PT Lapindo Brantas
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PT Lapindo Brantas is an oil and gas exploration company, a subsidiary owned by PT Energi Mega Persada Tbk and 60% owned and controlled by the Bakrie Group.[1] The Bakrie Group is owned by the Coordinating Minister for the People's Welfare Aburizal Bakrie and his brothers[2]. Lapindo Brantas has taken over the initial responsibility and costs caring for the mitigation of the effects of the Sidoarjo mud flow. It indicated to have set aside $ 140 million of which half had been used by September.[2] While officially not running the family business since joining the cabinet, A. Bakrie received protests by environmentalists in view of the damage done by his family's company. [3]
In September 2006 Lapindo Brantas was sold for $ 2 to Lyte Ltd, an off-shore company founded earlier in 2006 by the Bakrie Group. In this way Energi that had suffered a major loss in shareholder value would be released from the responsibilities connected with the calamity.[1] There is concern, however, that Lyte Ltd (now renamed Bakrie Gas & Oil) as a limited off-shore company may declare bankruptcy and thus relieve investors of further obligations that may well reach $ 1 billion.[4]
[edit] References
- ^ a b Lapindo sinks, Bakrie sails on. Tempo (2006-10-03). Retrieved on October 18, 2006.
- ^ a b Bakrie name at stake. The Jakarta Post (2006). Retrieved on October 18, 2006.
- ^ Minister Aburizal Bakrie denounces Greenpeace's anarchic rally. Antara news (2006-10-13). Retrieved on October 15, 2006.
- ^ Bonner R (2006-10-06). New Indonesia Calamity: A Man-Made Mud Bath. New York Times. Retrieved on October 18, 2006.
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