by: Vega Aulia Pradipta
JAKARTA: Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) gave a total IDR4 billion penalty to directors from three Bakrie Group’s subsidiaries and PT Benakat Petroleum Energy Tbk (BIPI) on violations of capital market laws and regulations.
Those Bakrie Group’s subsidiaries are PT Energi Mega Persada Tbk (ENRG), PT Bakrie and Brothers Tbk (BNBR) and PT Bakrie Sumatera Plantations Tbk (UNSP), which get fined IDR1 billion each. Benakat also received the same amount of penalty.
Head of Committee on Sanctions and Objections at Bapepam-LK Robinson Simbolon said that those companies has violated the rules on general accountancy principles for company financial reports, either 2009 annual financial report or 2010 first quarterly financial report, Regulation No. VIII.G.7, Statement of Financial Accounting Standards (PSAK) No.1 and No. 8.
“Besides, the penalty is given for violating regulations on Utilization Report of Public Offering Fund and Material Transactions, i.e. Regulation No. X.K.4 and No. IX.E.2,” Robinson said in a press release today.
The application of general accounting principles was related to the admittance and presentation of deposits in certain amount, coming from public offering/rights issue.
In fact, such deposits are available no more or have been derived into other form of investment valuing from IDR867 billion to IDR3.334 trillion.
“Failure in presenting it may cause invalid Utilization Report of Public Offering Fund and Material Transactions,” he said.
Furthermore, there is a violation of Regulation on material transaction and change in core business. The violation was a transaction as much as IDR2.68 trillion to buy stock in a pre-emptive rights issue without approval from General Meeting of Shareholders.
The transaction was made to keep the percentage of ownership.
In this case, the supervisory agency (Bapepam-LK) gives administrative penalty to board of directors from those companies, as they are responsible to company management, including the presentation, release and validity of the content and information written in financial reports, either 2009 annual financial report or 2010 first quarterly financial report. (t04/wiw)
Those Bakrie Group’s subsidiaries are PT Energi Mega Persada Tbk (ENRG), PT Bakrie and Brothers Tbk (BNBR) and PT Bakrie Sumatera Plantations Tbk (UNSP), which get fined IDR1 billion each. Benakat also received the same amount of penalty.
Head of Committee on Sanctions and Objections at Bapepam-LK Robinson Simbolon said that those companies has violated the rules on general accountancy principles for company financial reports, either 2009 annual financial report or 2010 first quarterly financial report, Regulation No. VIII.G.7, Statement of Financial Accounting Standards (PSAK) No.1 and No. 8.
“Besides, the penalty is given for violating regulations on Utilization Report of Public Offering Fund and Material Transactions, i.e. Regulation No. X.K.4 and No. IX.E.2,” Robinson said in a press release today.
The application of general accounting principles was related to the admittance and presentation of deposits in certain amount, coming from public offering/rights issue.
In fact, such deposits are available no more or have been derived into other form of investment valuing from IDR867 billion to IDR3.334 trillion.
“Failure in presenting it may cause invalid Utilization Report of Public Offering Fund and Material Transactions,” he said.
Furthermore, there is a violation of Regulation on material transaction and change in core business. The violation was a transaction as much as IDR2.68 trillion to buy stock in a pre-emptive rights issue without approval from General Meeting of Shareholders.
The transaction was made to keep the percentage of ownership.
In this case, the supervisory agency (Bapepam-LK) gives administrative penalty to board of directors from those companies, as they are responsible to company management, including the presentation, release and validity of the content and information written in financial reports, either 2009 annual financial report or 2010 first quarterly financial report. (t04/wiw)
