Panin denies layoff

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)