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Jakarta Post

Govt asked to control coal traders, brokers

  • Benget Besalicto Tnb.

    The Jakarta Post

Jakarta   /   Mon, August 24 2009   /  11:39 am

Businesses are urging the government to bring all coal traders and brokers under control, after the unbridled fraud in the trading of the commodity claimed several foreign investors recently in Kalimantan and Sumatra. Coal trader Edi Suhardi said the lax control in the industry had made foreign investors the easy targets of fraudsters. "The government should guarantee legal certainty in the sector, otherwise the fraud cases will keep happening," said the Palangkaraya-based businessman over the weekend. Recently, US global financial services firm Morgan Stanley was deceived by local partner PT Kerja Sama Tim Enterprise (KSTE), which defaulted on a US$3.9 million coal deal, causing the foreign investor losses of more than $1 million. KSTE had been contracted to supply 50,000 tons of coal to Morgan Stanley through its branch office in Singapore. But the local partner onl...