting activities such as vaccine quality, socialization of fowl vaccination, vaccination officer training, access to vaccine storage and vaccine procurement.
The grants will be divided, for the Agriculture Department US$9.56 million and the remainder for the Komnas FBPI for many activities.
The time to use the grants is between July, 2007 and July, 2009.
Many activities to handle bird flu on animals have been prepared.
However, Musny Suatmojo, Director of Animal Health at the Agriculture Department, refused to give the details.
“Now it's being discussed in the meeting. Tomorrow there'll be certainties as regards the activity details,” he said.
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source
Labels: Health, Internet News, People
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posted by ojack_djakarta
6:45 PM
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Newmont's Lawsuit Against New York Times Postponed
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The panel of judges at the Central Jakarta District Court postponed the civil claim of PT Newmont Minahasa Raya's President Director, Richard Bruce Ness, against The New York Times newspaper, yesterday (11/6).
The reason is, during the trial headed by judge Heru Pramono, only Newmont's legal adviser, Arief Surowidjojo, was present. As from The New York Times, the side was absent. “The trial is adjouned for a week,” said Heru, closing the trial.
In the lawsuit, Ness regarded The New York Times as having contained the article that defamed his reputation and assassinated his character. The articles were written by the reporter Jane Perlez and were published three times: September 9, 2004; September 24, 2004 and October 7, 2004.
Ness, in his lawsuit, says that the news of The New York Times and several other media of its subsidiaries such as the International Herald Tribune and The Boston Globe, has caused Newmont to suffer loss as what was printed was not true.
The New York Times along with reporter Jane Perlez, contained articles with such headings as, “Spurred by Illness, Indonesians Lash Out at U.S. Mining Giant” on September 9, 2004 and “Gold Mining Company to Pay Indonesia $30 million” on February 17, 2006.
Ness wanted the recovery of his reputation and apology to be published as a first-page story in the newspapers and all media subsidiaries of The New York Times and www.nytimes.com website. He also asked The New York Times to pay immaterial compensation amounting to US$63.930 million.
Richard Bruce Ness was acquitted by the Manado District Court on April 26, 2007. As PT Newmont's President Director, Ness was found not guilty in environmental pollution in the Buyat Bay area.
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sourceLabels: Internet News
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posted by ojack_djakarta
6:42 PM
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Friday, June 08, 2007
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Bird flu virus killing more than 80% of its victims in RI
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Bird flu is killing more than 80 percent of its victims in hardest-hit Indonesia, a senior official said, partly because people refuse to believe the virus poses a serious threat.
"Often it's purely a case of ignorance," said BayuKrisnamurthi, head of the country's bird flu commission, adding that it also can take up to five days for patients in rural areas to be diagnosed and sent to a bird flu-reference hospital.This is often too late to save them, he said.
The H5N1 virus has killed at least 189 people and sickened 121 more worldwide since it began ravaging Asian poultry stocks in 2003, according to the World Health Organization. Indonesia accounts for 79 of those deaths and 20 illnesses.
Krisnamurthi said in comments seen Friday that a public awareness campaign had been successful, reaching the bulk of the country's 240 million people, but less than 15 percent believe they or their families are at risk.
That has resulted in a greater fatality rate, he said, noting that when bird flu first jumped from chickens to people in Indonesia two years ago, 75 percent of those who fell ill died, compared to 86 percent today.
Bird flu remains relatively difficult for humans to catch, experts fear it could mutate into a form that spreads easily among people, potentially sparking a pandemic that could kill millions.
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source
Labels: Health, Indonesia, Internet News, People
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posted by ojack_djakarta
1:55 PM
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BI Rate Down by 25 Base Points
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At a meeting of the Bank Indonesia (BI) Governors Board on Thursday (7/6), it was decided to lower the BI rate once again, this time by 25 base points to 8.50 percent from the previous 8.75 percent.
Budi Mulya, BI's Director of Strategic Planning and Public Relations, said that the lowering of the BI rate was based on consideration of the prospects of this year's inflation target of six plus-minus one percent and next year's five plus-minus one percent.
“The decrease was also following our in depth study of the latest economic and financial developments,” he said in Jakarta.
He went on to say that in general, the economy will still continue with a more balanced pattern.
This is reflected in the economic growth target of 5.7 percent, higher than BI's initial projection.
In addition, the Rupiah exchange rate in May also strengthened from an average Rp9.093 against the US dollar in April to Rp8.838 against the US dollar in May, 2007.
“May's inflation was also still maintained.”
Core inflation was recorded at 5.62 percent year on year, the lowest rate in the last six years.
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sourceLabels: Economy, Indonesia, Internet News, Money
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posted by ojack_djakarta
1:51 PM
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Sarwono Awaits Constitutional Court's Decision
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Jakarta Gubernatorial candidate, Sarwono Kusumaatmadja, acknowledged he could not register as gubernatorial candidate because he was not supported by a political party.
