Trade

Meikarta Bribery Case: Lippo Group Shares Dropped

In the first trading session at the Indonesia Stock Exchange (IDX) on Tuesday, the shares of four companies under the Lippo Group dropped into the red zone, following a high-profile bribery case concerning the issuance of property permits for the modern city of Meikarta.

The four companies under the Lippo Group are PT Lippo Cikarang (LPCK), PT Lippo Karawaci (LPKR), PT Matahari Putra Prima (MPPA) and PT Matahari Department Store (LPPF).

According to market information service RTI’s data up to 11: 23 a.m., the shares of LPCK dropped by 10.83 percent to Rp 1,245 (8 US cents) per share; the shares of LPKR dropped by 6.9 percent to Rp 270 per share; the shares of MPPA dropped by 3.55 percent to Rp 163 per share; and the shares of LPPF were stagnant at Rp 6,000 per share, kontan.co.id reports.

The Corruption Eradication Commission (KPK) had named nine suspects in the case, including Lippo Group operational director Billy Sindoro, Lippo Group’s two consultants Taryudi and Fitra Djaja Purnama as well as Lippo Group employee Henry Jasmen and Bekasi Regent Neneng Hasanah Yasin.

A number of officials with the Bekasi regental administration are among the suspects.

Meikarta is a flagship project of the diversified conglomerate Lippo Group. The project runs in Cikarang, Bekasi regency, West Java. (bbn)

The Jakarta Post

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