Reference no: EM132740524

PT X owns 40% of the voting rights in the investee. The other two investors (Y and Z) each hold 28% of the voting rights of the investee. The remaining voting rights are held by two other shareholders, each holding 2%. PT X and other investors have exposure to variable returns on the investee. Other information regarding ownership in an investee is described in the following 2 independent situations:

1. PT X also has a derivative contract to acquire an additional 20% stake in the investee, which originates from the transfer of ownership from PT Y and PT Z each 10% ownership. The settlement date of the derivative contracts is 20 days. PT X will change a policy on a relevant activity, but requires approval of a majority vote at the Extraordinary General Meeting of Shareholders. The current shareholders cannot change the current policy on relevant activities because the EGMS can be held at the earliest 25 days later.

2. The shareholder agreement grants PT X the right to appoint, remove and determine remuneration for management responsible for directing relevant activities. To amend the agreement, a majority of suara (three quarters) are required in an EGMS which will be held at least 25 days later.

Requested :

In the two situations that are independent of each other above, please choose the answer below and explain the reasons, whether:

Problem (1) PT X currently has control over the investee, or
Problem (2) PT X has control over the investee at a later date, or
Problem (3) PT X does not have control over the investee