What led to a RM138 million loss for an Indonesian oil project?

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Indonesian Firm Alleges Fraud Led to RM138 Million Loss in Oil Project

An Indonesian company, PT Anglo Slavic Utama (PT ASU), claims it suffered a loss of US$33 million (RM138 million) due to alleged fraudulent actions by a Malaysian businessman holding the 'Datuk Seri' title. The dispute centers on an oil and gas project in Aceh, Indonesia, with PT ASU asserting that the Datuk Seri manipulated agreements and statutory declarations for personal gain. A police report was filed by PT ASU on November 2, 2018, detailing these allegations.
Initial Investment and Agreement

The situation began to unfold on November 3, 2012, when an agreement was established between Global Capital Limited (GCL) and the Datuk Seri concerning the development and production of oil and gas in Kuala Simpang Timur, Aceh. GCL had been appointed by PT ASU to manage and sell its assets. The initial agreement stipulated a sum of US$55 million (RM230 million) for the Datuk Seri's company to acquire PT ASU's assets, with an initial payment of US$22 million (RM92 million) made to PT ASU.
Allegations of Deception and Misrepresentation

PT ASU alleges that the Datuk Seri used the company as a lure to attract investors and fulfill his own objectives, subsequently disregarding PT ASU's interests. It is claimed that the Datuk Seri instructed GCL to find investors willing to take over shares in a public company with which he was involved, thereby enhancing his own position. This phase involved seeking investors to participate in the project's expansion.
Agreement Cancellation and Subsequent Loss

A critical development occurred on December 28, 2012, when an asset purchase agreement was signed between the Datuk Seri and a PT ASU representative at a hotel in Petaling Jaya. However, PT ASU contends that this agreement was later cancelled by the Datuk Seri's company, resulting in the substantial RM138 million loss. The company further alleges that the Datuk Seri, in collusion with another director who had represented PT ASU previously, maliciously altered the terms of the original November 3, 2012 agreement and submitted a false statutory declaration. This false declaration is cited as the direct cause for the cancellation of the December 28, 2012 agreement.

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What led to a RM138 million loss for an Indonesian oil project?

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