Jay Tank Email and Phone Number
Proven executive with ~30 years of senior managerial experience leading all aspects of the financial function for regional offices of MNCs and local companies. Consistently recognized as a key business partner to the CEO and Board of Directors with a strong background in leading companies, both established and restructured, through various economic and political cycles. Exceptional communication and team building skills, and a deep understanding of commercial approaches and Western and local customs critical to successfully run and grow businesses in various regions.• Ownership of All Finance Functions • Financial Systems Integration • Strategic Planning & Execution • Monitoring Financial Terms in Key Contracts • Building & Developing Motivated Teams • New Projects and Turnarounds • Navigating Government Processes for Licensing and Compliance • Due Diligence & Risk Mitigation • Analytical thinking and innovation • Curious and determined in business #digitalization, #block chain, #AI and #ML
Pt Mercuria Energy Services (Mercuria Group, Geneva)
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Chief Financial OfficerPt Mercuria Energy Services (Mercuria Group, Geneva) Sep 2012 - PresentGeneva, ChStrategy, Streamlining and Business Management: • Advised Board of Directors and steered Indonesian business strategy through evolving mining regulations covering historic "lex specialis" contracts to very open contracts (production sharing contract with the government and commercial tax areas).• Led team on break-even analysis and implementation on cash margin preserving in a down cycle market, including hedging.• Monitored and implemented major operation related contractor rate reductions and selling price related discounts in down market: mining (~US$8M) and barging contracts (~US$3M).• Advised tax effective loan covenants to address thin capitalization, interest expense deductibility and corporate tax optimization. • Restructured debt and equity to optimize interest cost deductions under contract with the government, in line with the Group funding strategy and business working capital requirement of ~US$112M.• Completed asset valuation to address business license compliance and intercompany transfer with least tax exposure worth ~ US$7M.• Delivered Desktop due diligence of 3 business, resulting in one deal of ~US$12M.• Segregated and implemented country specific treasury functions, trained staff to deliver essential daily cash flash reports, and developed cash forecasts systems for ~US$190M loan optimization. • Updated in-house banking knowledge and negotiation skills to interpret and analyze central bank of Indonesia rules on non-IDR funding hedging, mandatory letter of credit for exports and only IDR for price quotation and transaction settlement.• Monitored trade financing of a coal producer under off take agreement ~US$12.5M. -
Chief Financial OfficerPt Mercuria Energy Services (Mercuria Group, Geneva) Sep 2012 - PresentGeneva, ChTax and Compliance: • Lead a team of junior staff to catch up delayed multiyear statutory audit (by PWC) and all tax compliance.• Coordinated audit and tax catch-up process with various technical, audit, and interdepartmental teams covering areas like exploration cost capitalization, JORC based reserve and resource figures interpretation, setting up clear basis for mine closure and rehabilitation provisions, PSAK and IFRS requirements.• Led VAT restitution realization process and received first round ~US$2M refund (of total ~US$14M) by working closely with the Geneva Tax department, VAT tax office, and Indonesian consultants. • Trained Cost Accountant and Financial Accountant on Mining Accounting, who in turn trained 3 site-based and 4 Jakarta-based staff, creating pools of knowledge.• Coordinated Transfer Price Study for marketing services, mining services and intercompany loans with KPMG. Streamlining integrated Systems and Procedures: • Led SAP blueprint approval and implementation (covering mining, value-addition processing, and services companies), coordinating with multi-office management, external consultants, and subsequently responsible for training 40+ staff across departments and 3 locations.• Justified and implemented moving outsourced SAP functions to Indonesia where transactions take place to reduce response time, improve efficiency, control document flow and cut costs.• Implemented continuous report development by interacting with operational management at mine site, Singapore regional office and Head office in Geneva. • Implemented base-currency change in SAP for Indonesian group companies. -
