Jakarta (ANTARA News) - The capital markets and financial institutions supervisory board, Bapepam-LK, has begun investigating possible irregularities that may be behind the sharp fall in the price of PT Perusahaan Gas Negara's (PGN's) shares last week, Bapepam-LK chairman Fuad Rahmany said.
PGN slumped by 23.32 pct to close at 7,400 rupiah Friday after the company announced that it was postponing by three months the start of commercial operation of its new gas pipeline between South Sumatra and West Java.
Rahmany told reporters: "I have issued a letter of instruction to undertake an investigation of the case. Both PGN management and brokerage houses will be questioned over the matter."
This follows a demand by the minister in charge of state-owned enterprises, Sugiharto, that the board investigate the PGN affair.
Asked about the possibility of insider trading, Rahmany replied: "We need to investigate before come to such a conclusion."]
The management will be questioned about whether there was negligence in complying with disclosure requirements, he was quoted by XFN Asia as saying.
Asked about reports in the news media that Bapepam-LK will question 12 brokerages, he replied: "Yes, around that number."
He declined to identify these brokerages.
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