IDX Questions Garuda Indonesia Directors on Finance Report

TEMPO.CO, Jakarta - The Indonesia Stock Exchange (IDX) said they will summon the management of Garuda Indonesia (GIAA) next week. IDX president director Inarno Djajadi said they want to ask the state airline to provide further explanation about the company's financial statements. 

"We want explanation about the dissenting opinion of their commissioners regarding the company's financial report," Inarno told Tempo on Thursday, April 25. 

Inarno did not say exactly what the IDX would ask Garuda. 

Garuda Indonesia held a shareholders' meeting yesterday, in which shareholders approved the 2018 financial statement—under certain notes. One of those conditions is the fact that the report was not signed by two commissioners. 

The two commissioners who gave dissenting opinions are Chairul Tanjung and Dony Oskaria, representing Trans Airways and Finegold Resources Ltd. As owner of 28.08 percent shares in GIAA.

Chairul said he disagrees with the report's statement regarding an agreement with Mahata and Citilink, which was signed on October 31 last year.  

He said that as per April 2 the company has not received a single payment from Mahata, even though they have installed one equipment in Citilink. Therefore, it was an accounting mistake to include the transaction in the 2018 financial statement.  

Garuda Indonesia reported a profit of US$809.84 million in 2018, a major improvement from 2017's US$216.58 million financial loss. 

FRANCISCA CHRISTY ROSANA | BISNIS