{\rtf\ansi\deff0\ansicpg1252{\fonttbl{\f0\froman times new roman;}}{\colortbl\red0\green0\blue0;\red102\green102\blue102;\red171\green171\blue171;\red33\green135\blue186;\red51\green51\blue51;}\jexpand\viewkind1\viewscale100{\shp{\*\shpinst\shpleft586\shptop586\shpright11680\shpbottom19600\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2028\shpz0\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 11094}}{\sp{\sn geoBottom}{\sv 19014}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,19013);(11106,19013);(11106,0);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft586\shptop586\shpright11680\shpbottom6986\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2029\shpz1\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 11094}}{\sp{\sn geoBottom}{\sv 6400}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,6413);(11106,6413);(11106,0);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft586\shptop586\shpright11680\shpbottom56453\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2030\shpz2\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 11094}}{\sp{\sn geoBottom}{\sv 55867}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,55866);(11106,55866);(11106,0);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft586\shptop2226\shpright11680\shpbottom2746\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2031\shpz3\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 11094}}{\sp{\sn geoBottom}{\sv 520}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,506);(11106,506);(11106,0);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft586\shptop2226\shpright11680\shpbottom2240\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2032\shpz4\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 11094}}{\sp{\sn geoBottom}{\sv 14}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(11106,13);(11106,0);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 14540253}}{\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 14540253}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft586\shptop2720\shpright11680\shpbottom2746\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2033\shpz5\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 11094}}{\sp{\sn geoBottom}{\sv 26}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(11106,13);(11106,0);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 14540253}}{\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 14540253}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft11213\shptop2226\shpright11226\shpbottom2746\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2034\shpz6\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 13}}{\sp{\sn geoBottom}{\sv 520}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,506);(13,506);(13,0);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 14540253}}{\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 14540253}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft586\shptop2906\shpright11680\shpbottom55906\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2035\shpz7\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 11094}}{\sp{\sn geoBottom}{\sv 53000}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,53000);(11106,53000);(11106,0);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft746\shptop16000\shpright5200\shpbottom16026\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2036\shpz8\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 4454}}{\sp{\sn geoBottom}{\sv 26}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(4466,13);(4466,0);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 6710886}}{\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 6710886}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}\paperw12240\paperh20160\margl666\margr133\margt666\margb133\cols2\colno1\colw10720\colsr-0\colno2\colw720\pard\li80\ri0\sl-720\slmult0 \fs66\cf0\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "http://www.thpartner.com/?m=1"}}{\fldrslt {Teguh Hidayat & Partners}}}}\par\pard\li80\ri0\sl-493\slmult0 \fs30\cf0\f0\charscalex100 {The Indonesian Value Investor Community}\par\pard\li133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li133\ri0\sl-320\slmult0 \fs28\cf0\f0\charscalex100 {Home}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-453\slmult0 \fs46\cf1\f0\charscalex100 {Koperasi Cipaganti (Cipaganti Cooperative)}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-453\slmult0 \fs28\cf0\f0\charscalex100 {\uc1\u9660X}\par\pard\sect\sectd\sbknone\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-480\slmult0 \fs30\cf1\f0\charscalex100 {Lately in the media there are news that Koperasi Cipaganti Karya Graha Persada, or}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {abbreviated as }{ }\fs28\cf1\f0\charscalex100\b {Koperasi Cipaganti}\b0 \fs30\cf1\f0\charscalex100 { (KC) only (literally meaning Cipaganti Cooperative, or}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {Cipaganti Union), began having difficulties in paying monthly interest/yield to its investors,}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {and of course these investors began to worried. Some peope think that a company listed on}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {the Stock Exchange, namely }{ }\fs24\cf1\f0\charscalex100\b {Cipaganti Citra Graha (CPGT)}\b0 \fs28\cf1\f0\charscalex100 { is the same as KC, but it's not.}\par\pard\li80\ri0\sl-333\slmult0 \fs30\cf1\f0\charscalex100 {Anyway, let's learn more about this case, is it just another fraud thing?}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs30\cf1\f0\charscalex100 {Koperasi Cipaganti, hereinafter referred to as 'KC', is one of the most prominent cooperatives}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {in Indonesia. What is meant by \uc1\u8216Xcooperative\uc1\u8217X (or union) in Indonesia is a }\fs30\cf1\f0\charscalex100\b {legal entity}\b0 \fs32\cf1\f0\charscalex100 { that has}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {permission (from the Ministry of Cooperatives of Republic of Indonesia) to raise funds from}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {the public, where the funds will be used to finance certain businesses. If you want to join the}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {KC, for example, then you would sign some sort of agreement before a notary that you have}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {joined the KC, and that you will deposit some funds to be managed by KC on certain business,}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {and that you will receive monthly interest.