Djajanti blames delisting on Maluku unrest
Djajanti blames delisting on Maluku unrest
JAKARTA (JP): Fishery and plantation concern Djajanti Group on Wednesday blamed the failure of its publicly listed subsidiaries to complete their financial reports on time on the continuing violence in Maluku.
The failure of PT Daya Guna Samudra (DGS) and PT Bintuni Mina Raya (BMR) to finalize their 1999 financial reports caused the Jakarta Stock Exchange (JSX) to delist the two companies on July 28.
DGS financial director Triyantono and BMR financial director Siboy Sulaeman told reporters the violence that has wracked Maluku for more than one and a half years hampered the work of the companies' auditor, PricewaterhouseCoppers and partners.
"The unrest in Maluku hampered the supply of data from our operating units in the region to our headquarters and forced our auditors to delay their visit to the units," Triyantono said.
He said most of the data were stored in Djajanti's regional headquarters in Ambon, but the religious conflict and difficulties in transportation and communication hampered the companies efforts to send the data to Jakarta.
Auditors from PricewaterhouseCoopers insisted on visiting the companies' operating units in the region to verify some data, but they delayed the visit several times because of security concerns, Triyantono said.
"We hope Bapepam (the Capital Market Supervisory Agency) understands this. In the past, we always completed our financial reports on time, but we failed to do so now due to these problems," Siboy said.
Siboy and Triyantono said PricewaterhouseCooppers is in the process of completing the financial reports, but they could not predict when the work would be finished.
They said DGS and BMR would meet with Bapepam on Thursday to explain the reasons behind its late financial reports.
DGS and BMR operate fish processing plants in Benjina village, Maekor island, Southeast Maluku; Pasari, Pamali, Arara and Opin villages, Wahai district, Central Maluku; Wimro, Babo district, Irian Jaya; and Djarmu Aru, Wanam district, Irian Jaya.
JSX earlier said it delisted both DGS and BMR, as well as two other companies -- PT Super Mitory Utama and PT Dharmala Sakti Sejahtera -- after they failed to disclose their 1999 financial statements to the public by the extended deadline of July 24.
The agency said it gave the companies numerous warnings before delisting them.
"From early May to July 24, JSX sent eight warning letters and fined each of the four companies Rp 10 million," it said. (jsk)