Trimegah get a Reprimand

as published in Bisnis Indonesia daily newspaper

Saturday, 26/09/2009

Trimegah get a Reprimand

JAKARTA: PT Trimegah Securities Tbk get a reprimand from the Directorate of Debt Management Office - Ministry of Finance for payment of funds held Retail Government Bonds (Obligasi Negara Retail/ORI) series 001 that owned by a customer worth around Rp500 million for 2 weeks from the due date.

Based on the information source of Bisnis, the company's securities clients complained to the Ministry of Finance related to the effects of freezing the account because one of his family still owes margin stock transaction.

Initially, four customer securities accounts from Trimegah Securities that have blood related frozen because of one of these family members owe margin transactions debt. This was done with reason the four customer is considered to become from the same account.

However, in one customer's securities account is frozen, there is an ORI001 that has not place as a fiduciary assets (collateral) from that margin debt, but not paid on time due to the effect of freezing the account.

When confirmed, the Director of Government Bonds - Ministry of Finance Bhimantara Widyajala said that in addition to rebuke, the case was also the subject of evaluation in the selection process ORI dealer in 2010.

That, he said, according to the Decision of the Chairman of the Capital Market Supervisory Agency and Financial Institution (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) No. KEP-42/PM/1997 of Transaction Securities.

He explained his side had already coordinated with Bapepam-LK, Bank Indonesia as an agent of the principal and interest payment, and PT Kustodian Sentral Efek Indonesian (Central Depository Custody) as a bondholders' data center.

"Trimegah Securities has given a reprimand to comply with applicable regulations and fulfill obligations to their customers, so the problem is over," he said through a short message service to Bisnis recently.

When confirmed Chief Bureau Inspection and Investigation of Bapepam-LK Sarjito said his bureau the process is complete.

"The results of examination of the case was submitted to KPSK [Committee imposition of sanctions and objection] in Bureau of Legislation and Legal Assistance Bapepam-LK."

Chief Bureau of Legislation and Legal Assistance Bapepam-LK Robinson Simbolon said the case had not been decided officially, so the results can not be published.

Director Trimegah Securities Rosinu didn't deny or affirmed about the case. He reluctant to explain details about the company accepted the sanctions for late payment of ORI001 due regard these problems have been solved together. "We have been talking with the government, both the Ministry of Finance or Bapepam-LK, so the problem is clear."

Related to the case of corporate customer margin debt, he insist Trimegah Securities not guilty and intends to fight the case legally through Capital Market Arbitration Board Indonesia (BAPMI). (21)