Nov 23, 2010

Hatta urges to disclose data on KS

Coordinating Minister for Economic Affairs Hatta Rajasa asks the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) to disclose data on allotment in the IPO of PT Krakatau Steel Tbk (KS).
"Just disclose the data, why should we treat it as confidential? Nothing should be kept secret. Please you write that," he stated in his office yesterday as reported by Bisnis today.
According to him, as long as the information was not considered classified information as regulated in the Freedom for Public Information Law, the data should be transparently exposed to the public to prevent unfounded allegation.
"The public has to be informed. Besides, we have a law that regulates on the freedom to get information. We should prevent speculations that can injure the capital market from growing."
Disclosing any data to the public, explained Hatta, should put into account whether the data were considered classified information or not. If the list of KS shares allotment was not categorized as classified information, it would only be appropriate to expose the data to the public.
"If the data are considered classified information, we certainly have to protect them."
Capital market regulation In response to the demand, Head of the Bapepam-LK A. Fuad Rahmany only said any request for information on customers' securities accounts should refer to the Capital Market Law.
"Everything is regulated in the Capital Market Law. Any party who wants to get the information should refer to the Capital Market Law."
Article 47 clause 1 of Law 8/1995 on Capital Market reads that custodian or affiliate parties are prohibited from exposing information on customers' securities accounts to any party save for several institutions, such as parties appointed in writing by the account holders or their heirs, police, public attorneys, or judges for the purpose of criminal case trials.
In the meantime, Chairperson of the Independent Evaluation Team for Krakatau Steel Privatization Implementation Mas Achmad Daniri revealed the team would submit the evaluation result to the State Ministry for State-owned Enterprises (SOEs) on December 10.
The team would also suggest a code of conduct to clarify the do's and don'ts of SOE privatization. 

Disclosure: No position at the stock mentioned above.
 
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