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Garuda Indonesia Found Guilty in Financial Report Case: OJK

28 June 2019 13:48 WIB

Garuda Indonesia's Boeing 737 Max 8 airplane is seen as it parked at the Garuda Maintenance Facility AeroAsia, at Soekarno-Hatta International airport near Jakarta, Indonesia, March 13, 2019. REUTERS/Willy Kurniawan

TEMPO.CO, Jakarta - The Financial Services Authority (OJK) has found Garuda Indonesia guilty in the alleged engineering financial case of its 2018 financial report following the investigation on the report. The agency coordinated with several parties, such as Finance Ministry and Indonesia stock exchange in conducting the investigation.

“Based on the examination, Garuda is considered guilty, so we will impose sanctions and written orders,” said OJK deputy commissioner for capital market monitoring division II Fakhri Hilmi in Finance Ministry office, Jakarta, Friday, June 28.

The state airliner violated Article 69 of Law No. 8/1995 concerning the capital market in conjunction with Bapepam Regulation and LK No. VIII.G.7 on presentation and disclosure of financial statements, Interpretation of financial accounting standards (ISAK) 8 and PSAK (statement of financial accounting standards) 30.

Therefore, OJK demanded the airliner restate and represent its financial report and hold public expose for the restated report in no longer than 14 days after the sanction letter issued.

Additionally, OJK imposed administrative sanctions or a fine of Rp100 million. “We also demand each Garuda Indonesia director member and commissioners who signed the report pay Rp100 billion,” Fakhri added.

The authority also issued administrative sanctions or suspended the license (STTD) of Kasner Sirumapea as the report auditor for a year, as well as a written order to the public accounting firm Tanubrata, Sutanto, Fahmi, Bambang & Friends to fix the policy and procedure of quality control in no longer than three months after the letter issuance. 

CAESAR AKBAR



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