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16-07-2018, 06:35 PM
BlackGold shares tumble 32% despite clarification of bribery allegations
By: Stanislaus Jude Chan
16/07/18, 03:47 pm
SINGAPORE (July 16): Shares of Indonesia coal miner BlackGold Natural Resources have slumped some 32% as at 3.20pm, after allegations of corruption by Indonesia’s anti-graft agency over the weekend.
The Corruption Eradication Commission (KPK) detained Indonesian lawmaker Eni Maulani Saragih, who is suspected of embezzlement in connection with the construction of BlackGold’s Riau-1 coal-fired power plant project.
Eni is alleged to have received a bribe from BlackGold shareholder Johanes Budisutrisno Kotjo to smoothen the signing of the contract. Johannes has also been named a suspect for his alleged role in the illicit transaction.
BlackGold before market open on Monday clarified that the allegations were “extraneous to the group”.
“The directors and management were not, and are not involved whatsoever, in the transaction mentioned in the press [statement by KPK],” BlackGold says in the filing to SGX.
Further, the group says Johanes has ceased to be a consultant of the BlackGold since last month.
More details in https://www.theedgesingapore.com/blackgo...llegations
BlackGold Natural Resources today closed at $S0.027 (-0.014), down 34.15%.
By: Stanislaus Jude Chan
16/07/18, 03:47 pm
SINGAPORE (July 16): Shares of Indonesia coal miner BlackGold Natural Resources have slumped some 32% as at 3.20pm, after allegations of corruption by Indonesia’s anti-graft agency over the weekend.
The Corruption Eradication Commission (KPK) detained Indonesian lawmaker Eni Maulani Saragih, who is suspected of embezzlement in connection with the construction of BlackGold’s Riau-1 coal-fired power plant project.
Eni is alleged to have received a bribe from BlackGold shareholder Johanes Budisutrisno Kotjo to smoothen the signing of the contract. Johannes has also been named a suspect for his alleged role in the illicit transaction.
BlackGold before market open on Monday clarified that the allegations were “extraneous to the group”.
“The directors and management were not, and are not involved whatsoever, in the transaction mentioned in the press [statement by KPK],” BlackGold says in the filing to SGX.
Further, the group says Johanes has ceased to be a consultant of the BlackGold since last month.
More details in https://www.theedgesingapore.com/blackgo...llegations
BlackGold Natural Resources today closed at $S0.027 (-0.014), down 34.15%.
Specuvestor: Asset - Business - Structure.