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Ann: Gulf Company Update, page-131

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gatorzz

458 Posts.

31/01/17

15:49

Post #: 22256117
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Originally posted by tt2000 ↑

XST said the following on 25/01/16, and they are still waiting for the funds to hit their bank account.

The Company has received a letter from Maybank Indonesian (“Maybank”) confirming that instructions have been given to transfer A$1.25 million to Xstate’s bank account, and advising Xstate that the funds transfer has met unforeseen delays due to regulatory approval requirements

They went on to say:

... the completed offshore funds transfer form must be approved by the Indonesian
Regulatory Authorities, as with all large overseas transfers.
The Board have been advised that this is normal practice, however it is not possible to confirm when
such approval will be granted for the transfers.

I wonder whether GMC have received any confirmations from a financial institute confirming Pak's instructions to transfer tranche one or whether we are still waiting on Pak initiating this transfer.

If it is the latter, given the slow approval process, this is likely to drag on for another 2 weeks or more (from the time that he processes the transfer to the time that the approvals are actually granted).

Expand

I believe they already got the approval from the indo government for this transfer, so it's the later.

Last edited by gatorzz: 31/01/17

GMC Price at posting: 4.2¢ Sentiment: Buy Disclosure: Held
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