TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
TPS Food gets new executives amid turmoil
Following internal divisions within Tiga Pilar Sejahtera Food’s (TPS Food) board of commissioners and directors, shareholders have agreed to appoint new executives for the food producer during a recent extraordinary general shareholders meeting
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
F
ollowing internal divisions within Tiga Pilar Sejahtera Food’s (TPS Food) board of commissioners and directors, shareholders have agreed to appoint new executives for the food producer during a recent extraordinary general shareholders meeting.
The meeting, which was attended by 56.46 percent of shareholders and therefore quorate, saw shareholders agree to the appointment of Hengky Koestanto as TPS Food’s new president director, replacing the company’s former president director, Joko Mogoginta.
“This is the follow-up to the annual general shareholders meeting held in July 27, 2018,” Michael Hadylaya, TPS Food’s corporate secretary, said in Jakarta following the meeting. Additionally, shareholders chose Charlie Dhungga as an independent director, and Yulie Sudargo as chief commissioner and independent commissioner. Jaka Prasetya remains as the firm’s commissioner.
Hengky was chosen to lead the company because of his extensive experience with the company in both operational and managerial positions. Hengky is the son of TPS Food founder Priyo Hadisusanto and is also the brother of former president director Joko.
TPS Food is set to focus on its debt-restructuring plans and will also conduct an investigative audit into the firm’s current financial situation. Former TPS Food directors did not attend the meeting.
Previously, the company held a shareholders meeting in July, which descended into chaos as a result of internal divisions.
TPS Food, which sells rice and produces iconic snack Taro, has been through a rough patch in the wake of a fraud case last year involving its subsidiary Indo Beras Unggul (IBU).
Since then, the company’s business has begun to deteriorate .
Responding to the results of the shareholders meeting, TPS Food’s former president director, Joko, told The Jakarta Post, “Today’s [meeting] is definitely not legally valid,” he said, adding that it might potentially be illegal.
Meanwhile, the Financial Services Authority (OJK) has also been inconsistent in dealing with the situation. The regulator circulated two separate letters with seemingly contradictory statements before the meeting.
OJK deputy commissioner of capital market monitoring, Fakhri Hilmi, in a letter dated Sept. 28, acknowledged that the TPS Food meeting would be held on Oct. 22. In another letter, dated Oct. 19, signed by Yunita Linda Sari, OJK’s acting deputy commissioner of capital market monitoring, encouraged commissioners to conduct the meeting in accordance with the law, which would be to request directors to first hold an ordinary general shareholders meeting.
