Conglomerate Edward Soeryadjaya Once Sold Sugih Energy's Shares To Dapen Pertamina, Now The Company Has No Employees And Is In Danger Of Being Kicked Out By The IDX

JAKARTA - A sad story happened in the Indonesian capital market. PT Sugih Energy Tbk Tbk (SUGI) is the main actor in the story.

Citing information disclosure, Wednesday, January 19, SUGI shares have been suspended by the Indonesia Stock Exchange (IDX) since July 1, 2019 and have met the criteria for delisting or being kicked from the stock exchange. Unfortunately, the commissioners and directors of SUGI recently submitted a letter of resignation.

This joint resignation was carried out because the company was unable to hold the annual general meeting of shareholders (AGM). Because the company does not have the money to do this.

SUGI is also listed as having no more employees, because the company has not had money to pay salaries since early 2019. In addition, SUGI has not been able to make financial reports to the OJK and IDX since 2018. On the other hand, SUGI's directors and commissioners have also not received honoraria since the EGMS in October 2019.

This mining issuer is classified as already destroyed. It is said that even SUGI no longer has a mining area to operate.

Looking back a bit, one of SUGI's institutional investors, namely the Pertamina Pension Fund (Dapen) was 'involved' in the shares of PT Sugih Energy Tbk. Dapen Pertamina owns 8.05 percent of the shares in SUGI, equivalent to 1.99 billion shares.

Dapen Pertamina bought SUGI shares from Edward Soeryadjaya in 2014. At that time, the brother of Saratoga boss Edwin Soeryadjaya was a Director at Ortus Holding Ltd, the controlling shareholder in SUGI.

Dapen Pertamina was recorded to have purchased SUGI shares with a total of Rp. 2 billion shares worth Rp. 601 billion, through PT Millennium Danatama Sekuritas. After being purchased by Dapen Pertamina, SUGI's shares, which were expected to increase in value, actually fell.

Meanwhile, Edward, who is the eldest son of the founder of PT Astra International Tbk. (ASII), William Soeryadjaya was named a suspect in the corruption case of Pertamina Dapen funds in 2017. Edward has been detained by the Attorney General's Office since 20 November 2018 on charges of alleged corruption in the management of Pertamina Dapen funds worth Rp. 1.4 trillion at Sugih Energy.

Edward is alleged to have enjoyed the profits obtained from the purchase of shares made by the then President Director of Dapen Pertamina, Muhammad Helmi Kamal Lubis. Edward is known to have used the proceeds from the sale of SUGI shares from Millennium Danatama Sekuritas to settle the payment of debt or credit obligations from Edward's Ortus Holding Ltd.

Apart from Dapen Pertamina, PT Asabri also entered into Sugih Energy's shares. However, when SUGI's shares fell in price to Rp140 per share, Asabri and four investment managers tried to remove SUGI's shares from Asabri's stock portfolio.