Garuda Indonesia shares tumble as regulator orders fixing of financial numbers

Indonesia’s financial regulator (OJK) and stock exchange has ordered Garuda Indonesia to “repair and restate” its annual accounts – this has in turn sent the airline’s shares tumbling 7.6%, its lowest level since January. The news comes just weeks after its two biggest private shareholders alleged it had misrepresented a $240 million transaction. OJK has ordered Garuda Indonesia to fix unspecified errors in its 2018 annual accounts and submit a corrected version within 14 days. It has subsequently fined each of the airline’s directors Rp100m ($7,083). According to a report from Reuters, the companies published a letter saying they had taken