PT Timah accused of upsetting investors
Wednesday, January 16 2002 - 10:23 AM WIB
President director of publicly listed tin miner PT Timah Tbk Erry Riyana Hardjapamekas has confused investors with his premature public statements that the company might have to be liquidated soon due to serious cash flow problems, according to PT Aneka Tambang president director Dedi Aditya Sumanegara.
Erry?s strong remarks might aim to attract the government?s attention to their plight, Dedi told reporters on Wednesday.
?But as a publicly listed company, PT Timah seems to have ignored investors? capital which had been invested in it,? he said.
Dedi said the company should be more open to the public about what had really happened with it.
PT Timah operates tin mines on the island of Bangka off southern Sumatra. It was once one of Indonesia?s well-performed companies.
The company faced serious financial problems after tin prices dropped sharply on the world market due to oversupply.
Erry said late last month the firm?s capacity to survive would be for three months at the most (arry)