Bumi plc ("Bumi" or the "Company")
09 November 2012
For Immediate Release
PT Bumi Resources Investigation
Bumi plc notes the announcement by PT Bumi Resources Tbk ("Bumi
Resources") earlier today regarding an independent investigation in
respect of Bumi Resources. Bumi plc has no further information on
the matter at this time. A copy of the full announcement as
published by Bumi Resources is included below for reference. As
previously announced, the Board of Bumi plc will not make any
recommendations in respect of any possible transaction until the
investigation announced on 24 September
2012 is appropriately advanced.
For enquiries, please contact:
Bumi plc: +44 (0) 20 7201 7507
Nick von Schirnding
Finsbury: +44 (0) 20 7251 3801
Ed Simpkins
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Announcement by PT Bumi Resources Tbk
"Jakarta, 9 November 2012
The Company (PT Bumi Resources Tbk) announced that The Audit
Committee of the Company has taken positive steps in upholding the
implementation of Good Corporate Governance.
On 15 October 2012, The Audit
Committee filed a petition with the District Court of South Jakarta for a court ruling to conduct an
audit on the Company in accordance with provision of Article 138 Of
Indonesian Company Act for the appointment of an independent
investigative team to conduct an audit on the Company in relation
to various news reports, both in print and electronic media.
The Audit Committee as one of the institutions in a public
company was established to ensure proper implementation of Good
Corporate Governance by the public company, and protect the
interests of public shareholders as well as stakeholders.
Consequently, through the petition for a court ruling filed with
District Court of South Jakarta,
The Audit Committee wished that an independent investigative team
be appointed to produce credible and objective findings for the
interests of public shareholders, as well as stakeholders.
On 8 November 2012, the District
Court of South Jakarta has
approved the petition filed by The Audit Committee to conduct an
audit on the Company. Essentially, the court rules as follows:
i. To declare the petitioner (The Audit Committee) a true and
lawful petitioner;
ii. To declare that the petitionee (PT Bumi Resources Tbk.) and
its subsidiaries are under examination based on provision of
Article 138 Of Indonesian Company Act;
iii. To appoint experts to conduct audit on the Company;
iv. To instruct the Company and its subsidiaries to provide all
necessary information and data for the purpose of the forensic
audit particularly in relation to its financial activities,
investment transactions and other financial transactions carried
out by petitionee or its subsidiaries consolidated for financial
years 2010, 2011, and financial year ended 30 June 2012, including but not limited to
transactions in respect of BRM funds invested in UOB;
v. To place the experts under obligation to submit its
confidential reports to Chief Justice of District Court of
South Jakarta no later than 90
days from the date of appointment of the experts;
vi. To declare that the court ruling by District Court of
South Jakarta in respect of
petition filed by The Audit Committee of the Company is in
accordance with provision of 138 of the Indonesian Company Act.
The above process was initiated independently by the Company's
Audit Committee in view of the public notifications by a
shareholder, Bumi Plc and various reports, both in international
and local media.
"With this initiative, the Company wishes to reaffirm its
commitment to following Indonesian Law, full compliance with
Indonesian Capital Market Regulation and is confident that these
proactive steps are in the best interest of all our stakeholders
and appropriately advance the concerns of Bumi Plc," said Director
of PT Bumi Resources Tbk, Dileep
Srivastava.
Additionally, The Audit Committee requested the Company for a
full audit of its January - September
2012 financials.
Consequently, the Company informed the Indonesian Stock Exchange
of this intent on
25 October 2012. The audited
financials for this period are now expected to be published on or
before 31 December 2012 as per
regulation."