Obligation to Sell Tin through Stock Exchange to be Removed

The House of Representatives of the Republic of Indonesia (Dewan Perwakilan Rakyat Republik Indonesia–      “ DPR RI ”) is pushing for improvements to a number of regulations related to tin trade governance. The DPR RI has asked the government to change the provisions governing the obligation to sell tin through the exchange, particularly those produced by PT Timah.

Deputy Chairman of Commission VI of the DPR RI, Nurdin Halid explained that the regulation is considered no longer relevant, and assessed that selling tin through the exchange does not need to be mandatory for PT Timah if it does not generate profits. Mr. Halid hopes that sales can be carried out flexibly through direct sales outside the exchange.

“We ask that PT Timah not be required to sell through the exchange. If it is profitable, sell it on the exchange. But if it is not profitable, just be normal, not through the exchange,” said Mr Halid to Hukumonline.

Mr. Halid added that he would urge the government to review starting from      Regulation of the President     , Regulation of the Minister of Trade      and other Ministries or Agencies to improve trade governance in order to improve the management of tin commodities. This step, according to Nurdin, is to enforce Article 33 of the 1945 Constitution (Undang-Undang Dasar1945 –      “ UUD 1945 ”).

"We expect that the state must be present to control natural resources that are regulated by Article 33 of the 1945 Constitution. For example, tin, this natural resource should be controlled by State-Owned Enterprises (BUMN)," Mr. Halid added.