Bumi investigation moves on

THE independent investigation into Bumi Resources has advanced, with the District Court of South Jakarta approving a petition from PT Bumi Resources to conduct an audit of the company.

Noel Dyson

The investigation was sparked by PT Bumi Resources’ 29% shareholder Bumi PLC, which was unhappy about “financial irregularities” at the Indonesian coal miner.

The court has ruled, among other things, that experts be appointed to conduct an audit on the company, that PT Bumi Resources and its subsidiaries provide all the necessary information to these auditors, and that these experts submit their confidential reports to the chief justice of the District Court of South Jakarta.

“With this initiative, the company wishes to reaffirm its commitment to following Indonesian law, full compliance with Indonesian capital market regulation and is confident that these proactive steps are in the best interest of all our stakeholders and appropriately advance the concerns of Bumi PLC,” PT Bumi Resources director Dileep Srivastava said.

The PT Bumi Resources audit committee has also requested a full audit of the company’s January to September financials.

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