Bumi {Ticker: BUMI.JK, Closing Price: 2,325.00 IDR, Target Price: 2,100.00 IDR, Recommendation: Sell}
It appears the tax issue is not yet entirely resolved. Local news
(Tempo), reported today that the tax office has named a Bumi Resources
Director, Eddie Soebari, as another suspect in the on-going tax probe
on the company, along with a KPC executive. According to the news'
source, however, both executives have actually been named suspects
since the case was first brought forth in 2009, though Soebari has not
responded to any of the summons.
It was reported previously that Bumi & subsidiaries (KPC & Arutmin)
allegedly owed a combined Rp2.1tr (about US$212mn) in taxes on
underpayments in 2007. Bumi has paid the US$212mn at end of 2009, but
not the penalty of about US$848mn (400% of the original underpayment).
The tax office has indicated earlier that further tax investigations
will continue, unless Bumi settles the penalty(about 70% of FY10F
EBITDA).
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