BUMI PLC - Statement re PT Bumi Resources Investigation
Asia Resource (LSE:ARMS)
Historical Stock Chart
2 Years : From Sep 2012 to Sep 2014
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
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
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
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
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
25 October 2012. The audited financials for this period are now expected to be
published on or before 31 December 2012 as per regulation."