May 3, 2011

Bapepam may sanction Bakrie & Brothers

Financial Institution and Capital Market Supervisory Agency is considering the possibility to impose sanction to PT Bakrie & Brothers Tbk (BNBR) on the allegation of the violation in material transaction listing of its subsidiary worth Rp1.37 trillion in financial statement 2010.
Head of Finance Assessment Bureau of Service Company Financial Institution and Capital Market Supervisory Agency (Bapepam-LK) Gonthor Ryantori Aziz said the study was conducted after the capital market authority reviewed the recording of transaction in one of Bakrie’s subsidiaries, namely PT Petromine Energy Trading with PT AKR Corporindo Tbk.
"We have checked and the transaction was not declared in the Bakrie’s balance sheet. But on AKR’s balance sheet, the information is listed. Under the rules, it should be listed. For sanctions, we will further examine," he said yesterday as quoted by Bisnis Indonesia daily today.
As it is known, Bapepam-LK reviewed the financial statement of Bakrie since last Wednesday, following news about the lack of recording material transactions in the form of fuel purchase by Petromine from AKR in the 2010 financial statement amounting Rp1.37 trillion.
In the 2010 financial statement of AKR, the deal is mentioned clearly. The value is Rp1.37 trillion and included in the income accounts whose value is 10% greater than the total revenue.
With revenue position AKR Rp12, 19 trillion, the portion of transactions reached 11.24%.

Disclosure: No position at the stock mentioned above.
 
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