Bumi Resources responds on irregularities allegations

In response to Bumi plc's press release dated 24 September 2012, stating that ?an independent investigation subjected to Bumi Resources Tbk has been commissioned by Bumi PLC to investigate certain allegations on an urgent basis, and to report to its board,? the IDX listed company responded by saying they "received no advance notice of either the investigation or the press release."

"PT Bumi Resources Tbk, a listed Indonesian company regulated by the Indonesian Capital Market Law. As such, we are in contact with Bapepam-LK and the Indonesia Stock Exchange in relation to this matter and will be complying with all of our obligations under Indonesian Law," the company said in a statement.

The management of PT Bumi Resources Tbk said they plan to resolve these matters as expeditiously as possible, for benefit of all stakeholders, and will make further announcements as appropriate in due course.

Previously, Bumi Plc, which owns 29 percent interest at Bumi Resources stated they've ?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 area of focus of the Investigation will be the development funds of Bumi Resources.

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 Er Audy Zandri