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Jakarta Post

US financial reforms affect transparency in Indonesia

  • The Jakarta Post

Jakarta   /   Mon, July 26 2010   /  10:18 am

The Dodd-Frank Wall Street Reform and Consumer Protection Act in the US will affect the transparency in business dealings of foreign oil, gas and mining companies operating in Indonesia. "The law will require oil, gas and mining companies overseen by the US Securities and Exchange Commission *SEC* to publish their income , tax payment and royalties to the host countries and the government of the US," Ridaya Laodengkowe, the national coordinator of Publish What You Pay Indonesia, said at a press conference in Jakarta. The companies under the jurisdiction of the SEC will also have to disclose their flow of earnings, such as tax payments, bonuses, royalties and retribution fees to local administrators. Given the fact that about 60 percent of the national oil production is contributed by companies listed on the US stock exchanges, the implementation of the Dodd-Frank Wall Stre...