“I can't register anymore,” said Sarwono after attending the material review trial of the Regional Governance Decree at the Constitutional Court, today (7/6).
Now he is waiting for the decision of the Constitutional Court which is still in the middle of its Regional Governance Decree judicial review.
“Because I chose the independent lane,” said Sarwono.
The former Maritime Affairs and Fisheries Minister acknowledged the experts' statement during the Regional Governance Decree judicial review that there should be an opportunity for independent candidates to become regional leaders.
“A non-party lane is in fact needed,” said Sarwono.
He then made an analogy of his candidacy as the Regional Representatives Assembly (DPD) member.
At that time Sarwono did not need to have support from any political party in order to become a DPD member.
“I was elected by the people without going through any political lane,” he said.
The Jakarta Governor Election entered the last day today for the registration of gubernatorial candidates and the deputies at the Regional Election Commission (KPUD) Jakarta.
However, so far there has not been any candidate pairing who have registered at the KPUD.
As already reported, the pair of Sarwono and Jeffry who was previously put forth by the National Mandate Party (PAN) and the National Awakening Party (PKB) have canceled their participation in the Jakarta Governor Election because they did not have 15 percent of the votes of the Provincial Legislative Council (DPRD).
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sourceLabels: Internet News, Politics
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posted by ojack_djakarta
12:51 PM
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Thursday, June 07, 2007
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Former Rose Team Commander Wants Judicial Review of Human Rights Court Law
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Former “Rose Team” Commander, Major (retired) Bambang Kristiono, filed a proposal for s judicial review of the Human Rights Court Decree at the Constitutional Court, yesterday (5/6).
Bambang, via his attorney Mahendradatta, asked the Court to correct Article 43 Point 2 of the Decree No. 26/2006.
“Bambang is worried because the articles can lead him being scrutinized again by the ad hoc Human Rights Court,” said Mahendradatta at the Constitutional Court, yesterday.
Bambang is a former Army Infantry Major who was Battalion 42 Commander Group 4 of Special Force Command (Kopassus) and concurrently “Rose Team” commander.
“Rose Team”was the team involved in kidnapping and making activists disappear by force cases of in 1997-1998.
Bambang was sentenced to 20 months imprisonment by the Supreme Military Court in 2000 and was also dismissed from the Army because of the case.
Mahendratta said Article 43 Point 2 of the law states that the ad hoc Human Rights Court was formed based on the House of Representatives' (DPR) suggestion with the President's decision.
The article's explanation states that the ad hoc Human Rights Court was formed after the House deemed there had been a severe human rights violation during a certain event in a certain time and place prior to the Human Rights Decree being effective.
According to him Mahendratta in the activists kidnapping case, the Human Rights National Commission sent a letter to the House on December 27, 2006, and Bambang's name is in the letter.
The letter states that Bambang can be asked for statement as regards activists kidnapping cases.
“The nebis in idem principle may not be valid for our client,” said Mahendratta.
The trial began with preliminary questioning by the panel of judges led by judge H.A.S. Natabaya.
Constitutional judge Natabaya asked the applicant which constitutional right of him that was infringed due to the decree.
He asked the applicant to strengthen the legal standing of the judicial review.
“The constitutional loss suffered by the applicant is not clear,” he said.
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source
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posted by ojack_djakarta
3:59 PM
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Tax Directorate General Oversees Indosat Tax Problem
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The Tax Directorate General has acknowledged that there has been a decrease in the tax deposits from PT Indosat Tbk.'s revenues during the last couple of years.
However, tax officials have not yet carried out an investigation as there are not any indications of tax manipulations by Indosat, in which Singapore Technologies (ST) Telemedia owns the majority shares.
“We've collected the dossiers but they are insufficient as there must be indications of (tax) manipulation,” said Darmin Nasution, Tax Director General, Jakarta yesterday (5/6).
Signals of the state's losses due to Indosat's tax income and dividend shortfalls amounting to around Rp323 billion were brought up by Dradjad H. Wibowo, a member of the House's Banking and Finance Commission.
According to him, the potential income tax losses are Rp196 billion, the potential loss of revenue from dividends Rp65 billion and the potential loss of income tax from dividends Rp62 billion.
The losses were due to Indosat's mismanagement in carrying out derivative transactions.
Darmin asked that Indosat's tax manipulation allegation not to be taken for granted as it must be proved first.
“It's really a loss or a manipulation. Those must be differed. If it's a loss, we (Tax Directorate Genera) can't do anything. But the Capital Market Supervisory Board (Bapepam) might,” he said.
Wong Heang Tuck, PT Indosat Tbk.'s Finance Director, stated he was ready to be checked by Bapepam regarding Indosat's loss and tax deposit potential loss due to derivative transactions.
However, he denied that the losses were because of mismanagement or foreign currency speculation activities.
