Jakarta – Forensic Audit against Petral Group conducted by independent auditors under the supervision by the Internal Audit Unit PT Pertamina (Persero) found inefficiencies in the operations of Petral Group.
Pertamina President Director Dwi Soetjipto said that as part of efforts to improve the efficiency and transparency of procurement of crude oil and oil products has always been a public inquiry, and at important stages of the process of liquidation Petral Group, several stages have been passed.
According to him, there are three most important activities that have been and are being carried out, that due diligence on the financial and tax conducted by EY, and legal by the HSF, audit foreksik conducted by an independent auditor KordaMentha under the supervision of Internal Audit Unit Pertamina, as well as the wind-down novation process in the form of contracts, settlement of debts, and the transfer of assets to Pertamina.
“Some of these activities are still in progress, due diligence will be completed by the end of November while the wind-down process will end in December 2015. Meanwhile, foreksik audit was completed last month and we convey the results to the public openly after the first report to the government as shareholder, “Dwi said in a press conference.
Forensic audits are carried out on 1 July to 30 October 2015, found some important things at once can be a reference for the improvement of the new system of procurement of oil and products in the future by the Integrated Supply Chain.
Some of these findings include the inefficiencies of the supply chain increases the risk of high prices of crude and products, which are influenced by several factors including, Petral policy in the procurement process, the tender arrangements Mogas, HPS Control weaknesses, information leaks tender, and the influence of external parties.
In addition, it was found that Petral highly dependent on the Marine Service providers and inspectors, and the potential risk of bad debts due to lack of credit limits for counterparties.
“The report’s findings have been filed with the government to take further steps if necessary. Audit reports can also be the basis for corrective policy measures, especially in the process of procurement of crude oil and products in the future, “explained Dwi.
Dwi also revealed the formal liquidation will be carried out after the entire process is completed. According to him, for Petral and Zambesi, liquidation is expected to be completed by the end of January 2016, while the PES will be completed by the end of March 2016.
Furthermore, said Dwi, Pertamina is committed to continue strengthening the function of the ISC. An important step which has been carried out for strengthening the position level is raised back to the ISC leadership of Vice President to Senior Vice President.
“For strengthening our ISC grateful to have continued to show a positive trend, which can be seen from the bidders are increasingly varied, more competitive prices, higher bargaining position, and the efficiency of US $ 103 million up to Q3 2015,” Dwi lid.
