atans1

Corporate governance Indon style cont’d

In Corporate governance, Energy, Indonesia, Uncategorized on 14/12/2012 at 6:00 am

The  Bakrie Group said this week some documents used to justify an investigation at Bumi Resources PLC were stolen or accessed by hacking.

“Some of these documents appear then to have been ‘doctored’ to give a purposely misleading impression of a number of business transactions at Bumi Resources,” a Bakrie Group spokesman, said on Dec. 10. The Bakries plan to submit a report to U.K. police and regulatory authorities, while Indonesian police are probing the hacking complaints, Fong said.

Nathaniel Rothschild described the allegations as a “desperate attempt to divert the inquiry” by the Bakries and Chairman Samin Tan. He said e may seek to remove the board of the coal venture he founded with Indonesia’s Bakrie family in the coming weeks because it has failed shareholders.

http://www.bloomberg.com/news/2012-12-12/bumi-seeks-to-end-ties-with-bakries-as-von-schirnding-named-ceo.html

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  1. You may want to read Balding’s recent comment on SIA accounting…

    http://www.baldingsworld.com/2012/12/14/singaporean-accounting-at-its-best/

    • He typical ang moh: everything he says is a ‘first” to reveal. Bit like the ang moh explorers of Africa. They were not the first to discover this or that, juz the first to tell the ang mohs. In Balding’s case, first to tell those who don’t follow S’pore stocks or Temasek.

    • And oh. In SIA analysis, he shows he talk cock artist.

  2. I don’t think anyone disagrees that SIA lost money in the Virgin deal. The “profit” is pure accounting technicality (or fantasy?) Just like Olam’s claim that it has a “strong” cash position. It may even be true based on their (fantasy) accounting.

    • Would appreciate if you would pls stop talking nonsense. Go read up on how/ why goodwill is written off and then written back. If you want to spout nonsensense, there are other sites to visit. Final warning.

  3. CI

    You have it on.
    Balding ignored know accounting or the concepts of impairment

    Rgds

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