Bumi Resources Says Macfarlanes Completes Investigation

Bumi Resources Tbk (BUMI.JK), Tuesday said the final conclusions reported by the Macfarlanes investigation cannot be made public. However, the company added that though circumstantial evidence supports the allegations, they do not suffice, as unwillingness of the key parties to provide information leaves little scope for substantiation.

Also, Bumi confirmed that a substantial majority of the matters which were the subject of the investigation pre-date the acquisition by Vallar PLC of its interests in Bumi Resources, which completed on March 4 2011, and Berau, which completed on April 8 2011, and that the vast majority of the matters which were the subject of the investigation relate to Bumi Resources rather than Berau.

The firm asserted that it shall address the issues raised by the investigation and said it is currently investigating why the due diligence did not reveal the issues which were the subject of the investigation.

by RTT Staff Writer

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