LONDON--Bumi PLC (BUMI.LN) said Monday it has requested that trading in its shares on the London Stock Exchange be temporarily suspended because its 2012 financial results will miss a disclosure deadline as the company investigates the integrity of information on the balance sheet of its Indonesian coal-mining subsidiary PT Berau Coal Energy Tbk (BRAU.JK).

"The new management team at Berau is overseeing a full audit review," after certain expenditures at the company relating to hauling roads and land compensation payments in 2012 had to be reclassified as costs, rather than capital expenditures, the company said in a statement. "Berau management is now fully verifying all existing material contracts," with its auditors PriceWaterhouseCoopers and Ernst and Young and aims to publish its results in May, it said.

The deadline for publication of 2012 results on the London Stock Exchange is April 24.

"Verifying the balance sheet is a necessary step to rebuild investor trust, and to achieve that a temporary suspension in trading is required," Bumi Chief Executive Officer Nick von Schirnding said.

The company said last week that Chief Financial Officer Scott Merrillees, who is based in Indonesia, will step down from his current role after the company's annual general meeting on June 26 in order to focus on his role as CFO of Berau Coal.

The problems verifying Berau's balance sheet are the latest in a series of controversies that have dogged Bumi recently. It is only two months since the company took a decisive step towards resolving a long-running and bitter dispute between its founding shareholders, British financier Nathaniel Rothschild and the powerful Bakrie family of Indonesia, over corporate governance and control of Bumi's board.

Bumi shareholders voted in February to back the company's current board and its plan to separate its interests in from those of the Bakrie family. The delay to the 2012 results has not affected that separation plan, the company said.

The Bakrie Group wants to buy back its stake in PT Bumi Resources, the Indonesian mining company in which Bumi PLC owns a 29% stake, by surrendering its Bumi PLC shares and paying Bumi $278 million in cash. After the separation, Bumi will retain an 85% stake in Berau.

Liberum Capital reaffirmed its buy recommendation on Bumi despite the delayed release of the annual results on expectation that the company can deliver a successful separation from Bumi Resources, most likely by the middle of the year.

"New CEO Nick von Schirnding is four months into the job and is clearly focussed on delivering a clean set of numbers, the first under his watch," analysts at Liberum wrote in a note.

Write to James Herron at james.herron@dowjones.com

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