[nasional_list] [ppiindia] Freeport's shareholders ask military payments probe
- From: "Ambon" <sea@xxxxxxxxxx>
- To: <"Undisclosed-Recipient:;"@freelists.org>
- Date: Mon, 30 Jan 2006 23:06:50 +0100
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**http://www.thejakartapost.com/detaillatestnews.asp?fileid=20060130175851&irec=0
Freeport's shareholders ask military payments probe
JAKARTA (Dow Jones): The comptroller of New York City,representing shareholders
of city pension funds, is asking U.S. investigators to determine the legality
of payments made by mining giant Freeport-McMoRan Copper & Gold Inc. to the
Indonesian military in Papua.
Comptroller William C. Thompson Jr. requested both the U.S. Justice Department
and the Securities and Exchange Commission (SEC) to investigate whether
Freeport's financial support for security forces on Papua "constitutes possible
violations of theForeign Corrupt Practices Act (and) the Securities Exchange
Act," documents obtained by Dow Jones Newswires indicate.
Efforts to contact an Indonesia-based Freeport-McMoRan spokesman about the
requests were unsuccessful.
The requests were prompted by reports from The New York Times and the
environmental group Global Witness that Freeport directly paid "large sums" to
Indonesian military officers, Thompson said in a letter dated Jan. 26 to
U.S.Attorney General Alberto Gonzales.
"(Freeport) had previously claimed that it made payments to reimburse the
government for the provision of security services at Freeport's mining
operations in West Papua," the letter said.
"While the Foreign Corrupt Practices Act does permit some corporate payments to
host countries for such purposes, the large number of payments made directly
into the private bank accounts of individual army officers raises serious
questions as to whether the statute was violated."
The letter says the comptroller is the custodian and investment adviser of the
five New York City Pension Funds, which hold 590,350 shares in Freeport-McMoRan
common stock.
Thompson's Jan. 26 letter to SEC Chairman Christopher Cox asked for a probe of
Freeport-McMoRan's Indonesian military payments to determine if the firm
violated the SEC's Rule 14a-9 "by making false or misleading statements in its
2004 and 2005proxy statements."
The requests reflect the fallout of a New York Times report last month that
Freeport-McMoRan made payments of nearly US$20 million to military and police
officials posted around the company's massive Grasberg gold mine in remote
Papua province from 1998 to 2004.
Those allegations were first disclosed in Global Witness's "Paying for
Protection" report in July 2005.
Freeport-McMoRan has said it gave "financial support" to Indonesian security
officials in Papua for items including infrastructure and logistics, according
to a letter by the company's chief executive, Richard Adkerson, posted Jan. ll
onthe company Web site.
Minister of Defense Juwono Sudarsono said Wednesday he has ordered an
investigation of Freeport-McMoRan's military payments on Papua to determine if
the firm broke the law. (**
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