State oil-and-gas firm PT Pertamina has confirmed that the company doesn’t have a subsidiary named Pertamina Global Managed Energy Fund (Petrafund), which operates both domestically and abroad, an executive has said.
“Petrafund is not Pertamina’s subsidiary company and it bears no relation to Pertamina,” Pertamina vice president of corporate communication M Harun said recently as quoted by kontan.co.id.
This confirmation followed a report from a Taiwanese citizen that had offered to invest in Petrafund. The individual questioned the relationship between Pertamina and Petrafund.
Harun said that Petrafund had allegedly been collecting funds from investors in Taiwan by using Pertamina’s name.
“Petrafund has been detrimental to Pertamina because it has used Pertamina’s name and attributes in doing business,” he said.
He said that Pertamina had already reported the case to the Taiwan state police to stop Petrafund’s activities, which he alleged were organized fraud.
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