Is the penalty worth it?

Finally Bapepam fined PGN Directors and Commissioners Rp 5 billion or US$ 545.000 after checking up all of related facts. Even though the mangagement express their hesitation, the decision made by BKPM is make sense. To some, it might be severe. But for others seems too light. Why? As a public company, PGN has to obey all of the regulation despite their previleges not to be intervenned by the government. In additions, as Public COmpany, PGN still blessed with soft loan (two step loan) from the government, then....there is no more room for sorry after ruining the price of their share in a sharp decline in early January. Fine is fine. Then, just pay it.

ES
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PGN directors, commissioner fined total of Rp 5 billion

Andi Haswidi, The Jakarta Post, http://www.thejakartapost.com/detailbusiness.asp?fileid=20070314.L01&irec=0

Jakarta

Following the sanctions imposed on PT Perusahaan Gas Negara (PGN) last month, the Capital Market Supervisory Agency (Bapepam) handed total fines worth Rp 5 billion (some US$545,000) to four PGN directors and a commissioner Tuesday for breach of the duty to disclose information to the public.
Bapepam found the directors guilty of delaying for 35 days the disclosure of essential information on problems with a pipeline project, said a Bapepam press statement.
Bapepam chairman Fuad Rahmany said in the statement that there had also been a misleading report on a plan to transmit gas through the South Sumatra-West Java pipeline (SSWJ), which the directors should have noticed.
Accordingly, Bapepam ordered PGN to pay an additional Rp 35 million. Four PGN directors -- including president director Sutikno -- and a commissioner were also ordered to pay total fines worth Rp 5 billion.
Besides president director Sutikno, those sanctioned were directors Adil Abas, Djoko Pramono and Nursubagjo Prijono, and commissioner W.M.P Simanjuntak.
Last month, the company was also found guilty of an administrative violation related to the SSWJ disclosure breach, and was fined Rp 500 million.
Fuad said that the sanctions were designed to send a message to other senior corporate executives to be more responsible in disclosing information to the public, given the effect that this could have on share prices.
According to the capital market regulations, a public company has to report any occurrence that could affect the price of the company's shares to the capital market regulator no later than two working days after it takes place.
The investigation into PGN was launched after its shares slumped by 23.3 percent from Rp 9,650 to Rp 7,400 on Jan. 12 following an admission by PGN that its SSWJ pipeline project would be delayed.
The admission not only knocked PGN's shares for six, but also affected the shares of other state-owned firms, which in turn precipitated a sharp drop in the Jakarta Stock Exchange (JSX) Composite Index.
The widespread belief that PGN management had deliberately failed to report the delay to the public turned out to be true. The Bapepam investigating committee concluded that PGN executives had been aware of the possibility of a delay since Jan. 3.
Fuad said that the investigation was still continuing, adding that there may have been people inside PGN who unlawfully provided information to traders, thereby leading to insider trading.
After nearly four months of delay, PGN finally launched its $1.1 billion pipeline linking Sumatra and Java last Sunday.
During the initial stages, the pipeline is expected to supply 30 million cubic feet per day from a Pertamina gas field in Pagardewa, South Sumatra, to industrial areas in Cilegon, West Java.
One of the biggest customers for the gas will be the power plant owned by the country's largest steelmaker, PT Krakatau Steel, in Cilegon.
A second PGN pipeline is also being built to supply gas from the ConocoPhillips gas field in Grissik, South Sumatra, through Pagardewa and Labuhan Meringgai to Muara Bekasi and Ra Maju in Bekasi, West Java.
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Rabu, 14 Maret 2007 KOmpas http://www.kompas.co.id/kompas-cetak/0703/14/ekonomi/3384819.htm

Bapepam Denda Manajemen PGN Direksi Harus Membayar Rp 5 Miliar

Jakarta, kompas - Badan Pengawas Pasar Modal dan Lembaga Keuangan menjatuhkan sanksi denda Rp 5 miliar kepada jajaran direksi maupun mantan direksi PT Perusahaan Gas Negara. Sanksi itu terkait keterlambatan pelaporan keterbukaan informasi atas penundaan proyek pipanisasi Sumatera Selatan-Jawa Barat.

