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Tuesday, October 19, 2010

NatPac denied have a default discretionary funds

BI/exchange
19/10/2010
By: Irvin Avriano A., Stefanus Arief Setiaji (09), Ratna Ariyanti
Bisnis Indonesia
NatPac denied have a default discretionary funds

JAKARTA: PT NatPac Asset Management denied any embezzlement of their investors' fund for allegedly failing to pay up the discretionary funds (KPD/kontrak pengelolaan dana), which managed by the investment management company.

NatPac Asset Management President Commissioner Marusaha Lumban Gaol said his company is in the process of improving the investment contract.

According to him, recently the company did not have any problem with their investors and the project that became the basis of the issuance of the KPD underlying asset was still running.

"Until now we do not have a problem with our investors," he told reporters today. Underlying asset that became portfolio in the KPD are promissory notes and exchangeable bond.

The projects that he was referring to is the toll road projects managed by PT Marga Hanurata Interinsic (MHI) in Kertosono-Mojokerto, East Java, with a total project value of more than IDR2 trillion.

Currently, said Marusaha, the project already completed the first phase of the project land acquisition and are waiting for running a loan from a consortium of national banks to continue.

Toll road development, he continued, financed from the issuance of PN and exchangeable bond invested in the KPD for project financing. The KPD itself currently worth IDR333 billion, which has shrunk from a position at the end of June amounted to IDR371 billion.

PN that have coupon 20% p.a. and the exchangeable bond issued by PT NatPac Graha Arthamas, a company led by Ferry Tan Sukirman and also shareholder also of 98.5% NatPac Asset Management stake.

According to Marusaha, the company was to improve the underlying asset quality in the investment product that is currently running with a number of investors. The quality especially in legal aspect, such as basic agreement of the bonds.

Completion of the investment contract, he said, in line with the new policy of the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) on the management of third party funds.

According to him, currently the company's restructuring process is still ongoing and is still awaiting the appointment of new directors of the company, after the resignation company's two directors.

Two schemes offered by the company to its KPD investors are the transfer of their securities to restructured underlying assets or changes the KPD investment contracts to the form of private equity fund (reksa dana penyertaan terbatas/RDPT).

Currently, said Marusaha, the company has placed all the PN and exchangeable bonds are stored and recorded at the custodian banks, namely PT Bank Bukopin Tbk. The recording in custodian is due to Bapepam-LK new policy.

Investment Management Bureau Chief of Bapepam-LK Djoko Hendratto when confirmed on placement of investments in instruments which have mismatch maturities that are not appropriate can not give a statement.

"Tomorrow we explain it all, all must be within the rules. See Bapepam-LK rules No. V.G.5."

Previously, Djoko said the authority still wait complaints from KPD investors of Natpac Asset Management in order to follow up on allegations of embezzlement of customer funds by the company. Capital market authorities, he said, also still suspend activity in the absence of company directors, not because of any alleged fraud.

"Marusaha who is director candidates who have submitted an investment manager that was rejected because he does not qualify."

He said if any misappropriation of funds, the company is fully responsible for the lawsuit. He also stressed the Bapepam-LK has not ensure the existence of the alleged diversion of funds. (09)

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