Bapepam: Bumi violates capital market law
Thursday, December 6 2001 - 02:22 AM WIB
PT Bumi Resources Tbk might violate the capital market regulation when it held its extra-ordinary shareholders meeting in Jakarta recently, particularly related to the announcement given to shareholders about the shareholders meeting plan, Bisnis Indonesia reported on Thursday.
Capital market watchdog (Bapepam)?s chairman Herwidayatmo said that he would soon investigate the case. ?If the violation is only related the late announcement of the shareholders meeting plan, the fine will be about millions of rupiah,? he said.
Herwidayatmo said that the company?s announcement was made only several days before the shareholders meeting was held, while according to the capital market regulation, the announcement should be made at least 28 days before the meeting.
He said that Bapepam also questioned the loan collateral provided by Bumi to guarantee the US$103,9 million loan, which the company raised to finance the acquisition of coal miner PT Arutimin. (*)