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Jakarta, Aktual.com – PT Sugih Energy Tbk (SUGI), a private oil company drilling throughout the ranks of directors has been terminated unilaterally began this week.

Allegedly, the dismissal of the board of directors is related to who did not agree to Kohlberg Kravis Robert & Co. (KKR),this world oil and gas companies related handlers Lemang block, Jambi. The KKR is one of the shareowners SUGI.

In fact, the board of directors SUGI newly appointed through the General Meeting of Shareholders (AGM) on last June 30, 2016.

“As a commissioner who does not agree with the dismissal of the entire board of directors, if the reason of performance appraisal, I think is not quite right,” said Commissioner SUGI, Ferederik Siahaan, in Jakarta, written on Tuesday (11/10).

The dismissal took based on voting commissioners. From four commissioners, he said,he does not agree with this unilateral dismissal.

“Since a few months after being appointed to the board of directors, it is not easy to fix SUGI in short time which status called ‘dead’,” he said.

The entire board of directors fired is it, Brian Soewarno (Director), and four directors, Wally Abdulah Saleh, Pedro Flames Omarrementeria, Indra Wijaya, and Chia Hsin Wu.

Known, SUGI itself suffered swelling net loss of up to 882% to the US $ 3.14 million in the first half of this year, compared with the previous net loss of US $ 320,354.

According to him, the reasons that made the three commissioners of the four commissioners dismiss the entire board of directors is not just a matter of performance. Precisely other reasons, because the directors did not agree with KKR in Block Lemang discussion.

“If the performance problem, yes indeed SUGI like a ‘dead’. But actually there’s about KKR affiliate relationship, so it must be carefully correct. Because the commissioner wants the TRC was not negotiated by the directors,” he said.

On commissioner decision, he said, it is reported that the board of directors will report to the Financial Services Authority (OJK). “Yeah, I heard that (report to the OJK). Most commissioners later would be called the OJK to explain the reasons for termination. After that dismissal of directors also reported to the BEI (Stock Exchange Indonesia),” said Ferederik.

Since dismissed by voting, the board of directors has been informed earlier this week. So that this dismissal, the daily tasks will be taken over by the board of commissioners.

For information, late last year SUGI has removed 15 percent participating interest in oil and gas blocks Lemang to Ramba Energy Ltd, for US $ 77 million.

This action is part of a sale of a 35 percent participation interest Block Lemang by Ramba Energy for US $ 179.6 million to Mandala Energy Ltd., a company controlled by KKR.

Following the release of the participation rights, ownership SUGI through Eastwin Global Investment to 34 percent. While the ownership of Ramba Energy through Hexindo PT Gemilang Jaya to 31 percent.

KKR is private equity which has funds under management of up to US $ 101.6 billion as at June 2015. The KKR operates in 15 countries on five continents.

 

*Musdianto

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