Bapepam-LK probed Media Nusantara

as published in Bisnis Indonesia daily newspaper

Saturday, 09/01/2010 00:00 WIB

Bapepam-LK probed Media Nusantara

JAKARTA: The Capital Market and Finance Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) probed PT Media Nusantara Citra Tbk (MNC) for the alleged engineered corporate finance statement relating to the bond default of the subsidiary firm, PT Cipta Televisi Pendidikan Indonesia (TPI).

The TPI appeal to higher court on the bankruptcy verdict given by the High Court was granted by the Supreme Court.

Investigation Bureau Chief of Bapepam-LK Sarjito said the capital market authority probed the company on the complaint filed by one of the parties to the bureau.

"My bureau has got the complaint and we are processing it," he said to press yesterday.

But he refuted to name one of the investors as investigation is underway.

Bisnis records the corporate bond investors reporting to the Bapepam is Crown Capital Global Ltd. This was addressed by the lawyer of Crown Capital, Ibrahim Senen, filling the legal suit of the emitter on the alleged engineered financial report of the MNC-acquired company here.

The allegation has undermined Crown Capital as the legitimate creditor of TPI. He called Bapepam_LK to have prompt investigation of the alleged financial report engineering.

Service Sector Corporate Finance Assessment Bureau Chief of Bapepam-LK Noor Rachman could barely ensure the case given from his bureau to the investigation bureau.

"If it deals with investigation please ask the investigation bureau. So far as I know, there is none."

Moody's Investors Service gave MNC and bonds rating at the B1 level last month following the Supreme Court bankruptcy acquittal. The level is deemed at stable level. (Bisnis/Irvin Avriano A.)