Summarecon denies conflicting reports<\/p>\n
JAKARTA (JP): Publicly listed PT Summarecon Agung has denied
\nit published conflicting financial reports on its performance.<\/p>\n
A legal representative of Summarecon, Denny Kailimang, said
\nyesterday that financial statements audited by Johan and Malonda
\nand by KPMG Hanadi Sudjendro were valid and made for different
\npurposes.<\/p>\n
\"Johan and Malonda was assigned for Summarecon's internal
\npurposes and KPMG was assigned on a routine basis,\" he said.<\/p>\n
Johan and Malonda said in a statement yesterday that the
\ndifference in the two financial statements was due to the
\ndifferent nature of the tasks and consequently the use of
\ndifferent accounting standards.<\/p>\n
Johan and Malonda was engaged to audit PT Summarecon's two
\nsubsidiaries PT Swaraeka Prasetia and PT Sawarama Jaya for the
\nperiod from Jan. 1 1996 to Aug. 31, 1996.<\/p>\n
\"The audited financial statements were intended to serve as a
\nbasis by which the shareholders of those subsidiaries could
\ndetermine their financial positions in case they were to be
\nliquidated,\" the statement said.<\/p>\n
It said the firm used International Accounting Standard in
\ntheir assessment.<\/p>\n
Media reports said KPMG's consolidated financial statement for
\nthe publicly listed property developer Summarecon did not include
\na Rp 70 billion loss suffered by its subsidiaries, PT Swaraeka
\nPrasetia and PT Swarama Jaya.<\/p>\n
Denny said the report by KPMG Hanadi Sudjendro included the
\ntwo subsidiaries' loss in the other expenses section of
\nSummarecon's 1996 consolidated financial statement.<\/p>\n
KPMG said that Summarecon recorded a net profit of Rp 38
\nbillion in 1996.<\/p>\n
Denny said Summarecon would sue whoever leaked the report
\naudited by Johan and Malonda. \"Whoever leaked the report intended
\nto discredit Summarecon,\" he added.<\/p>\n
Denny admitted that based on its audit, Johan and Malonda
\nfound the firms had suffered a loss of Rp 70 billion (US$29.16
\nmillion).<\/p>\n
Denny said that problems arose for Summarecon when PT Swaraeka
\nPrasetia's shareholders disagreed on whether to develop West
\nJakarta's Centrepoint Plaza.<\/p>\n
PT Surya Dewata, which owns 35 percent of PT Swaraeka
\nPrasetia, wanted the project to become a shopping complex, while
\nSummarecon Agung and Atiga Swakerta which own 25.33 percent and
\n39.67 percent respectively, wanted an apartment and office
\nbuilding.<\/p>\n
\"The shareholders have different views on it,\" Kailimang said.<\/p>\n
Centrepoint Plaza was formerly owned by Surya Dewata, but the
\nfirm was unable to develop it because of financial problems.<\/p>\n
Summarecon then set up a joint venture, PT Swaraeka Prasetia,
\nto develop the property project. (09)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/summarecon-denies-conflicting-reports-1447893297",
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"sponsor_url": "https:\/\/okusiassociates.com"
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