SINGAPORE (June 11): Eneco Energy, previously known as Ramba Energy, has decided to appoint an independent external reviewer to obtain satisfactory audit evidence or explanations regarding a certain payment of $3.9 million by a subsidiary of the company to a broker, which is an Indonesian party.
Eneco Energy was informed of the payment by its independent auditors, Ernst & Young, in the course of its audit investigations.
The subsidiary involved, Ramba Energy West Jambi (REWJ), was also the contractor of the group’s West Jambi concession. It was required to furnish a bank guarantee to the concession holder in order to secure the extension of the exploratory permit for the concession.
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