Bumi Suspected of Committing Insider Trading
Tuesday, 12 December, 2006 | 15:36 WIB

Tempo Interactive, Jakarta: The Jakarta Stock Exchange (JSX) is still tracing allegations of insider trading over shares transactions of PT Bumi Resources . The incident occurred prior to cancellation of divestment to three of its subsidiaries: PT Kaltim Prima Coal, PT Arutmin Indonesia, and PT Indocoal Resources Limited.

“We are still collecting data. The initial guess explains the cause of this active transaction,” said Director of Supervision at JSX Justitia Tripurwasani yesterday (12/11) in Jakarta. The process of data analyzing is expected to be finished by the end of the year.

Before notification of the selling plan of Bumi's three subsidiaries was announced, the market had investigated the share movement of the company. Sales to Borneo were valued at US$3.2 billion. On 24 August, a sales cancellation was announced. After the cancellation was published, the market had deactivated the shares temporarily.

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