26/11/2014 19:13:18 Free Membership Login

BUMI PLC - Statement re PT Bumi Resources Investigation

Date : 11/09/2012 @ 8:05PM
Source : PR Newswire (US)
Stock : Asia Resource (ARMS)
Quote : 18.5  0.25 (1.37%) @ 6:46PM
Asia Resource share price Chart

BUMI PLC - Statement re PT Bumi Resources Investigation

Asia Resource (LSE:ARMS)
Historical Stock Chart

3 Years : From Nov 2011 to Nov 2014

Click Here for more Asia Resource Charts.
BUMI PLC - Statement re PT Bumi Resources Investigation
                                                                               
                      Bumi plc ("Bumi" or the "Company")                       

09 November 2012

For Immediate Release

                        PT Bumi Resources Investigation                        

Bumi plc notes the announcement by PT Bumi Resources Tbk ("Bumi Resources") earlier today regarding an independent investigation in respect of Bumi Resources. Bumi plc has no further information on the matter at this time. A copy of the full announcement as published by Bumi Resources is included below for reference. As previously announced, the Board of Bumi plc will not make any recommendations in respect of any possible transaction until the investigation announced on 24 September 2012 is appropriately advanced.

For enquiries, please contact:

Bumi plc:                                           +44 (0) 20 7201 7507

Nick von Schirnding

Finsbury:                                           +44 (0) 20 7251 3801

Ed Simpkins

--------------------------------------------------------------------

Announcement by PT Bumi Resources Tbk

"Jakarta, 9 November 2012

The Company (PT Bumi Resources Tbk) announced that The Audit Committee of the Company has taken positive steps in upholding the implementation of Good Corporate Governance.

On 15 October 2012, The Audit Committee filed a petition with the District Court of South Jakarta for a court ruling to conduct an audit on the Company in accordance with provision of Article 138 Of Indonesian Company Act for the appointment of an independent investigative team to conduct an audit on the Company in relation to various news reports, both in print and electronic media.

The Audit Committee as one of the institutions in a public company was established to ensure proper implementation of Good Corporate Governance by the public company, and protect the interests of public shareholders as well as stakeholders. Consequently, through the petition for a court ruling filed with District Court of South Jakarta, The Audit Committee wished that an independent investigative team be appointed to produce credible and objective findings for the interests of public shareholders, as well as stakeholders.

On 8 November 2012, the District Court of South Jakarta has approved the petition filed by The Audit Committee to conduct an audit on the Company. Essentially, the court rules as follows:

i. To declare the petitioner (The Audit Committee) a true and lawful petitioner;

ii. To declare that the petitionee (PT Bumi Resources Tbk.) and its subsidiaries are under examination based on provision of Article 138 Of Indonesian Company Act;

iii. To appoint experts to conduct audit on the Company;

iv. To instruct the Company and its subsidiaries to provide all necessary information and data for the purpose of the forensic audit particularly in relation to its financial activities, investment transactions and other financial transactions carried out by petitionee or its subsidiaries consolidated for financial years 2010, 2011, and financial year ended 30 June 2012, including but not limited to transactions in respect of BRM funds invested in UOB;

v. To place the experts under obligation to submit its confidential reports to Chief Justice of District Court of South Jakarta no later than 90 days from the date of appointment of the experts;

vi. To declare that the court ruling by District Court of South Jakarta in respect of petition filed by The Audit Committee of the Company is in accordance with provision of 138 of the Indonesian Company Act.

The above process was initiated independently by the Company's Audit Committee in view of the public notifications by a shareholder, Bumi Plc and various reports, both in international and local media.

"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," said Director of PT Bumi Resources Tbk, Dileep Srivastava.

Additionally, The Audit Committee requested the Company for a full audit of its January - September 2012 financials.

Consequently, the Company informed the Indonesian Stock Exchange of this intent on

25 October 2012. The audited financials for this period are now expected to be published on or before 31 December 2012 as per regulation."

Copyright er 9 PR Newswire



Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE and AMEX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

1 site:2 in 141126 19:13