Jul 18, 2010

Benakat Energy admits wrong insertion

When PT Energi Mega Persada Tbk (ENRG) has clearly declared a transfer of deposit at PT Bank Capital Indonesia Tbk (BACA) for acquisition purpose, then PT Benakat Petroleum Energy Tbk (BIPI) now becomes the first company who admits a wrong insertion of Rp1.48 trillion into deposit at Bank Capital.
From seven firms owned by Bakrie Group, it is only PT Energi Mega Persada Tbk (ENRG) who has formally declared only Rp130 billion of deposit placed in Bank Capital as of March 31 2010 to Indonesia Stock Exchange (IDX).
Despite providing deposit confirmation letters worth Rp130 billion at Bank Capital, the questions remain persist, especially with the transfer verification letter of Rp866 billion and Rp139 billion. 
The question is why Energi Mega didn't attach the announcement to IDX with the transfer verification letter from Bank Capital? Then, if Energi Mega had transferred the money from rights issue, it should prove it to the public share holders.          
At the same day, PT Bakrie Sumatera Plantations Tbk (UNSP), the company under Bakrie Group who recorded the largest deposit worth Rp3.50 trillion at Bank Capital, didn't explain about the deposit as clear as Energi Mega. Hence, some analysts still question how much money Bakrie Plantations own and has placed  as deposit at Bank Capital.
In a formal announcement to IDX, Bakrie Plantations said the company had put money as deposit in Bank Capital between February and March 2010 without any certain date and value.     
How about Benakat?
Benakat Director Ferdy Yustianto said the company had done a wrong insertion of Rp1.48 trillion of deposit at Bank Capital.
The money from initial public offering (IPO) should be recorded as fund from repurchase agreement (repo) with Welington Ventures. The 3 month repo, done since February 2010, has provided 12% return to Benakat. The repo will due on August 10 2010. According to Ferdy, Benakat has rights to insist Welington Ventures to call the repo at any certain time.

Disclosure: No position at the stocks mentioned above.

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