Antam is still considering options regarding medical funds

State-owned gold and nickel miner PT Aneka Tambang (Antam) is considering several options regarding the inclusion of medical expenses for retired employees in the company’s 2003 financial statement, the Koran Tempo newspaper reported in its Friday edition.

This option, if implemented, would affect Antam’s 2003 profit and the company must revise profit for the previous years.

A source close to the management of Antam told the Koran Tempo that company is still calculating the actual amount of medical expenses.

“The amount is fluctuative between Rp 300 billion to Rp 800 billion. But it would certainly reach Rp 300 billion,” the source said.

According to the source, the burden will not be put entirely on the financial statement of 2003. There will be revised financial statements of previous years.

Actually the problem began when Antam’s auditor PricewaterhouseCoopers refused to sign the 2003 financial statement because the former company had not included the

pension expenses in the financial account. If included, the net profit of Antam will be decreased sharply. (*)