[songyou]

2017, March 06 - 12 --- Tempo

The government?s enthusiasm to acquire a 51 percent in Freeport Indonesia shares deserves praise, although there is a potential trap. Instead of being acquired by the state, the Freeport shares could fall into the hands of rent seekers. Indonesia had the bitter experience with the divestments of two other mining companies: Kaltim Prima Coal (KPC) and Newmont Nusa Tenggara. The government must be ready to anticipate the same occurrence. Coordinating Minister for Maritime Affairs Luhut Pandjaitan has said that private companies might buy the Freeport shares if the government cannot find the money to do so. This is worrying because it seems the practices of the rent seeking regime could be happening again for a third time. The same reasoning could be used in the Freeport arbitration, as long as the government is consistent in its stance that the Freeport divestment is truly intended to benefit the people. In this way, Indonesians would be the majority shareholders, in line with the aims of the divestment. These shareholders would also become managers if the government fails to run the company effectively.

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