Since December 2018, Garuda Indonesia retained its title as the global airline with the best On-Time Performance (OTP), according to OAG Flight View (Image credit: Tribun news)

Garuda Indonesia: Investors still believe in us until now

Faradita Prayusti
Market & Investment
Indonesia Market
Jul 01, 2019
1976
On Sunday, the President Director of Garuda Indonesia Ari Ashkar said investors remained trusted with the performance of Garuda Indonesia - the national airline. The airline also dedicated to implementing transparency and good governance.

Previously in 2018, Garuda Indonesia was found guilty in the alleged financial engineering in the company’s report by The Financial Services Authority (OJK). According to OJK, Garuda Indonesia was misreporting the financial information dated December 31, 2018.

OJK asked the company to upgrade and renew its annual financial reports as well as to expose the revision to the public in 2 weeks after the sanction was charged.

The company ’s financial auditors which were Public Accountant Kasner Sirumapea and Public Accountants Offices Tanubrata, Sutanto, Fahmi, Bambang & Partner was charged sanctions by Minister of Finance Sri Mulyani. It was reported that the auditors committed a serious infringement which has high possibility to influence the opinion of the Independent Auditor's Report.

The Finance Ministry imposed freezing of permit for 1 year to the Garuda Indonesia’s financial auditors.

Despite the financial case, during a press conference on Sunday, the President Director said Garuda Indonesia’s cash flow was still positive and the rulings from Ministry of Finance and Financial Services Authority (OJK) would not affect the airlines' performance.

He added that various investors were still confident about the state airlines’ performance since they had conducted their own assessment.

Since December last year, Garuda Indonesia retained its title as the global airline with the best On-Time Performance (OTP), according to Flight View – an Independent Official Airline Guide (OAG).

The achievement will encourage the airline to maintain and increase the quality of its performance especially in terms of flight timeliness.

Source: https://en.antaranews.com/news/128035/investors-still-trust-garuda-indonesia-president-director

Garuda , Indonesia , Airline , Flight , Investor , Finance-Ministry , OJK