Bumi plc may further delay 2012 results as it reviews Berau unit

Indonesian coal miner Bumi plc on Friday warned investors it may further delay the release of its 2012 results as it has been unable to verify some spending at its PT Berau Coal Energy unit.

Indonesian coal miner Bumi plc on Friday warned investors it may further delay the release of its 2012 results as it has been unable to verify some spending at its PT Berau Coal Energy unit.

The company, which has been at the centre of a dispute between co-founders Nathaniel Rothschild and Indonesia's Bakrie Group, said there was not sufficient evidence to support the capitalisation of certain expenditures which were estimated at about $56m last year.

In particular, it is looking at the accounting treatment of spending on roads and earth removal - normal activities in mining.

Bumi added it has also been unable to verify transactions relating to a number of landowner payments estimated at $38m.

"These adjustments will be reflected in the full year results together with any other items that may emerge from the ongoing balance sheet review," the group said in a statement.

"Given the level of further work that needs to be completed over the next few weeks there is a likelihood that the publication of final results will need to be further delayed."

Last month Bumi announced it was postponing the publication of its annual earnings to April 24th while it reviews the balance sheet of 85% owned Berau.

Bumi is working to separate from the Bakries after overcoming an attempt by Rotshchild to replace members of the board in his effort to take back control.

The Bakries have proposed exchanging their 23.8% of Bumi for 10.3% of Bumi Resources. Under the plan, Bumi would sell the remaining 18.9% of its Bumi Resources stake for $278m to the family.

It comes following long running company infighting between Rothschild and the Bakries as Bumi has been dragged through the dirt by weak coal prices and allegations of misuse and misappropriation of funds, which set off an internal investigation.

Shares fell 0.53% to 298.40p at 15:23 Friday.

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