The New York Stock Exchange (NYSE) has announced continued suspension of Asia Pulp & Paper (APP) shares while an investigation into the companys books is underway.


APP, which has debts of 8.4bn ($12bn), is in negotiations with the NYSE to avoid de-listing.


The group failed to include two currency swaps in accounts, for which it had to pay an unnamed financial institution 154m.


APP said it planned to appoint an independent accountant to determine "the facts and circumstances surrounding the failure to reflect these obligations in our financial statements".


Last month the ailing firm stopped payment of interest and principal of the 1.4bn of debt that was due this year, after it cited liquidity problems (PrintWeek, 16 March).


But the Singapore High Court has ordered APP to pay 1.33m to French bank Credit Lyonnais for losses resulting from an exchange contract.


APP is embroiled in litigation with a number of firms, and its spiralling debt was compounded by the lapse of two coupon payments totalling 29.3m by a subsidiary last month.


APP is the worlds 10th largest paper group and is controlled by the Sinar Mas Group and owned by the Widjaja family.


Story by John Davies