Company Announcement

Released : 24/09/2012

RNS Number : 9404M
Bumi plc
24 September 2012
 



Monday 24 September, 2012

 

Bumi plc

24 September 2012

 

Bumi plc

("Bumi" or the "Company")

 

24 September 2012

 

 

For Immediate Release

 

The Company has become aware of allegations concerning, among other matters, potential financial and other irregularities in the Company's Indonesian operations, especially in relation to PT Bumi Resources Tbk, in which the Company has approximately a 29 per cent. interest.

 

An independent investigation has been commissioned to investigate the allegations on an urgent basis, and is to report to the Board.  The Company also intends to contact relevant authorities in the UK and Indonesia, as appropriate, in respect of some of the allegations.

 

An area of focus of the investigation will be the development funds of PT Bumi Resources Tbk.  The extensive development funds in PT Bumi Resources Tbk 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 $39 million in the consolidated financial statements.

 

A further announcement will be made in due course.

 

For further information, please contact:

Bumi plc
Nick von Schirnding

Tel: +44 (0) 20 7201 7507

Finsbury
Ed Simpkins
Tel: +44 (0) 20 7251 3801


This information is provided by RNS
The company news service from the London Stock Exchange
 
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