PT LAPINDO BRANTAS

'PT Lapindo Brantas' is an oil and gas exploration company, a subsidiary owned by PT Energi Mega Persada Tbk and 60% owned and controlled by the Bakrie Group.^[1] The Bakrie Group is owned by the Coordinating Minister for the People's Welfare Aburizal Bakrie and his brothers^[2]. Lapindo Brantas has taken over the initial responsibility and costs caring for the mitigation of the effects of the Sidoarjo mud flow. It indicated to have set aside $ 140 million of which half had been used by September. While officially not running the family business since joining the cabinet, A. Bakrie received protests by environmentalists in view of the damage done by his family's company. ^[3]
In September 2006 Lapindo Brantas was sold for $ 2 to Lyte Ltd, an off-shore company founded earlier in 2006 by the Bakrie Group. In this way Energi that had suffered a major loss in shareholder value would be released from the responsibilities connected with the calamity. There is concern, however, that Lyte Ltd (now renamed Bakrie Gas & Oil) as a limited off-shore company may declare bankruptcy and thus relieve investors of further obligations that may well reach $ 1 billion.^[4]

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References

References

1. Lapindo sinks, Bakrie sails on
2. Bakrie name at stake
3. Minister Aburizal Bakrie denounces Greenpeace's anarchic rally
4. New Indonesia Calamity: A Man-Made Mud Bath Bonner R