Word: energy
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...Fueling the refugees' anger is the fear that Lapindo will walk away from its promises. Last September, PT Energi Mega Persada, a company controlling 50% of the Lapindo drilling project and connected to Bakrie, the Indonesian Cabinet minister, attempted to unload Lapindo for $2 to a company based on the island of Jersey but owned by Bakrie's family conglomerate. When Indonesian financial regulators blocked that sale, Energi Mega tried to sell half the beleaguered Lapindo to the Freehold Group, registered in the British Virgin Islands. That deal also collapsed amid controversy. The attempted corporate reshuffling raised fears among many...
...dike built to contain the mud flow collapsed-the latest in a string of public debacles for the company, which is part of a conglomerate controlled by the family of Aburizal Bakrie, the country's influential Welfare Minister. In the past two months, Lapindo's corporate parent, PT Energi Mega Persada, has unsuccessfully attempted to unload the beleaguered mining business twice: first, to another Bakrie Group subsidiary for the princely sum of $2; then to the British Virgin Islands-based investment firm Freehold Group. The latter deal collapsed last week after a public outcry, with many Indonesians fearing that...
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