Analysis of Adaro's IPO case
Before we answer the question from the title, let’s analyze all the data collected from some media to see how significant shareholder have to bear the risk if the court decided to win Beckett in share dispute, if PT. Adaro convicted the transfer pricing issue and from royalty issue. First we will look dispute which happen since 2002 after the transactions between Deutsche with PT Akabiluru for shares of Swabara in Asminco; Deutsche with PT Dianlia Setyamukti for Asminco shares at PT. Adaro; Deutsche with PT Dianlia for Asminco shares at Indonesia Bulk Terminal (IBT). The media stated that the agreement was described, that the transaction should be in public and Beckett lawyer insisted that according to UU 1155 KUHPerdata (1). (Exhibit 2) The transaction should be done in public. I would agree that the transcation should not have done in private selling and Beckkett should have been informed before Deustche Bank proceed the transaction. Tthis would give transparancy and fair postition to all parties and this dispute will not happen. However since the transaction happen already, we will have to wait the court decision after all the evidences from both side presented. According to Bapepam statement in the media, PT. Dianlia owned 40% shares which was owned by Beckett, however after ATA added their wonership in PT. Adaro Indonesia to 60%, PT. Dianlia share dilute to only 5,84%. From the additional shares, ADRO shares in Adaro Indonesia became 65,84%. If eventually Court decides to win Beckett case, PT. Dianlia ownership would be transfered to Beckkett and the ownership changed is only 5.84% which is not significant. This case would be different if te dispute will make Adaro Energy losses PT. Adaro Indonesia.*11 From Gatra article regarding the investigation of PT. Adaro Transfer pricing and with the documentations evidence presented by its source, the authoriry should have immediate evaluation and investigation of the...
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