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"As for the byzantine ownership structure and messy reverse merger detailed by Sharesleuth, again, perhaps it is my natural cynicism coming through, but I take for granted many unsavory business practices. When you suggest that Telkom Indonesia is a cleaner place for your money, I wonder how you know. Certainly, under Sukarno and Suharto, Indonesia was an authoritarian state that required a variety of corrupt practices from businesses if they were to survive. Perhaps the recent reforms have produced a fully transparent, ethical business climate, but I wouldn't bet on it."

I would not bet on it either. I go to Indonesia quite often and it is of my opinion even under Indonesia's newest president that Indonesia is among the most corrupt countries in Asia but you can say that about almost all the Asian Tigers...Thailand, Philippines, Cambodia...

I am not going to ramble on like I usually do but one day I will post some stories about Indonesia. It is very much like the wild west there....All the Asian Tigers are with the exception of Singapore. Anyone that wants ethical companies...invest in Singaporean companies. Ethics and efficiency is what they pride themselves on.

Investing in any emerging market company you have to expect this sort of thing which is why in years past so many investment professionals recommended not investing in emerging markets and that if you had to do it then do it through a mutual fund but now since the investment returns in the USA stink, now everyone wants to invest globally in emerging markets.

Truth is if I took many people to Indonesia and showed them around, they would be positively terrified to invest in a place like that. Same applies to Brazil. India too. Russia too. Turkey too and yes China too.

Trust me...when you see those little boxes that say political risk or country risk. Well, let me say Bill leaves a lot out on the quick reviews of the risks in these companies. The cup would overflow if he wrote all the risks and virtually no one would invest.

I rather invest here in CFSG rather than let's say BSC but I am through really defending CFSG on the ShareSleuth article because I started to realize how much those issues really scare people. I remember how it scared me and I quickly sold but then bought back in after reconsidering.

I just hope everyone realizes that you may have some of these same type of issues or worse in your favorite emerging market stock. It is just that ShareSleuth did not get around to writing about your company yet.

Rob S
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