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Sunday, November 1, 2009

Theories about Optima's acquisition by Garuda Capital

Theories about Optima's acquisition by Garuda Capital

Numbers of theory float up to the surface, when several news about acquisition plan of Optima Group by PT Garuda Capital Investama blown in many newspaper in a week or two. A few of my colleagues in capital market have their own theory that cames from reading clues and hear stuff related with the issue and know from another sources.

Optima Group consists of PT Optima Kharya Capital Securities and the subsidiary PT Optima Kharya Capital Management. Optima Securities taking care of brokerrage and underwriting business, when Optima Management controls the investment management and keeps their mutual funds growth.

The sources said Garuda Capital is founded by political deal between the existing government with the owners of money that parked in the outside of Indonesia. The value of the runaway asset is estimated more than Rp100 trillion.

As we know, many account made in foreign country around 1998, after the turbulance of economic crisis rise up, and the dictatorship of five-star-General President Soeharto was collapsed by chaos and strikes in Jakarta and other cities.

Mostly, the account keeps the hot money in tax haven such as Switzerland, British Virgin Island, Singapore, Cayman Island, and many place around the world.

They said, the problems of defaulting discretionary fund (KPD/kontrak pengelolaan dana) that happens in the Grup Optima in these one or two years make the company's price sinking to the lowest level.

What makes them think that way? Just one name, Subur Budhisantoso, former Chairman of Democrat Party, the winner of two national elections who brings Susilo Bambang Yudhoyono (SBY) to the throne of president of the nation for the second period.

Subur's name and conviction in many newspaper said that the person is just one of officials came from the blue-starred-party to control the company. Many officials from Democrat Party, he said, also taking care of investment that will flew in from many countries, especially USA.

The story flow to the intension of SBY's will to bring 'home' the hot money back to Indonesia, to finance many projects in the real sector of economy, to build power plants, factory, bridges, houses, and several dam. The money laundry method also associated with the SBY economic growth targets about 6-8% in the next 5 years.

The agreement itself have issued before the time of SBY, when Abdurrachman Wahid sit on the Indonesia's No.1 hot chair. Because of the short term of the presidential of the theologian leader that have a several physically limitations, the plan was sinking. And the plan didn't run well when Megawati Soekarnoputri comes up to the president throne because too many officials in the period see the same thing.

The flight of the money from the hot account should be camouflaged, so it intends to flow through capital market. The capital market 'toll way' will be the easiest way for the 'washed' money because it won't detected by the central bank (Bank Indonesia) or Center of Reporting and Analysis for Financial Transactions (PPATK/Pusat Pelaporan dan Analisis Transaksi Keuangan).

What makes the theory is convincing were because there is no doubt about the interconnections between the party and Garuda Capital, and no argue about the intention of Garuda Capital to taking care of Optima Group.

Several things that make the first theory is vulnerable is about the existing of Garuda Capital itself, the competency of Optima Group that decent to earn the acquisition, or the possibility of the rumors was blown by the Optima Group itself to keep the client confident and stay loyal the company.

The camouflaged way also preferred by the related officials neither from Democrat Party or the SBY's cabinet because it won't be monitored by The Capital Market and Finance Institution Supervisory Agency (Bapepam-LK/Badan Pengawas Pasar Modal dan Lembaga Keuangan) as long as the investment management have a will to keep the investors identity save. It is reasonable because Bapepam-LK don't have any authority to revealed the source of investment money.

The existing of Garuda Capital is doubted when their office can not found. Many reporters in the capital market adds that the Garuda news rumors supplied by numbers people that have many projects to advertise news in industry with certain pay. It's indicating that the rumors is driven by people that willing to make purposive stories in the capital market.

The second reason is because the Optima don't worth to bailed out by any buyers, because they already have many problems to resolve. Their problems include the legal case filed by former Optima Management's CEO, Antonius T.P. Siahaan to his former business client, Optima Securities' CEO and owner of Optima Group, Harjono Kesuma.

Antonius manage the discretionary fund and runs many mutual funds, but the investment asset in the discretionary fund hooked in the repurchase agreement (repo) that conclude shares of companies from Bakrie Group. He claims that the defaulting investment are not his responsibility, want to clear his name from the company's problems, and don't want his asset value in the Optima decline that caused by market downturn in the late year.

Many source said that defaulting asset in Optima's discre is caused by Bakrie's shares repo, that havent reach the target value. And its make the investment can not be pulled by the client in the short term, as long as the value doesn't match with the target.

The newest issue of Optima Management is the announcement of Harjono Kesuma and Chief Financial Officer of PT Kereta Api Indonesia (KAI) Achmad Kuntjoro being suspect in a corruption case in the state-owned-company. The case which filed by board of commissioner of KAI were still related with discretionary fund managed by Optima. The investment worth Rp100 billion.

The KAI investing fund worth Rp100 billion in Juli into the discretionary fund, which promised to make gain around 20%. But the investment managers can't pay off when the investment matured.

So, Optima Group management asked Achmad Kuntjoro to reconstruct the called two-way-agreement and promised to settled in a few months. The reconstruction itself is disputed by the board of commissioner and give the issue to the Ministry of State-Owned-Company.

Lidyawati Herdianto, Head of PR & Promotion Optima Group said that the company are keeping to held the installment of restructured discretionary fund until the rollover of company's ownership and management is finished.

She says the several mutual funds that managed by Optima Management itself worth around Rp2 trillion. But she assured that the investors of company's mutual fund still can redempt their investment because it is placed in bank as the investment product's custody.

Bapepam-LK was also still investigate the Optima Group's management related with the suspension of Optima Securities' activities in the stock exchange and related with the defaulting of discretionary fund entrusted by the company's client.

"The investigation process still going on, and I can't tell anything related with the issue because I were prohibited by the law," says Inspection and Investigation Bureau Chief of Bapepam-LK Sarjito to the press last week.

The Indonesian Stock Exchange (IDX/Bursa Efek Indonesia) Director of Trading and Controlling on Exchange Members Wan Wei Yiong said that the suspension was caused by the rollover of the ownership and management. But none of the reporters in the capital market buy that none sense statement.

The more reasonable cause that Wei Yiong told about the Optima Securities activity suspension is less-managed documentations related with stock trading and brokerage, the stuff that will related to something else that bigger than this problem.

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