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)