London-listed coal miner Bumi has received the final conclusions of the Macfarlanes report but is unable to release details, it said this morning.
City law firm Macfarlanes was appointed in September to investigate allegations of potential financial irregularities at Bumi’s Indonesian arm, Bumi Resources.
The FTSE 250 miner, founded in 2010 as cash shell Vallar, said in a statement that investigators had been unable to substantiate claims of accounting irregularities.
“Circumstantial evidence supports a number of the allegations but, due to the unwillingness of key parties to be interviewed and provide information as well as provenance issues, the allegations have not been substantiated,” Bumi said.
The coal miner added that it would continue to engage with the Indonesian authorities and the UK’s Serious Fraud Office. It is also investigating why due diligence carried out before the miner was set up in 2010 did not reveal the issues which prompted the probe.