Bouts of the Week

Bapepam Chief Fuad Rahmany said yesterday, that Lapindo sale is improper and the main issue is not transactional but due to inclarity about who would be responsible on Lapindo related claims such as compensation to the victims and operational recovery costs.

Today, in rebuttal to the statement, Coordinating Minister Aburizal Bakrie warned that the Bapepam Chief should not make unnecessary comment, without confirmation first. A confusing claim, since Bapepam has been requesting information about the sale and the new owner Lapindo immediately after the announcement hit the headlines.

It is also unclear whether they speak in the capacity of bourse authority and Coordinating Minister, or personal.

There are truths in EMP spokeperson' previous statement, that the transaction is immaterial and there is no element of clash of interests; thus they are not obliged to ask permission from Bapepam. But it is paradoxal that the statement of Fuad Rahmany is made with concern to public interests, while this should be the job of the Coordinating Minister for Public's Welfare. Is Bapepam Chief trying to perform other people's job ?


In a more confusing jesting, Aburizal Bakrie said that he doesn't know who is behind Freehold, while Freehold owner James Belcher admitted that he is a 25 years friend of the family. If Belcher is indeed stranger, then Bakrie must be very generous to lend a whopping U$ 106 million - the estimated amount of Lapindo mudflow handling costs - through Minarak Labuan Co, Ltd, an entity owned by Bakrie.

What's worrying most is, these few days we've been listening to statement that 'Lapindo's owner would be responsible', first by the Vice President on Nov 17, then by Bakrie today stated that the new owner of Lapindo would be held responsible; compared to few months ago when the main opinion is Bakrie should be responsible, as demanded by not less than the Vice President Jusuf Kalla himself.

It was reported that Porong-Gempol toll in Sidoarjo is still critical and muds have been flooding into the toll road by 100 meters. While in the capital, parties involved in Lapindo Brantas : Medco, Energi Mega Persada, are jousting rowdily to pass off the mounting liabilities.