Two violations found in KS' IPO, audit shows

JAKARTA: Audit results by certified public accountant firm (CPA) on PT Krakatau Steel Tbk's stock allocation lead to two violations, i.e. involving five affiliated securities companies which served as buyers and double booking.Capital Market and Financial
News Editor | 14 Desember 2010 02:59 WIB

JAKARTA: Audit results by certified public accountant firm (CPA) on PT Krakatau Steel Tbk's stock allocation lead to two violations, i.e. involving five affiliated securities companies which served as buyers and double booking.Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) A. Fuad Rahmany said that the CPA has provided explanation to the market authority last week.Audit results have been disclosed. We have asked to be patient, yet the people are still demanding. The CPA has completed the task and explained the results to us last week. The audit results are done by an independent CPA and contains no conflict of interest, he said yesterday.Regulation No. IX.A.7 on Responsibility of Allotment Manager in Booking and Allotment in An Initial Public Offering (IPO) states that no one can make double booking. At the same time, the regulation also prohibits purchase by the affiliated parties, i.e. underwriters, selling agent, and affiliations.Fuad rejected to tell the name of the CPA performing the audit of Krakatau Steel.Fuad also declined to mention the full names of five securities companies acting as selling agents in the IPO. He revealed only the initials, i.e. PTMPI, PT S Sekuritas, PT UKH Securities, PT BB Sekuritas, and PT MASekuritas.The audit results show that there are 68 parties made double booking with total 31.7 million shares, or 1% of the total shares.There are institutions and individuals in the list of double booking. Most of them are individuals," he said.(T04/NOM)

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