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August 25, 2008

Indonesia to control future trading firms
The supervisory board of the commodity future trading (Bappeti) of Indonesian trade ministry imposes sanctions on future trading companies which have misused clients' fund.

"We are stern on those companies which have violated Law No. 32on Commodity Future Trading," the chairman of Bappeti Dedy Saleh told reporters on Friday.

The sanctions includes revoking license, or even interrogating the companies if they are proved to have violated the law, particularly the clients' fund misusage. Bappeti have established working system with Indonesian police to interrogate future trading companies, if they violate the law.

"This is the response of Indonesian Trade Ministry due to growing demonstration of clients from several companies which have misused their funds," he said.

So far, there have been mounting claims of 164 clients whose funds have been misused. "The total number of the claims reach $4.3million (37 billion rupiahs)," he added.

Besides that, in a short time, Bappeti will also control foreign consultants on several companies. So far, Bappeti has not established the system of licensing foreign consultants.

"Perhaps, there are around four out of 73 future trading companies which hire foreign consultants. Hopefully, next year we will regulate the working license system for them. Otherwise, we can not tax them, and there will be no transfer of knowledge. We will coordinate with the Department of Manpower," he said.

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