financetom
Business
financetom
/
Business
/
Former CEO of Indonesia's Pertamina jailed over Cheniere LNG contract
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Former CEO of Indonesia's Pertamina jailed over Cheniere LNG contract
Jun 25, 2024 4:51 AM

JAKARTA, June 25 (Reuters) - A former chief executive of

Indonesia's state energy firm Pertamina has been sentenced to

nine years in jail for graft in a case related to a long-term

contract to procure liquefied natural gas from a unit of U.S.

company Cheniere Energy.

The Central Jakarta Corruption Court on Monday found Karen

Agustiawan guilty of improper procurement from the unit Corpus

Christi Liquefaction, a video of the hearing showed. The court

also fined her 500 million rupiah ($30,544).

Her lawyer, Luhut Pangaribuan, told Reuters on Tuesday that

she would appeal the verdict.

Cheniere did not immediately respond to a request for

comment and Corpus Christi could not immediately be reached for

comment. Pertamina said it respected the legal process.

Pertamina's first female CEO, who led the company between

2009 to 2014, Agustiawan was found guilty of improperly signing

a long-term sales and purchase contract with Corpus Christi, a

deal that caused state losses of $113.84 million between 2011 to

2014, according to state news agency Antara.

Pertamina had resold LNG cargoes from Corpus Christi to the

international market at a loss because the market in Indonesia

could not absorb them, local media reports said.

Agustiawan had denied any wrong doing and said she was

following government orders.

Corpus Christi was not a defendant in the case, but the

panel of judges at the court said it had the "responsibility" to

repay the country for the losses, media reported.

In a separate case in 2020, Agustiawan was acquitted by the

Supreme Court when it overturned an eight-year prison sentence

handed by a lower court over her decision for Pertamina to

invest in the Basker Manta Gummy Block in Australia in 2009. The

court had ruled at the time that her business judgment was not a

crime.

($1 = 16,370.0000 rupiah)

(Reporting by Gayatri Suroyo, Bernadette Christina Munthe in

Jakarta;

Additional reporting by Emily Chow in Singapore

Editing by Ed Davies and Emelia Sithole-Matarise)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved