Bapepam investigates Summarecon, accountants
JAKARTA (JP): The Capital Market Supervisory Agency is investigating why two Jakarta accounting firms made conflicting financial statements for publicly listed PT Summarecon Agung.
The agency's corporate finance bureau II head, Anis Baridwan, said yesterday it was investigating PT Summarecon Agung and the accounting firms, KPMG Hanadi Sudjendro and Johan and Malonda.
"We wrote to Summarecon, KPMG and Johan and Malonda asking them to report to us," Anis said.
Media Indonesia reported Monday that a financial statement audited by Johan and Malonda said PT Swaraeka Prasetia, which is 65 percent owned by Summarecon Agung, posted a Rp 70 billion (US$29.16 million) loss as of August 31, 1996. It did not say what period the financial statement covered.
The paper reported that a consolidated financial statement audited by KPMG Hanadi and Sudjendro said Summarecon recorded a net profit of Rp 38 billion for the 1996 financial year. KPMG's statement did not record Swaraeka's loss in its consolidated financial statement, it said.
Summarecon's technical finance advisor, Michael, was quoted by Media as saying Swaraeka's loss was recorded in the other expenses posted in the consolidated financial statement.
In the consolidated statement its total other expenses in the 1996 financial year, to Dec. 31, 1996, were Rp 21.65 billion, up 432 percent from Rp 4.06 billion in 1995.
Anis said the agency had not yet received an explanation from any of the three parties.
A source told The Jakarta Post yesterday that Summarecon and KPMG Hanadi and Sudjendro directors would report to Bapepam this morning and hold a press conference afterwards.
The source said Summarecon and KPMG denied there were differences in the financial statements.
"There are no conflicting financial statements. Even if there are two, both are valid," he said.
Summarecon and KPMG executives were not available for comment.
The source said Summarecon might sue Johan and Malonda for making the financial statement public.
"Johan and Malonda is not a public accounting firm," he said.
He said they were assigned to audit Swaraeka for internal purposes, not to disclose its financial report. (09)