Disclosed! There is a “secret” agreement between Vale Canada and Sumitomo.


MIND ID CEO Hendy Prio Santoso said that there is an agreement between the shareholders of PT Vale Indonesia Tbk, namely between Vale Canada Limited and Sumitomo Metal Mining (SMM). The agreement is a package voting agreement that binds Sumitomo to follow all decisions of Vale Canada.

“We note that the shareholder structure also has another agreement in the form of a binding voting package agreement between Vale SA and Sumitomo Metal so that Vale can easily consolidate and force Sumitomo to follow any decision Vale makes,” he said at the hearing (RDP ). ) ) with Commission VII DPR in Jakarta, Tuesday (29.08.2023).

Bambang Haryadi, Vice Chairman of Commission VII, questioned the agreement. He said his party suspects that even with the sale of shares, these companies can still monopolize decisions.

This was also confirmed by Hendy. He said his party wants the agreement to be amended by adding shares in PT Vale Indonesia.

“That’s right, sir. So indeed, as a condition that we are offering to be able to implement a subsequent investment program, the existing shareholder agreement must be modified, sir, dismantled first,” he said.

Hendy emphasized that his party had submitted an amendment to the agreement as a condition for continued investment in Vale Indonesia.

“Because otherwise other shareholders are already bound by the package voting agreement. Therefore, we propose this as a basic requirement, if we are going to participate in further investments, this must first be dismantled, first it must be amended,” he explained. .


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