Release: BUMI protests Bisnis Indonesia?s misleading report
Saturday, July 17 2010 - 01:13 AM WIB
?We regret that Bisnis Indonesia daily remains adamant in publishing an article carrying the reporter?s own speculative and mischievously conclusive calculation despite our willingness and openness in elaborating a minor non material note in the company?s internal report. Such explanation should have quite naturally precluded his inaccurate assumptions, he therefore should have clarified his previous statement,? said BUMI Director Dileep Srivastava.
Bisnis Indonesia daily published an article (16/7) stating the company has misrepresented its cost of goods sold (COGS). There is no change in Bumi?s COGS, of $ 1,235.2 m in its Dec 2009 audit report.
When contacted by the newspaper, Dileep?as the company spokesperson?explained that there was a minor non material typo in note 34 to the audited accounts that has been acknowledged and proactively corrected. It involved BUMI?s COGS for services rendered by contractors were shown under one contractor only, as opposed to split between three contractors respectively. The total COGS did not change. BUMI requested for the newspaper to publish its clarification at the earliest opportunity. Details arc attached.
However, while the article included BUMI?s factual explanation near the end of the story, the reporter refused to amend his opening ?motivated? part of the story. Dileep said that while he appreciated the reporter?s attention to the company, he deeply regretted the reporter?s ignorance and lack of commitment to unbiased reporting.
?This particular reporter has a habit of publishing sensational stories quoting mysterious unnamed sources or dubious analysis, particularly on BUMI. Unethically, he also posts even juicier stories in his personal blog, knowing it will stir controversies, create sensation and impair public perception of arguably one of Indonesia?s successful & genuine world class companies like Bumi. We have always reminded him of his ?dubious? stance and his way of reporting away from responsible journalism, but hardly to no effect. And every time he does so, it tends to destroy value for myriads of our stakeholders by this misperception,? said Dileep.
?Such sustained canards by selected motivated media backed by vested interests are geared to take attention away from our operating out-performance by attempts to sensationatilize non issues such as these?, he added.
?BUMI has grown very aggressively as part of our strategy to quickly recover since the 2008 global financial shocks and to weather the 2009 global recession, our financial performance is very strong and we expect to exceed our guidance in FY?10 of 64 million tons of coal sales, mm 67 million tons of production, a price of mm $ 67/ton at least 10% higher that 2009?, he said. (end of release)