Determined to keep abreast of affairs throughout the country, President Susilo Bambang Yudhoyon has installed a 'situation room' at the Presidential Palace. (Antara Photo/Widodo S. Jusuf)

“ … Here is another one. A change in what Human nature will allow for government. "Careful, Kryon, don't talk about politics. You'll get in trouble." I won't get in trouble. I'm going to tell you to watch for leadership that cares about you. "You mean politics is going to change?" It already has. It's beginning. Watch for it. You're going to see a total phase-out of old energy dictatorships eventually. The potential is that you're going to see that before 2013.

They're going to fall over, you know, because the energy of the population will not sustain an old energy leader ..."
"Update on Current Events" – Jul 23, 2011 (Kryon channelled by Lee Carroll) - (Subjects: The Humanization of God, Gaia, Shift of Human Consciousness, 2012, Benevolent Design, Financial Institutes (Recession, System to Change ...), Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Nuclear Power Revealed, Geothermal Power, Hydro Power, Drinking Water from Seawater, No need for Oil as Much, Middle East in Peace, Persia/Iran Uprising, Muhammad, Israel, DNA, Two Dictators to fall soon, Africa, China, (Old) Souls, Species to go, Whales to Humans, Global Unity,..... etc.)
(Subjects: Who/What is Kryon ?, Egypt Uprising, Iran/Persia Uprising, Peace in Middle East without Israel actively involved, Muhammad, "Conceptual" Youth Revolution, "Conceptual" Managed Business, Internet, Social Media, News Media, Google, Bankers, Global Unity,..... etc.)
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Friday, November 09, 2012

Indonesia’s PT Bumi Starts Probe Following London Investigation

Jakarta Globe, November 09, 2012

Bumi Resources' coal mine in East Kalimantan. The Indonesian company is the
biggest producer of coal in the country. (Photo Courtesy of Bumi Resources)
  
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Indonesia’s PT Bumi Resources, the nation’s biggest producer of power-station coal, said a South Jakarta court has approved an independent investigation into its financial accounts dating back to 2010.

The investigation was prompted by the company’s audit committee “in view of the public notifications by a shareholder, Bumi Plc, and various reports, both in international and local media,” the Jakarta-based coal producer said on Friday in an e-mailed statement.

Reports are due to the Chief Justice of District Court of South Jakarta within 90 days of the appointment of an auditor, it said.

PT Bumi is part-owned by the Bakrie family and is at the center of a feud involving London-listed Bumi Plc, owner of 29 percent of the Indonesian mining company, and Bumi Plc co- founder Nathaniel Rothschild.

Bumi Plc, which has lost 70 percent in trading this year, in September started an urgent probe into “potential financial and other irregularities” at its Indonesian operations, PT Bumi and PT Berau Coal Energy Tbk.

The so-called forensic audit will focus on the accounts for the financial years of 2010 through 2012, PT Bumi said.

The Indonesian company referred to funds from unit PT Bumi Resources Minerals that are invested in United Overseas Bank Ltd. without giving further details of the probe.

An official at London-based Bumi Plc declined to comment.

The Indonesian investigation comes as Bumi Plc studies alternative proposals for its assets from two of the key parties who founded it in 2010, Rothschild and the Bakrie Group.

Rothschild, 41, has appointed Morgan Stanley to advise him and held talks with potential new investors as well as current holders of Bumi, a person familiar with the matter said last week.

An offer from the scion of a centuries-old banking dynasty would counter a $1.2 billion proposal from the Bakries for Bumi Plc’s stakes in two coal producers — its holding in PT Bumi and the 85 percent it has in PT Berau Coal Energy.

The Bakries made their offer last month to help resolve “irreconcilable differences” with Rothschild. The financier has described the Bakries’ offer as not being in the interests of investors.

Bumi dropped 2.5 percent to 266.9 pence at 1:10 p.m. in London. Bumi Resources was unchanged at Rp 650 on Friday in Jakarta and Berau Coal Energy was also unchanged at Rp 220.

Bumi Plc said Sept. 24 it was starting a probe into potential financial “irregularities” at its Indonesian investments. The probe is linked to a $637 million writedown of development funds and exploration assets in Bumi’s Dec. 31, 2011, year-end financial statement.

London-listed Bumi won’t make a recommendation on any possible transaction until the investigation is “appropriately advanced,” the company said Nov. 5.

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