Open War on a Prosperous Three-Pillar Body (AISA)

KONTAN.CO.ID – JAKARTA. The seven-hour draft of the PT Tiga Pilar Sejahtera Tbk General Assembly (AISA) has come to an end. At least for a moment.

According to the results of the AGM received by KONTAN, there are a number of decisions in the event. First, the 2017 annual report is rejected, therefore the General Meeting of Shareholders ordering the approval of the annual report of AISA is postponed. Secondly, replaces AISA's Financial Statements Auditor.

Third, the current board of directors is dissolved. The duties and functions of the board of directors are temporarily borne by the Board of Commissioners. Fourth, the Council of Commissioners will convene an extraordinary MSG to elect and establish a final council, no later than 90 days.

The results of this GMS are in accordance with the minutes of the decision of the meeting signed by the college of commissioners of AISA. Regarding the rejection of the annual report of AISA 2017, for example, the news received by KONTAN relate to transactions and receivables of AISA worth more than Rp. 2 trillion.

The transaction involved a number of companies affiliated with AISA President Joko Mogoginta. Data Directorate General of AHU Ministry of Justice and Human Rights, indeed shows the relationship of affiliation.

The problem is, the transaction is not registered as an affiliate transaction, but a third party. On the other hand, the transaction was also carried out when AISA had difficulties with the debt.

Instead of settling debt, corporate funds are used for other activities. In fact, the value is sufficient to repay the bond debt, so no need not to pay.

This activity has the potential to violate Good Government (GCG). "The president refused to confirm, but neither denied that he was affiliated or not," said KONTAN source who declined to be named on the sidelines of AISA GMS on Friday (27/7 ).

However, says Joko, there is nothing wrong with the transaction. "The transaction has been made a long time ago, the goal is to do an accounting," he said.

After the General Meeting of Shareholders, the President of AISA, Commissioner Anton Apriyantono, explained that the agenda of the AGMS was voting when Joko and he disengaged . However, he asked the notary to register all the conditions that occurred, including walkout board of directors and some shareholders. "Finally, it was [-19459006] vote but vote must be counted again because there is a walkout ," explains Anton.

Statement of war at AISA

Well, the execution and a number of decisions at the GMS may undoubtedly be the beginning of a "declaration of war" opened on the body of AISA It can be said that the real war will burn with heat after this AGM.

At least Joko Mogoginta unleashed an open war with his fellow shareholders, KKR & Co. When disengaged of the GMS Hall, he says with a full expression of emotion and high notes: "This hostile takeover. I built it 26 years ago!"

In simple terms, hostile takeover was a forced invasion of society. One way to influence shareholders to change the management of the company.

Joko also pointed out, an indication hostile takeover is strong because there is pressure on Anton. "It was Mr. Anton who was already explaining, and then hurry to make a deal – it's a very, very nasty and rotten scenario!" Joko said.

In fact, there is a problem that mentions that Anton was detained for hours in a meeting room of a Jakarta hotel. Anton acknowledged that the pressure had contributed to his decision to retract his signature in the annual report. "Ten hours, imagine with such conditions, yes, sorry for the decision I made," he said.

However, AISA Commissioner, Jaka Prasetya, rejects this. The takeover of the position of the board of directors is done properly and properly. "If hostile we continue to add stock," said the man who is also the representative of KKR & Co Inc.

The TRC controls AISA through the intermediary of KKR Asset Management LLC. Until now, the property of KKR on AISA is still 262.6 million shares or 9.09% equivalent. The amount decreases compared to the first entry of TRC in September 2013 by buying 277.97 million shares, the equivalent of 9.5%.

EMITEN