Bank Bukopin’s EGMS was characterized by disruptions and the Bosowa review

BigBussiness – The Extraordinary General Meeting of Shareholders (EGMS) of PT Bank Bukopin Tbk (BBKP) on 25 August 2020 was colored by interruptions and actions to leave the meeting or walkout of PT Bosowa Corporindo (Bosowa) as a 23.4 percent shareholder in Bank Bukopin as did not accept the decision Financial Services Authority (OJK), which resulted in Bosowa’s shares in Bank Bukopin not being counted in the EGMS quorum.

Apart from Bosowa, several other shareholders also participated in the walkout action, and during EGMS there were several interruptions and debates between the EGMS participants and Imran Muntaz from Imran Muntaz & Co.’s law firm, as legal counsel appointed by the bank. Bukopin.

“One of the long debates took place when the second agenda (increase in authorized capital) and the third agenda (approval of additional capital without preferential rights),” said Imran Muntaz when he confirmed BigBussiness, Friday (28) / 8/2020 ).

Imran said that one of the debates that took place was related to the absence of agreement on takeover and quorum.

One of the meeting participants stated that it should be a takeover agreement with a quorum of 3/4 not 2/3 and according to Legal Consultant assesses the condition of Bank Bukopin which requires acceleration in dealing with the bank’s financial problems.

“So OJK has set a policy based on certain considerations as set out in POJK no. 41 from 2019 regarding the takeover of a commercial bank and related to this, the provisions in POJK no. 9 from 2018 on the takeover of a public company are no longer necessary, as “The approval of the general meeting is no longer required. Shareholders and the quorum of the third EGMS agenda are not the quorum of PMTHMETD,” said Imran.

After being colored by various dynamics in EGMS, EGMS finally approved the entire agenda, including PMTHMETD, so that Kookmin Bank (KB) would own 67 percent of Bank Bukopin’s shares and become the sole controlling shareholder.

Previously, Bosowa Corporation wanted to sue OJK regarding the acquisition of Kookmin Bank against PT Bank Bukopin Tbk.

According to Bosowa Presidential Commissioner Erwin Aksa, the lawsuit over the takeover of Bank Bukopin’s shares was filed by the Civil and State Administrative Court (PTUN).

He said that there was an inconsistency in OJK’s correspondence that had the potential to lead to abuse of authority and conspiracy that could lead to crimes.

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