Bapepam-LK probes CP Prima stock transaction

as published in Bisnis Indonesia daily newspaper

Monday, 14/12/2009 00:00 WIB

Bapepam-LK probes CP Prima stock transaction

JAKARTA: The Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) has probed the stock trade transaction of PT Central Proteinaprima Tbk (CP Prima) due to the alleged violation.

Bisnis resource said the emitter has been summoned several times as the witness by the capital market authority dealing with the investigation of emitter stock trading.

Other resource said the authority has investigated the emitter stock trading due to the alleged violation committed by some securities during semester II/2007 according to the capital market authority check.

"Management of CP Prima will stand as witness. It indicates they did not commit any mistake but Bapepam targets other parties," he said to Bisnis last week.

Investigation bureau chief of Bapepam-LK Sarjito conceded the ongoing CP Prima investigation done by the bureau. "The investigation is not for the emitter, but rather the stock trade."

But he could barely name the securities or other parties probed by Bapepam dealing with the stock trading of the Lampung-based emitter here. He has not unveiled the case as the process is still underway.

Securities company and transaction bureau chief of Bapepam-LK Nurhaida when asked about CP Prima stock transaction could not yet ensure whether the case is given from the bureau, or the bourse, or other's complaints.

"PP Bureau (investigation bureau of Bapepam) could check from some resources but not simply from us. PP bureau could check if there is complaint from investors or other parties. It is unnecessarily from the authority."

Bourse member monitoring and trade director of IDXWan Wei Yiong said there was no complaint about CP Prima case in the stock trading section.

"So far as I know, there is none, let alone report it to Bapepam-LK. Even if any, the bond law case that has been settled is part of the IDX corporate assessment division."

Corporate Secretary of CP Prima Albert Sebastian was not available for comment.

CP Prima had drastic rise of 178 percent from IDR185 on April 10, 2007, into IDR515 on April 30, 2007. It even hit the top level of IDR770 on July 23. but the stock price delclined 55.19 percent up to IDR345 per August 21, 2007. On the closing last week, the stock price was closed at IDR66. (Bisnis/21)