Jakarta Securities examination going deepened

BI/bursa

16/1/2011

Irvin Avriano A.

Bisnis Indonesia

Jakarta Securities examination going deepened

JAKARTA: PT Jakarta Securities examination by capital market authority became more intensified, after the securities company filed some objection to trading suspension by the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia).

"Jakarta Securities document has been lifted to my bureau," said Examination and Investigation Bureau Chief of Bapepam-LK Sarjito to Bisnis last weekend.

But he can not assure whether the examination related to the suspension from the bourse authority or not.

The suspension has been imposed to Jakarta Securities because the company's adjusted net working capital (NAWC/modal kerja bersih disesuaikan/MKBD) can not fullfill the authority requirement.

The minimum NAWC been set at IDR25 billion level, but the company assessed have not been able to complete the limitation that been said have included the calculation of non-suitable elements.

Securities companies's NAWC monitored daily by IDX with the minimum limit or higher in accordance with the capital needed by the company.

Jakarta Securities appealed an objection and still insist the calculation of their NAWC was correct. To solved the problem, IDX management orders the company to appoint a public accountant to resolve the dispute.

They appointed accounting firm RSM Aryanto, Amir Jusuf, Mawar, & Saptoto, which is affiliated with RSM International, for mediating the dispute beetween the company which commandeered by Krisnadi Utama with the IDX.

Until now, trading activities in the securities that coded WW are still suspended by the bourse authority.

The suspension has been imposed since November 10th until now. The suspension is based on reporting NAWC on October 26th, which is considered inappropriate.