}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs28\cf1\f0\charscalex100 {Cooperative is a legal entity that is much simpler than limited liability companies (Perseroan}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {Terbatas/PT), but still could obtain funding from external parties. If you have a PT, then you}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {can apply for a loan to the bank, issuing shares, or issuing bonds, through that PT. However,}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {the process is not that easy. When you want to borrow some funds to the bank, for example,}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {then you must provide an asset as collateral, and your PT should have been in operation for}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {several years and has a proven track record of financial performance.}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs28\cf1\f0\charscalex100 {However, cooperatives are different. If you manage a cooperative, then as long as you can}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {convince potential investors to place their funds into the cooperative, then holaa.. you got the}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {money, and that\uc1\u8217Xs legal! You do not need to give any collateral to the investors. All you have to}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {do is to pay the yield/interest as promised.}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs26\cf1\f0\charscalex100 {The concept of cooperative is actually an alternative to any person or group of people who}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {need funds/capital to expand a business venture, but do not have access to the bank or}\par\pard\li80\ri0\sl-320\slmult0 \fs26\cf1\f0\charscalex100 {capital markets (if they want to IPO). So with this cooperative system, an entrepreneur can}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {obtain capital or loan from his own relatives/partners, in which the funds are placed in an}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {entity called the cooperative. This cooperative is considered as 'belong to all stakeholders',}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {both investors and managers (of the funds or assets of the cooperative), although in fact it}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {was only the manager who have access to the funds. The passive investors can not simply}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {withdraw the funds, or sell the assets of the cooperative, because it was the responsibility of}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {the managers.}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs30\cf1\f0\charscalex100 {The Weakness of Cooperative Systems}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs28\cf1\f0\charscalex100 {As a stock investor, I never interested to put investment in cooperatives, either KC or the other,}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {because: First, I've never heard that an investor become rich from the cooperative. In the stock}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {market, there are stories of huge success, but at the cooperative?}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-440\slmult0 \fs28\cf1\f0\charscalex100 {Second, when a company needs funds to expand the business, then the company will be}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {clearly specifies how much the funds are needed, and about the usage of the funds, then they}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {can apply for a loan to the bank, issuing shares, or issuing bonds. When the funds have been}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {collected, then that's it, the event of fundraising is finished (company no longer trying to raise}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {funds), and then the company can focus on business development using funds that had been}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {collected earlier. For example, if you go buy shares on an IPO, and it turns out that the number}\par\pard\sect\sectd\sbknone\pard\sect\sectd\sbkpage{\shp{\*\shpinst\shpleft586\shptop586\shpright11680\shpbottom19600\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2037\shpz0\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 11094}}{\sp{\sn geoBottom}{\sv 19014}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,19013);(11106,19013);(11106,0);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft586\shptop-18413\shpright11680\shpbottom37440\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2038\shpz1\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 11094}}{\sp{\sn geoBottom}{\sv 55853}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,55866);(11106,55866);(11106,0);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft586\shptop-16093\shpright11680\shpbottom36893\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2039\shpz2\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 11094}}{\sp{\sn geoBottom}{\sv 52986}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,53000);(11106,53000);(11106,0);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}\pgwsxn12240\pghsxn20160\marglsxn666\margrsxn133\margtsxn586\margbsxn253\pard\li80\ri0\sl-306\slmult0 \fs30\cf1\f0\charscalex100 {of shares available are less than you want to buy, then the company in question will not issue}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {new shares or raise the price of the shares, but your excess money will be refunded (hence}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {there is the term of \uc1\u8216Xoversubscribed\uc1\u8217X).}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs26\cf1\f0\charscalex100 {While cooperative? I don\uc1\u8217Xt know about their business activities, but what is clear that their}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {fundraising activities are never finished, as they\uc1\u8217Xre continue to receive new funds. For example}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {in KC, until now they are still accepting new investors, or receiving the additional capital from}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {existing investors. The question is, when KC was initially need Rp100 billion to finance their}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {coal business, for example, then when the funds collected from the public was more than that,}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {say reached Rp150 billion, then what about the excess of Rp50 billion? As for finding other}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {business opportunities, it is not easy, is it?