Pertamina to appeal against KPPU's verdict on tanker sales

The board of directors of the state owned oil and gas company Pertamina will appeal against the ruling of the Business Competition Supervisory Commission (KPPU) that the company's management has colluded with its three business partners in the sale of its two giant oil tankers, Koran Tempo reported on Monday.

Pertamina's vice president director Mustiko Saleh said that Pertamina would appeal against KPPU's verdict because there were no valid reasons for the commission to issue such a kind of decision.

"We will appeal to find the truth," he said, adding that the company's plan to appeal against the commission's decision had received a positive response from State Minister of State Enterprises, which legally owns Pertamina's shares.

KPPU said recently that Pertamina and its three business partners colluded in the sales of its two giants oil tankers for US$184 million. As the market price of each tanker was between $120 million and $150 million, the sales caused the state to lose at least $50 million.

Pertamina's financial director Alfred Rohimone has been suspended due to the collusion charge. (*)