Panin denies layoff

JAKARTA (JP): Panin Securities denied yesterday that it had laid off employees to cope with the impact of the country's financial problem.

Director of the securities house, Hendra H. Kustarjo, told The Jakarta Post yesterday that there had been no major layoff at his company.

He said that the Post's report on Tuesday, saying there had been a major layoff at Panin Securites due a financial problem was extremely incorrect.

However, he acknowledged the company had dismissed two part- time employees. "Even if we were in a bullish situation, firing two part-time employees wouldn't be a problem," he said.

He said Panin Securities faced no financial problems amid the monetary crisis.

"We understand the monetary crisis has affected the performance of most companies, but Panin will survive these conditions and profit instead," he said. (aly)