Keputusan tersebut dikeluarkan Bapepam-LK, Selasa (13/3). Ketua Bapepam Fuad Rahmany dalam siaran persnya menyatakan, setelah melakukan pemeriksaan terhadap dokumen dan pihak-pihak terkait, PT Perusahaan Gas Negara (PGN) dan jajaran direksi terbukti melanggar Pasal 86 Undang-Undang Pasar Modal juncto Peraturan Nomor X.K.1 tentang keterbukaan informasi yang harus segera diumumkan kepada publik dan tentang pemberian keterangan yang secara material tidak benar sebagaimana dimaksud dalam Pasal 93 Undang-Undang Pasar Modal.

"Terdapat keterlambatan pelaporan keterbukaan informasi atas penundaan proyek pipanisasi yang dilakukan oleh PT PGN sebanyak 35 hari. Juga terdapat pemberian keterangan yang secara material tidak benar, yakni memberikan keterangan tentang rencana volume gas yang dapat dialirkan melalui proyek SSWJ (South Sumatera-West Java)," papar Fuad.
Fakta itu sudah diketahui atau sewajarnya diketahui oleh direksi, yang kemudian seharusnya keterangan itu disampaikan kepada publik. Berdasarkan bukti-bukti tersebut, Bapepam menjatuhkan sanksi denda sebesar Rp 5 miliar kepada jajaran direksi PT PGN yang menjabat pada periode Juli 2006 sampai dengan saat ini.

Pejabat itu adalah Direktur Utama Sutikno, Direktur Keuangan Djoko Pramono, dan Direktur Pengembangan Adil Abas. Selain itu WMP Simanjuntak, mantan Dirut PT PGN sebelum Sutikno; dan Nursubajo Prijono, mantan Direktur Pengusahaan, juga ikut dikenai sanksi. WMP Simanjuntak saat ini adalah anggota Dewan Komisaris PT PGN.

Kelima orang itu dinilai telah memberikan keterangan yang secara material tidak benar. Selain itu, Bapepam juga mendenda PT PGN sebagai perusahaan sebesar Rp 35 juta.
Bapepam mulai memeriksa kasus pelanggaran keterbukaan informasi yang dilakukan oleh PT PGN ketika kasusnya mencuat, pertengahan Januari 2007. Pemeriksaan juga dilakukan terhadap jajaran direksi.

Komersialisasi proyek pemipaan gas SSWJ mundur dari Desember 2006 ke Maret 2007. Namun, keterlambatan proyek tidak langsung disampaikan kepada publik sehingga memicu kepanikan investor pada tanggal 12 Januari 2007.

Saham PGN anjlok 23,32 persen dalam sehari, dari Rp 9.950 menjadi Rp 7.400 per saham. Kejadian itu menyeret turunnya harga saham BUMN lainnya sehingga berakibat pada penurunan tajam Indeks Harga Saham Gabungan Bursa Efek Jakarta. Direksi PT PGN kemudian mengakui ada masalah koordinasi internal yang mengakibatkan keterlambatan proyek pemipaan gas SSWJ yang tidak segera diketahui.

Ajukan keberatan

Menanggapi keputusan Bapepam, Dirut PT PGN Sutikno mengatakan, pihaknya akan mengajukan keberatan. "Kami akan minta klarifikasi. Apa dasarnya Bapepam menentukan denda sebesar Rp 5 miliar itu. Terus terang, kalau itu ditanggung pribadi akan sangat memberatkan," ujar Sutikno.

Pihak Bapepam dalam penjelasannya menilai, denda sebesar itu diambil dengan pertimbangan memberikan kepastian hukum kepada industri pasar modal dan memberikan efek jera kepada pelaku pasar modal.

"Khususnya kepada manajemen emiten agar lebih cermat dan bertanggung jawab atas kebenaran dari keterangan yang diberikan kepada publik," kata Fuad.
Bapepam juga masih akan melanjutkan pemeriksaan terhadap indikasi adanya perdagangan saham berdasarkan informasi dari orang dalam yang diduga dilakukan oleh pihak PGN maupun pihak-pihak terkait. (DOT)