OJK Finds Garuda Guilty, Slaps Management with Rp100 mn Fine
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28 June 2019 14:22 WIB
TEMPO.CO, Jakarta - The Financial Services Authority (OJK) has fined state air carrier Garuda Indonesia Rp100 million for misreporting its financial reports dated December 31, 2018.
The flag carrier was also slapped with other sanctions for violating OJK’s regulation No. 29/POJK.04/2016 on annual issuer reports.
OJK’s capital market supervisor deputy commissioner Fakhri Hilmi said that the fine must be paid jointly by Garuda’s entire board of directors and commissioners who signed the financial reports in question.
Read: Alleged Financial Engineering in Garuda Indonesia's Report: BPK
“Based on the investigation, Garuda Indonesia is found guilty, which is why we impose sanctions and written orders,” said Fakhri Hilmi at the Finance Ministry Office on Friday, June 28.
The carrier was found to have violated Article 69 of Law No.8/1995 on capital market (UU PM).
OJK also ordered Garuda Indonesia to improve and reproduce new annual financial reports and a public expose on the revision within 14 days after the sanction was imposed.
CAESAR AKBAR
