JSX chief says suspension looms for 28 listed firms

JAKARTA (JP): President of the Jakarta Stock Exchange (JSX) Cyrill D. Noerhadi said yesterday that the 28 public companies which had yet to submit their annual financial reports for 1997 would face suspension if they did not do so by the end of today.

"We have to be firm against those companies in order to improve the image of our capital market," he told The Jakarta Post.

He said that if they ignored the warning, the companies would be temporaily delisted from the exchange from Monday.

Cyrill said that at least 28 companies had yet to submit their 1997 financial reports as of yesterday.

According to the capital market's regulations, listed companies should, at the latest, submit their annual financial reports four months after the end of their book year, or on April 30, for those using the calender year in their financial reports.

The JSX management has said that at least 40 companies had missed the April deadline and it had imposed a fine of Rp 10 million (about US$750) on every company concerned.

Cyrill said some of them had since filed their financial reports.

The Capital Market Supervisory Agency (Bapepam) also warned this week that it would impose a penalty on companies which missed the deadline.

Bapepam and the stock exchange operators have different penalties against these companies. Unlike, the exchange operators, the agency imposes a penalty of Rp 1 million for each overdue day.

Cyrill said yesterday that the JSX management has warned the tardy firms several times and sent warning letters to each company warning them not to delay submitting their financial statements.

Among the 28 listed companies which have not submitted their financial reports are PT Argo Pantes, PT Bakrie and Brothers, PT Bukaka Teknik Utama, PT Duta Anggada Realty, PT Kawasan Industri Jababeka, PT Ometraco Corporation, PT Putra Surya Multidana, PT Barito Pacific Timber, Bank Danamon, Bank PDFCI, Bank Surya, Bank Tiara Asia, Bank Umum Nasional, Bank Dagang Nasional Indonesia (BDNI) and Modern Bank.

The management of Bank Danamon, Bank PDFCI, Bank Tiara Asia, Bank Umum Nasional, BDNI and Modern Bank have been placed under the Indonesian Bank Restructuring Agency (IBRA) since April as part of the government's efforts the improve the country's ailing banking system. (aly)