“Moreover, derivative transactions are not against tax rules,” he said after the nnual General Shareholders' Meeting (AGM) in Jakarta yesterday.
According to him, Indosat's derivative transactions were included in the financial statement submitted to Bapepam and the United States Security and Exchange Commission (SEC).
Indosat will continue carrying out derivative transactions until the end of Indosat's Dollar bonds I and II issuing terms.
“Indosat has the obligation of hedging at least 50 percent of the total long-term debt obligation.”
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source
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posted by ojack_djakarta
12:14 PM
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Wednesday, June 06, 2007
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Government Prepares CPO Export Duty Increase
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The government will monitor the development of cooking oil price before increasing the export duty on crude palm oil (CPO) export duty.
CPO and cooking oil producers are regarded as not yet having been optimum in terms of market operations.
“If (the ideal cooking oil price) isn't reached, we'll certainly implement (the export duty increase0” said Boediono, Coordinating Minister for the Economy, in Jakarta yesterday (5/6).
Earlier, the government had threatened that it would the raise export duty, which has been 1.5 percent up until now.
This is stated in an agreement between the government and producers that if by June 1, 2007, cooking oil prices have not reached an ideal price of between Rp6,500 and Rp6,800 per kilogram.
However, the price stabilization program, which has been carried out since March, has not yet been successful in decreasing cooking oil prices.
Currently, cooking oil prices are still between Rp8,000 and Rp9,000 per kilogram.
The government planned to implement the domestic market obligation (DMO) policy if cooking oil prices remain high.
According to Boediono, CPO producers are not yet optimum in carrying out market operations (procuring the product in markets).
This is seen from the high CPO export volume, uncontrolled domestic supply and high cooking oil prices.
“Due to increasing CPO prices abroad, we want the players in the business to hold more effective market operations,” he said.
CPO producers circle stated they are ready to procure 150,000 tons for cooking oil price stabilization program this June.
“We're ready to procure 150,000 tons. All producers are committed that the price stabilization program in June will lower prices,” said Akmaludin Hasibuan, General Chairman of the Indonesian Palm Oil Businesspeople Association, when contacted in Jakarta yesterday.
Benny Wahyudi, Director General of Agriculture and Chemical at the Industry Department, said the government will increase export duty and implement DMO policy in July, after the price stabilization program evaluation in June.
Unsuccessful price stabilization program in May was because a lot of suppliers didn't fulfill the procurement commitment,” he said.
Out of the commitment to procure 97,000 tons of CPO, around 35,000 tons had not been realized.
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sourceLabels: Economy, Internet News
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posted by ojack_djakarta
4:22 PM
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Foreign Languages on Radio to be Regulated
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The Indonesian Broadcasting Commission (KPI) will regulate the use of foreign languages in radio programs.
This is because up to now no such regulation has yet been made.
Currently, the government only regulates the use of foreign languages on television.
M. Izzul Muslimin, a KPI member, said that there were possibilities that the use of foreign languages in radio programs will be the same as for television, that is 30 percent.
“However, perhaps there will be special criteria for radio stations that broadcast programs in foreign languages, for instance Indonesian radio programs specially broadcasted,” said Izzul yesterday (5/6).
It is expected that the regulation will be completed soon and that it does not deviate from the material in the Broadcasting Decree.
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sourceLabels: Internet News
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posted by ojack_djakarta
4:21 PM
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Tuesday, June 05, 2007
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Entrepreneurs Push for Fuel Oil Tax to be Abolished
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Industry players hope that the government is serious in responding the proposal to abolish the industry fuel oil value-added tax (VAT) of 10 percent per liter.
The proposal for the fuel oil tax abolition was in response to the possibility of fuel oil price hikes in line with the increase of the Mid Oil Platts Singapore (MOPS) rate.
“Fuel oil price hikes would clearly put pressure on the industry's position. Therefore, we need policy alternatives to help smoothen the industry's cash flow,” said Thomas Darmawan, Head of Food and Beverages Businesspeople Association Chairman, yesterday (3/6).
On June 1, 2007 Pertamina increased fuel prices.
Diesel is up five percent from the previous level of Rp5.522 per liter to Rp5.797 per liter.
Pertamina increased the price in accordance to the price standard in Singapore of between 2.9 and 12.0 percent compared to the previous period.
The abolition of industry fuel oil tax, said Thomas, would not lower the state's revenues.
The reason for this is that 10 percent VAT will be imposed on ready-goods products.
“With production being smoother, the amount of production goods and the government's VAT will also increase,” said Thomas.
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sourceLabels: Internet News, Tax
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posted by ojack_djakarta
9:45 AM
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Gostei muito desse post e seu blog é muito interessante, vou passar por aqui sempre =) Depois dá uma passada lá no meu site, que é sobre o CresceNet, espero que goste. O endereço dele é http://www.provedorcrescenet.com . Um abraço.