Corporate Strategic Planning AdvisorPt Marunda Graha Minerals Sep 2009 - Sep 2012Responsible for restructuring finance of brownfield and green field companies in preparation of IPO, upgrade systems in preparation of doubling production 4m mt, advice on projects construction contracts and negotiating mining operation contracts. Implemented companywide simple procedure for capital spending optimization and improve day to day operations. Restructuring finance, project and operational related advice:• Led corporate restructuring of Indonesian and Japanese shareholding (Itochu Group) in two Coal Contract of Work companies of Generation II and III in preparation for potential IPO, and dealt directly with financial and legal advisors.• Project team member representing Finance, Admin and Logistics in ~2M MT coal mine in construction phase, and involved in tendering and selection of contractors covering exploration, construction and operations activities ~US$420M.• Evaluated, recommended and finalized financing for a green field coal project ~US$75M.• Evaluated and negotiated open cut coal mining and related infrastructure services contracts saving ~US$5M, and oversaw handover of crushing and barge loading facilities under BOOT contract for 7.55M MT.Strategy & Streamlining Business:• Set strategy for domestic marketing (added one new customer Vale), and established and supervised a team implementing annual mandatory “Domestic Market Obligation” requirements to place up to 25% of annual production in lower priced market.• Identified and implemented US$8M synergies for ~2M MT Central Kalimantan coal operations based on production capacity optimizing, barging, stockpiling and shipping capacities for thermal and coking coal products.• Reviewed relevance and applicability of policies, procedures and systems related to capital and operation spending of~US$100M across the group, resulting in optimized capital spending and site monitored operation spending. -
Financial ControllerBhp Billiton Group Jul 2006 - Aug 2009Melbourne, Victoria, Au• Developed budgeting and forecasting systems for the consolidation of seven Coal Contract companies and one mining engineering services company covering ~195K hectares of area in Kalimantan spending ~US$60M per annum.• Created deterministic valuation models and probabilistic Net Present Valuation returns range analysis utilizing the Monte Carlo system for Investment Approval Request leading to the approval of ~US$95M for construction. • Finance advisor to project controls team responsible for monitoring contractors’ claims, arranging insurance, security bonds, and tracking ~US$95M expenditure, resulting in lead project indicators being delivered on time and building project management skills.• Supported the optimization of ~US$40M exploration spending by effectively managing high cost drilling, choppers and catering services contracts, developing management experience of exploration activities.• Handled portfolio valuation of seven companies covering quantitative range of outputs on coal resource range analysis at various stages of exploration and applying problem solving skills.• Participated and supported as key finance contact for transition from SUN systems to integrated SAP system for general ledger, procurement and marketing modules, resulting in aligned document flow, processes, and procedures. -
Finance In ChargePt Bhp Billiton Indonesia Jan 2001 - Jun 2006• Performed due diligence on two Indonesian coal companies to evaluate equity participation options, developed recommendations resulting in savings of US$45-90M.• Managed financials of marketing agency of PT Arutmin Coal annual export turnover ~US$200M.• Finance Team member in developing and implementing SAP System for first-of-its-kind coal trading activities in BHP.
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Finance ManagerPt Kendilo Coal Indonesia Jan 1994 - Jun 2006• Played a lead role in a four-person technical team for monitoring last pit closure and rehabilitation, a project recognized for excellence by the Department of Mines and Energy. Implemented contract to generate commercial value of last coal stock.
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Cost ControllerPt Arutmmin Indonesia Jan 1990 - Jan 2001• Developed systems and processes during owner operated mining operations and contractor mining operations for a major coal mine expansion project with coal output increasing from 0.5M MT to 8M MT, generating revenue of US$200-240M. • Acted as Finance lead in divestment team responsible for the 80% parent company holdings, resulting in successful divestment and retaining key marketing services.• Trained 16 employees in financial processes and procedural systems, corporate and Indonesian statutory reporting, and developing team management skills. • Represented BHP to Indonesian statutory auditors Ernst and Young and internal auditors KPMG for finalizing audit reports and Indonesian corporate income tax.
Jay Tank Education Details
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The Institute Of Chartered Accountants Of India -
Institute Of Company Secretaries Of IndiaInter -
University Of MadrasCommerce
Frequently Asked Questions about Jay Tank
What company does Jay Tank work for?
Jay Tank works for Pt Mercuria Energy Services (Mercuria Group, Geneva)
What is Jay Tank's role at the current company?
Jay Tank's current role is Chief Financial Officer at PT Mercuria Energy Services.
What schools did Jay Tank attend?
Jay Tank attended The Institute Of Chartered Accountants Of India, Institute Of Company Secretaries Of India, University Of Madras.
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