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Friday, February 12, 2010

Bapepam-LK refuse Optima's RDPT plan

BI / bursa
11/2/2010
Irvin Avriano A.

Bapepam-LK refuse Optima's RDPT plan

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) prohibits PT Optima Kharya Capital Management (Optima Management) to form a private equity fund (reksa dana penyertaan terbatas/RDPT) to resolve disputes with clients.

The default product of Optima Management is discretionary fund (kontrak pengelolaan dana/KPD).

Investment Management Bureau Chief of Bapepam-LK Djoko Hendratto, whose regulates mutual funds and investment managers, said the capital market authority assessing the company's plan to restructure its investment products in the form of RDPT is not true.

"The plan is misleading, meant to mislead investors because Optima [Management] is not justified to restructure investment contracts whose condition is not clear. The assets in the RDPT should be in a good fund, " he told the press today.

He explained the investment in the KPD product from Optima Management is funds, so as to form a new RDPT they must use same assets which have the form fund, too, and they should not be in the form of other contract.

According to him, Optima Management just sent a request to the authority to establish capital markets products, RDPT, to restructure the KPD which fail to paid off. The request, he said, can not be processed because the previous contract the company promised is still unresolved.

Djoko said the customer should report to the capital market authority or the police if the Optima Management force customers to accept the deal. He explained that although the desire to restructure the KPD became RDPT came from its customers, capital market authority must comply with applicable regulations.

In addition, Djoko said, there are limits that can not be fulfilled Optima Management to form RDPT. In the rules of Bapepam-LK No. IV.C.5 about Shape of Limited Collective Investment Contract Investment Fund (reksa dana penyertaan terbatas/RDPT), the company that wants to form RDPT must have healthy management and administrative conditions.

One indicator is required of these regulations is the minimum paid up capital of Rp25 billion company and has a complete management, especially the minimum required number of directors of two people.

"Today alone, they do not have a director in accordance with the rules because there was a dispute."

Currently, the main director of Optima Management Antony TP Siahaan's dispute with the Director of PT Optima Kharya Capital Securities Harjono Kesuma.

Anthony requested the resignation of the company when the case protruding KPD, but the resignation itself not allowed by Bapepam-LK. The resignation was made Harjono, whose also as chief commissioner of Optima Management, is an authorized official at the company.

Djoko said the company should be able to repay her debts to the customer because they afford funds to paid up the costumers.

Djoko also said KPD's from Optima Management could not take to another investment manager for restructuring because of the underlying asset in the form of the KPD was still not complete.

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