JSK extends trading ban on three firms

JAKARTA (JP): The Jakarta Stock Exchange (JSX) said on Tuesday that a suspension on trading of Bank Bali, PT Citra Marga Nusaphala Persada (CMNP) and PT Semen Cibinong shares would stay in place until the three companies fully disclosed their respective controversial transactions.

"JSX requires an official letter from Bank Bali's management declaring that the bank has fully carried out information disclosure rules in order for the bank's share trading suspension to be lifted," it said in a statement made available to The Jakarta Post.

Trading on the scandal-hit bank was suspended following the disclosure of a dubious commission payment worth nearly Rp 546 billion made in July to a company with close connections to the ruling Golkar Party.

The JSX has told tollroad operator CMNP that its trading suspension will only be lifted once it submits a realization report detailing its plan to transfer an obligation to repay a US$70 million debt (owed to Brunei Investment Agency) to PT Citra Lamtorogung Persada.

Earlier reports said the status of the debt was unclear, as CMNP had never recorded the debt on its balance sheet.

The controversial debt became an issue when the Brunei company asked the toll road operator, partly owned by former president Soeharto's daughter Siti Hardiyanti Rukmana, to repay the debt which matured in June.

Bankers and government officials said debt restructuring talks between Semen Cibinong and creditors broke down last month after the company said up to $250 million had "disappeared" from its books.

But Semen Cibinong executives denied the funds were missing.

Share trading on Bank Bali has been suspended since Aug. 20, while trading on CMNP and Semen Cibinong has been suspended since Aug. 26. (udi)