JAKARTA (Yosefardi) – The Indonesia Stock Exchange (IDX) urges the management of coal producer PT Garda Tujuh Buana Tbk (GTBO) to soon conduct public expose and explain the cancellation of coal sales contract with Middle East-based Agrocom Ltd worth US$250 million.
GTBO shares trading has been halted since May 22, 2013 following uncertainties surrounding the company’s account. GTBO has released its first half 2013 financial statement, where total assets slashed by 50% as ‘cash deposited ‘ at Credit Suisse and Julius Baer & Co ‘repatriated’ to the beneficiary owners.
The end of a coal supply deal with Agrocom Ltd has forced GTBO to adjust its financial statement.