JAKARTA: The management PT Garda Tujuh Buana Tbk requested a week notice to provide a written explanation to the relevant stock exchange authorities on coal sales transactions which are recorded in the first half of 2012.
Corporate Secretary Iwan Nurdiansyah Garda Buana said the company is currently in the process of seeking legal consultant registered in Bapepam-LK to provide legal opinions related to the coal transactions that have been done by the company.
"We hope to appoint a consultant at the beginning of next week so we will return to Indonesia Stock Exchange to give the answer next week," he said in a statement on Thursday (08/02/2012).
On August 1, 2012, the Indonesia Stock Exchange (BEI) sent a letter requesting an explanation to the management of Garda Buana as a follow-up of the results of hearing conducted by both sides on July 27, 2012.
In a letter signed by the Director of Corporate Assesment of BEI Hoesen, the Stock Exchange asked the company to explain four things: first, the basic consideration and the suitability of the application of GAAP for the recognition of the selling contract of 3 million tons worth US$75 million in the financial statement of the first half of 2012.
Second, the Exchange asked if the agreement or selling contract which includes allocation of the mining area to the buyer in accordance with the provisions or regulations of Mining and has received approval from the relevant authorities.
"Please attach the explanation with legal opinion from legal counsel who is registered in Bapepam-LK," Hoesen said in the letter.
Third, the exchange authority asked the agreement factors that could cause the cancellation of a contract between the two parties and the impacts on the recognition of such sales and the company's financial condition.
Lastly, the Exchange asked if there are other important event informations which may influence the company existence and the company's stock price.
Previously, the company's unaudited financial statement per June 30, 2012, Buana Garda management said on June 14, 2012 that the company has signed a sale and purchase of coal by 10 million tons with a buyer from the United Emirates Arab. (T03/msw)
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