}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs28\cf1\f0\charscalex100 {And this thing reminds me to the }\fs28\cf1\f0\charscalex100\b {Ponzi Scheme}\b0 \fs28\cf1\f0\charscalex100 { again. If you check the history, the creator of}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {the scheme, namely }{ }\fs28\cf1\f0\charscalex100\b {Charles Ponzi}\b0 \fs30\cf1\f0\charscalex100 {, was accidentally creating the scheme. In 1918, Charles,}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {who was working at a grocery store in Boston, United States, received a letter from a company}\par\pard\li80\ri0\sl-320\slmult0 \fs26\cf1\f0\charscalex100 {in Spain who asked him to send a catalog of products that are sold at his store. Inside the}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {envelope, Charles found a coupon called international reply coupon (IRC), which can be}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {exchanged with a piece of stamp. The Spanish Company sent the IRC coupon so that Charles}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {can exchange the coupon for a stamp, so he does not need to spend any money to send the}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {requested catalog into Spain.}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs28\cf1\f0\charscalex100 {Interestingly, when Charles went to the Post Office to exchange the coupon, it turns out that}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {he received several stamps, while he only need one. The event of First World War causes the}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {difference in value between the cost of postal delivery in Europe and United States, where a}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {piece of IRC coupon can only obtain a piece of stamp in Italy or Spain, but in America, a piece}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {of coupon can be exchanged with a number of stamps. As a result, Charles obtaining some}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {cash when selling the unused stamps.}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-440\slmult0 \fs30\cf1\f0\charscalex100 {Charles soon realized that he had just discovered a business opportunity here. He went to his}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {friends to borrow money, and promised them that he would return it within 90 days, plus}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {interest. The money is used to buy IRC coupons from Spain, the coupons are then exchanged}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {for stamps in America, then the stamps were sold to make profit of several times. Charles}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {managed to borrow money of US$ 1,250, in which he promised to give US$ 750 as interest.}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {And in just the next 90 days, he was actually paying a total of US$ 2,000 to his friends.}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs26\cf1\f0\charscalex100 {And shortly afterward, the news about the 'investment opportunity' is booming. Charles had}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {his friends lend the money back to him, even with a larger amount, including invite others to}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {join. So Charles receive more much money. Only in less than a year, he managed receive US$}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {420,000, and the number was continue to rise.}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs28\cf1\f0\charscalex100 {But after some time, Charles was no longer buy the IRC coupons because his supplier in Spain}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {are out of stock, which means that }\fs28\cf1\f0\charscalex100\b {he is no longer making a profit}\b0 \fs28\cf1\f0\charscalex100 {, but investors are continue}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {to deposit more and more funds. And here\uc1\u8217Xs the mistake: Charles let that happen, until he was}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {eventually forced to pay interest to old investors using the funds deposited by new investors,}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {because his 'investment company' is no longer making a profit.}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs30\cf1\f0\charscalex100 {And that was the beginning of the famous Ponzi Scheme, that named after him. We can see}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {here that Mr. Ponzi was not intend to harm or defraud his investors, but his mistake was that}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {he was too greedy, where he continues to receive new funds even though he could no longer}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {make a profit.}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs26\cf1\f0\charscalex100 {Although not exactly the same, but the same thing could also happened to the cooperative,}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {because a cooperative usually receive any money deposited by its members, no matter how}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {large it is, while the manager of the cooperative is not necessarily able to find new business}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {opportunities. When Koperasi Cipaganti (KC) is late in paying interest to its investors, the}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {manager said that it was because the coal business (the business run by the cooperative) was}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {sluggish due to the decline in the price of coal, so that they had difficulty in cash flows. But if}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {so, then why to this day KC still receive capital injections from their members?}\par\pard\sect\sectd\sbkpage{\shp{\*\shpinst\shpleft0\shptop0\shpright12240\shpbottom20160\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2040\shpz0\shpbxpage\shpbypage\absh20160\absw12240{\sp{\sn shapeType}{\sv 75}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn pibFlags}{\sv 2}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn pib}{\sv {\pict\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}}}}}\pgwsxn12240\pghsxn20160\marglsxn666\margrsxn133\margtsxn586\margbsxn480\pard\li80\ri0\sl-306\slmult0 \fs30\cf1\f0\charscalex100 {However, this does not mean that KC is running the Ponzi Scheme, as there is no evidence}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {about it. But my point is, when the coal business is cannot generate any more profit, then how}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {KC will use the funds belonging to the members of the cooperative, while the amount of the}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {funds is continue to grow?