Newmont shareholder questioned over share ownership
Saturday, May 20 2000 - 04:40 AM WIB
The legislative council of the Minahasa regency in North Sulawesi will question the ownership of businessman Yusuf Merukh in PT Newmont Minahasa Raya, Kompas reported on Saturday.
Syachrial Damopolli, the chairman of the council said that Yusuf, which owns a 20 percent stake in the gold mining company, would be soon summoned to explain the status of his stake in the company.
"I will sign an invitation letter today to ask Yusuf explain his ownership in the company," he was quoted by the newspaper as saying on Friday.
The legislators charged Yusuf, the local partners of the Denver-based Newmont Corporation in operating the gold mine in the province obtained his ownership in the company through the so called KKN, the local acronym for corruption, cronyism and nepotism.
They said that it was unfair that an individual like Yusuf could own a stake in the company while the whole society in the regency had nothing.
Under the existing contract, PT Newmont Minahasa Raya is 80 percent by Newmont Corporation and 20 percent by Yusuf. The businessman is the local partner of Newmont in its gold mine operation in West Nusatenggara. (*)