Bumi plc investigates alleged irregularities in Bumi Resources
Monday, September 24 2012 - 07:07 AM WIB
UK-listed mining firm Bumi plc reported on Monday that it has deployed an independent investigation on IDX-listed coal mining giant PT Bumi Resources Tbk over alleged irregularities
?The Company has become aware of allegations concerning, among other matters, potential financial and other irregularities in the Company's Indonesian operations, especially in relation to Bumi Resources, in which the Company has approximately a 29 percent Interest,? Bumi plc said.
?An independent investigation has been commissioned to investigate the allegations on an urgent basis, and is to report to the Board. The Company also intends to contact relevant authorities in the UK and Indonesia, as appropriate, in respect of some of the allegations,? it added.
An area of focus of the investigation will be the development funds of Bumi Resources, Bumi plc said.
The extensive development funds in Bumi Resources and the one development asset in PT Berau Coal Energy Tbk were marked down to zero in the accounts of Bumi plc as at 31 December 2011, except for one investment with a carrying value of $ US39 million in the consolidated financial statements, the company said without giving further explanation.
Editing by Dadan Wijaksana