Bapepam has not imposed penalty on erring firms
Bapepam has not imposed penalty on erring firms
JAKARTA (JP): The Capital Market Supervisory Agency (Bapepam)
has yet to penalize 35 listed companies which missed the April 30
deadline on submitting their 1997 financial reports, the agency's
chairman said yesterday.
I Putu Gede Ary Suta said a penalty would be handed down only
after the agency received complete information on the reason for
the delay.
In previous years, Bapepam imposed the penalty one month after
the deadline passed.
Putu did not elaborate on why the agency was delaying
extending the penalty, but emphasized he would remain strict and
never allow any companies to breach the capital market
regulations.
He said the economic crisis should not be used an excuse by
the delinquent firms.
"Whatever results they have, whether they record earnings or
losses, they should report to Bapepam," he said. "Listed
companies are required not only to report the good earnings but
losses as well."
Capital market regulations stipulate that publicly listed
companies must submit their annual financial reports to Bapepam
and stock exchange operators three months at the latest after the
end of their book years.
Sanctions
Bapepam and the stock exchange impose different sanctions
against tardy companies.
The agency imposes a fine of Rp 1 million (US$100) for each
overdue day. The Jakarta Stock Exchange (JSX) metes out a lesser
amount of fine but companies are liable to be delisted.
According to the JSX, about 35 companies have not submitted
their annual balance sheets, including Bakrie and Brothers,
Steady Safe, Eterindo Wahanatama, Ometraco Corporation, Gajah
Tunggal, Bank Danamon, Bank PDFCI, Bank Surya, Bank Tiara Asia,
Bank Umum Nasional, Modern Bank, Bank Dagang Nasional Indonesia
(BDNI) and Barito Pacific Timber.
Putu acknowledged the Rp 1 million fine per day was probably
"peanuts" for many publicly listed companies but warned that the
relatively insignificant penalty was no reason for foot-dragging
on submitting the reports.
"Though they can pay the Rp 1 million penalty fee, it should
not be the reason to persistently delay their financial report,"
he said.
A JSX spokeswoman announced yesterday the exchange would
temporarily suspend the trading activities of the 35 listed
companies if they failed to pay a previously announced penalty
fee of Rp 10 million each ($1,000) by June 12 for the delay in
submitting their financial reports.
"If they fail to pay the penalty fee by June 12, I think the
JSX management will have to suspend the trading activities of
those companies on June 15," Intania Abdams said. (aly)