JAKARTA - The Indonesian Stock Exchange (IDX) has imposed a Rp 250 million fine on PT Garuda Indonesia (Persero) Tbk (GIAA) and ordered the state-owned airline to revise its first quarter financial statement. The airline was penalised after coordinating with the Financial Services Authority (OJK).
IDX Corporate Secretary Yulianto Aji Sadono said that the IDX has decided on three rulings for Garuda. Firstly, the airline is ordered to revise and republish its Q1 financial statement by no later than July 26, 2019 due to violations against financial statement procedures in accordance with the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK).
"Garuda Indonesia has been ordered to hold an incidental public expose to explain the revision to its financial statement," said Mr Sadono.
In addition, the airline has also been fined Rp 250 million and received a third warning letter due to violations in financial statement procedures. The penalty is imposed to ensure investors' confidence in the Indonesian capital market. (LK/MS)