PRESIDENTIAL DECREE NO. 7/2002 DATED JANUARY 11, 2002
CONCERNING
THE AMENDMENT TO PRESIDENTIAL DECREE
NO. 122/2001 ON THE TEAM FOR STATE-OWNED COMPANY PRIVATIZATION POLICIES
THE PRESIDENT OF THE REPUBLIC OF INDONESIA,
Considering :
a. that in the framework of privatization of state-owned enterprises (BUMN), the team for state-owned company privatization policies has been established by Presidential Decree No. 122/2001;
b. that the privatization of BUMN through the sales of new shares of BUMN is executed to increase effectiveness, efficiency and added value of companies as well as to develop business activities of the companies so that their proceeds can be used fully by the relevant BUMN;
c. that in order to ensure that the selling proceeds of the new shares can be used fully by the relevant BUMN, the proceeds must be directly remitted to the corporate cash;
d. that base on the above mentioned matters, it is deemed necessary to amend Presidential Decree No. 122/2001 on the team for state-owned company privatization policies.
In view of :
1. Article 4 paragraph(1) and Article 33 of the Constitution of 1945 as already amended by the Third Amendment to the Constitution of 1945;
2. Law No. 9/1969 on the stipulation of government regulation in lieu of Law No. 1/1969 on models of state-run businesses (Statute Book of 1969 No. 16, Supplement to Statute Book No. 40) to become a law (Statute Book of 1969 No. 40, Supplement to Statute Book No. 2904);
3. Law No. 1/1995 on limited liability companies (Statute Book of 1995 No. 13, Supplement to Statute Book No. 3587);
4. Government Regulation No. 12/1998 on state-limited liability companies (Persero) (Statute Book of 1998 No. 15, Supplement to Statute Book No. 3731) as already amended by Government Regulation No. 45/2001 (Statute Book of 2001 No. 68, Supplement to Statute Book No. 4101);
5. Government Regulation No. 64/2001 on the transfer of status, tasks, authority of the Minister of Finance in state limited liability companies (Persero), Public corporations (Perum) and state corporations (Perjan) to the State Minister for State-owned Enterprises ((Statute Book of 2001 No. 117, Supplement to Statute Book No. 4137).
DECIDES :
To stipulate :
THE PRESIDENTIAL DECREE ON THE AMENDMENT TO PRESIDENTIAL DECREE NO. 122/2001 CONCERNING THE TEAM FOR STATE-OWNED COMPANY PRIVATIZATION POLICIES.
Article I
To amend the provision in Article 10 paragraph (2) of Presidential Decree No. 122/2001 on the team for state-owned company privatization policies so as to entirely read as follows :
(1) Selling proceeds of state shares in BUMN, after being reduced by costs of privatization shall be stipulated as results of privatization of BUMN and remitted directly to the state treasury office.
(2) Selling proceeds of new shares of BUMN, after being reduced by costs of privatization shall be results of privatization of BUMN directly remitted to the corporate cash offices.
(3) Shares of subsidiaries of BUMN shall be sold after the plan for the sale of the shares and the plan for use of selling proceeds of shares of subsidiaries are firstly stipulated and approved at the shareholder general meeting of the said BUMN.
(4) In the case of the selling proceeds of shares of subsidiaries of BUMN being stipulated at the shareholder general meeting to be remitted wholly or partly to the state treasury office, part of the selling proceeds of shares of the subsidiaries after being reduced by costs of the sales shall be remitted directly to the state treasury office."
Article II
This presidential decree shall come into force as from the date of stipulation.
Stipulated in Jakarta On January 11, 2002
THE PRESIDENT OF THE REPUBLIC OF INDONESIA, sgd.
