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Thursday, February 3, 2011

Sumalindo lost in Samarinda Court

BI/exchange
2/2/2011
Irvin Avriano A.

Sumalindo lost in Samarinda Court

JAKARTA: PT Sumalindo Lestari Jaya Tbk, a listed forestry company, lost in the District Court of Samarinda, East Kalimantan, related to the ownership of land dispute case covering 49,332 square meters with Johan Lolong.

The information was just published that issuers which shares coded SULI on Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) information disclosure tonight, although the case was already decided on January 5th.

In that disclosure, the company announced over a land dispute case in the Bukuan village, Palaran district, Samarinda municipality, which intend to appeal the case to the High Court of East Kalimantan based on an appeal letter submitted on January 14th.

"So this decision does not have a definite legal decision," said Sumalindo Corporate Secretary Hasnawiyah Kono in the information disclosure.

In that information, the company that commandeered by Amir Sunarko (also known as Koh Tji Kiong) was sentenced to leave the land which was won by Johan as a plaintiff and must pay legal fees amounting to IDR1.26 million.

In their September 2010's financial statement, the lawsuit was filed by Johan Kairupan, a heir of the landowner.

He filed suit on overlapping site above the company's industrial area. In this case, the Sumalindo became one of five the defendant, PT Emporium Lumber, Chief of the Land Office of Samarinda, East Kalimantan Province Government, and the Mayor/City Government of Samarinda. The emimtters has appointed Efendi Mangunsong dan Rekan as lawyers.

The former subsidiary of PT Astra International Tbk's share prices moving stagnant today at the level of IDR116. That price was forming its market capitalization amounted to IDR286.76 billion.

Sumalindo is a subsidary of Samko Timber Ltd, a listed (Indonesian) forestry company in Singapore. Samko itself probably is abbreviation of the name of their founder, Sampoerna-Sunarko, which represent Sampoerna Family and Koh Boon Hong (Sunarko Family).

Sampoerna Group, through Sampoerna Forestry Ltd dominate 39.63% Samko Timber shares. It makes Sampoerna have an almost 40% stake in PT Sumber Graha Sejahtera (SGS), Sumalindo's controlling shareholder.

Last September, Sumalindo also experienced legal cases related to business in the timber industry in East Kalimantan which forced their two directors was determined to be suspect. However, the stock emitters believes the company's financial condition will not affected by the allegations of illegal logging since the company's operations continue smoothly.

The company also does not worry permit sustainable production forest management (SFM/pengelolaan hutan produksi lestari/PHPL) that potentially revoked since they are certain innocent of the accusations.

The company assure their wood production and the buying contract with their clients still remains smooth, although the company's customers had hesitated when such cases arise.

"We still current production and the contract of our customers. From all of our production, 80% are exported," Hasnawiyah have said earlier.

Case law relating to allegations of hoarding as many as 3,633 logs of wood (logs), which is equivalent to 1047.97 cubic which is not accompanied by the letters in the log pond of Kutai Kertanegara, East Kalimantan. As a result of the allegations, the company could lose the PHPL status.

The president director and director, Amir Sunarko and David, was accused as the brain of the illegal logging indication. Even said they have been caged, the two directors still attend the extraordinary shareholder meeting (EGM) that been held in September 2010.

Last year, the company still experienced a negative financial condition with a net loss of IDR103.81 billion, which has decreased by 60.45% from a loss of IDR262.54 billion in 2008.

In September Last year, the company have changed its president commissioner from previously Ambran Sunarko to Wijiasih Cahyasasi. The board of director also added by a new face, Trenggono Purwosuprodjo, a former Astra Group's management team back in 2002's and one of the founder of forestry industry in Indonesia.

Now Michael Joseph Sampoerna acted as Samko Timber non-Executive Director since August 30th 2007. A little fact about Michael Sampoerna: The youngest son of Putera Sampoerna, served as Chief Executive Officer of PT Hanjaya Mandala Sampoerna Tbk from June 27th 2001 when he was 23 years old, to 2005.

Putera Sampoerna is grandson of Liem Seeng Tee, the founder of Sampoerna family. Putera's father is Aga Sampoerna (Liem Swie Ling). Michael earned his education from London School of Economics (UK).

Michael Sampoerna has extensive experience. He worked at Sampoerna Asia Pte Ltd and Sampoerna International Pte Ltd in Singapore, Money Transfer Limited in Hong Kong, and Sterling Tobacco Corporation in the Philippines.

He also serves as Director of nine other companies in Singapore, namely San Pao Lin Pte Ltd, Twinwood Holdings Pte Ltd, Du Bois Holdings Pte Ltd, Sampoerna Agriculture Pte Ltd, Sampoerna Capital Pte Ltd, Sampoerna Energy Pte Ltd, Sampoerna Infrastructure Pte Ltd, Sampoerna Strategic Holdings Pte Ltd and Sampoerna Telecoms Pte Ltd. He has been Director of Twinwood Limited since 2006.

The other positions are as Director of PT Sampoerna Strategic and the President Commissioner of PT SGS. He serves as President Director and Director of PT Sampoerna Telekomunikasi Indonesia. He serves as President Commissioner and Commissioner of PT Sampoerna Agro Tbk.

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