MAC: Mines and Communities

An Archipelago of Investor Headaches

Published by MAC on 2002-05-20

An Archipelago of Investor Headaches

Investor / Province Problem

RIO TINTO (Britain) Locked in a bitter legal battle with provincial government East Kalimantan over control of Kaltim Prima Coal

AT&T WIRELESS (US) Is selling its stake in Aria West telephone network after West Java disputes with joint-venture partner and Telecommunications Ministry

CEMEX (Mexico) Has been unable to increase its 25% stake in Semen West Sumatra Gresik due to squabbles between local and central government officials

EXXONMOBIL (US) Guerrilla attacks have forced shutdowns of natural gas Aceh operations; accused by activists of abetting human rights abuses, which company denies

MANULIFE (Canada) Local executive jailed 20 days after Indonesian partner Jakarta claimed company had illegally acquired stake in Asuransi Jiwa insurance venture

MISSION ENERGY (US) After finishing construction of a $2.5 billion power plant, East Java state-owned utility is forcing it to renegotiate electricity rates

SAMSUNG (Korea) Since he began complaining about corruption and Jakarta smuggling, local manager for appliance sales has received repeated death threats

Data. from BusinessWeek (May 20 2002)

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