}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs30\cf1\f0\charscalex100 {Conclusion}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs28\cf1\f0\charscalex100 {Koperasi Cipaganti is one of the cooperative that has been operating in Indonesia for a long}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {time (if I\uc1\u8217Xm not mistaken, more than 10 years), and so far (except these days) it never had any}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {dispute with its investors. If they having difficulties in paying monthly interest to their}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {investors, it is because of an event that could not be avoided, ie the decrease in the price of}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {coal, or another problem in another business (KC build hotel as well, but construction stalled).}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {So it was more or less the same like when the coal company made a large profit in 2011, but}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {after that their profits fell dramatically and also their shares, and eventually causing losses for}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {investors who hold the shares.}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs26\cf1\f0\charscalex100 {And in contrast to coal companies that don\uc1\u8217Xt give any fuck when investors protested about}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {their poor financial performance (especially The Bakries, you cannot expect to see them!), KC}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {management was responsible enough to at least be willing to hold several meetings with the}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {investors. I, frankly, do not know how about the continuation of this problem, but if we see that}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {the coal sector slowly but surely began to recover, then there may be hope that in the end KC}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {will be eventually recovered, to be able to pay the interest to investors as usual.}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs30\cf1\f0\charscalex100 {Then about }\fs28\cf1\f0\charscalex100\b {PT Cipaganti Citra Graha, Tbk (CPGT)}\b0 \fs30\cf1\f0\charscalex100 {, a newly listing company in the Indonesia}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {Stock Exchange, it is not a Koperasi Cipaganti, because it is impossible for a cooperative to}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {hold an IPO (CPGT is a limited liability company, not cooperative). CPGT is one of the}\par\pard\li80\ri0\sl-333\slmult0 \fs28\cf1\f0\charscalex100 {subsidiaries of the Cipaganti Group that specializes in the field of transport services, tourist}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {travel, and rental of heavy equipment. While for coal and other businesses, it was held by}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {other subsidiaries of the Group (so CPGT has nothing to do with coal). While KC, because }\fs30\cf1\f0\charscalex100\b {it is}\b0 \par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100\b {not a company}\b0 \fs28\cf1\f0\charscalex100 {, then it was not a part of the Cipaganti Group. But KC is one of the}\par\pard\li80\ri0\sl-320\slmult0 \fs30\cf1\f0\charscalex100 {shareholders of CPGT, ie 4.4% stake as of April 2014.}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-426\slmult0 \fs28\cf1\f0\charscalex100 {Cipaganti Group is one of the most prominent business groups in Indonesia, and the most}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {unique as well because they also manage a cooperative (though not through the group),}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {where the membership is open to the public, while they could obtain funding from banks or}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {even stock market through the IPO. Some people might give arguments about this, but still, I}\par\pard\li80\ri0\sl-320\slmult0 \fs28\cf1\f0\charscalex100 {think this Group is \uc1\u8216Xunique\uc1\u8217X.}\par\pard\li200\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li200\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li200\ri0\sl-440\slmult0 \fs26\cf1\f0\charscalex100 {Date:{\field{\*\fldinst{HYPERLINK "http://www.thpartner.com/2014/05/koperasi-cipaganti-cipaganti-cooperative.html?m=1"}}{\fldrslt { }}}}\fs26\cf4\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "http://www.thpartner.com/2014/05/koperasi-cipaganti-cipaganti-cooperative.html?m=1"}}{\fldrslt {Thursday, May 15, 2014}}}}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn20160\marglsxn666\margrsxn133\cols2\colno1\colw1853\colsr-0\colno2\colw9586\pard\li360\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li360\ri0\sl-280\slmult0 \fs24\cf2\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "javascript:void(0);"}}{\fldrslt {Share}}}}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {1}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn20160\marglsxn666\margrsxn133\cols3\colno1\colw5213\colsr-0\colno2\colw5160\colsr-0\colno3\colw1066\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-360\slmult0 \fs36\cf1\f0\charscalex100 {No comments:}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-506\slmult0 \fs36\cf3\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "javascript:void(0)"}}{\fldrslt {Post a Comment}}}}\par\pard\li80\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li80\ri0\sl-280\slmult0 \fs26\cf1\f0\charscalex100 {Please use proper words in your comment, thanks!}\par\pard\li426\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li426\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li426\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li426\ri0\sl-506\slmult0 \fs48\cf2\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "http://www.thpartner.com/2014/05/the-battle-begins-jokowi-vs-prabowo.html?m=1"}}{\fldrslt {\uc1\u8249X}}}}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf2\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "http://www.thpartner.com/?m=1"}}{\fldrslt {Home}}}}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-586\slmult0 \fs48\cf2\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "http://www.thpartner.com/2014/05/steel-pipe-industry-of-indonesia.html?m=1"}}{\fldrslt {\uc1\u8250X}}}}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn20160\marglsxn666\margrsxn133\pard\li4586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4586\ri0\sl-320\slmult0 \fs26\cf3\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "http://www.thpartner.com/2014/05/koperasi-cipaganti-cipaganti-cooperative.html?m=0"}}{\fldrslt {View web version}}}}\par\pard\li4453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4453\ri0\sl-333\slmult0 \fs26\cf1\f0\charscalex100 {Powered by{\field{\*\fldinst{HYPERLINK "http://www.blogger.com/"}}{\fldrslt { }}}}\fs26\cf3\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "http://www.blogger.com/"}}{\fldrslt {Blogger}}}}\par}