After became a suspect in state insurance firm, PT Asuransi Jiwasraya case, now owner of PT Hanson International Tbk (IDX: MYRX), Benny Tjokrosaputro, and president commissioner of PT Trada Alam Minera Tbk (IDX: TRAM), Heru Hidayat, has accused on PT Asabri bribery case - Photo by Kolase

JAKARTA (TheInsiderStories) – After became a suspect in sate firm, PT Asuransi Jiwasraya case, now the owner of PT Hanson International Tbk (IDX: MYRX), Benny Tjokrosaputro, and president commissioner of PT Trada Alam Minera Tbk (IDX: TRAM), Heru Hidayat, has accused on PT ASABRI bribery case. According to the attorney general office, the potential losses in the corruption case amounting to Rp23.74 trillion (US$1.7 billion).

The government-owned company is managed funds for Indonesia army, police, the retirees, and civil servants under the defense ministry office. Earlier, the corruption in Jiwasraya reached Rp16.81 trillion during 2008 – 2018. In  details, losses from a stock investment amounted to Rp4.65 trillion and mutual fund investment worth of Rp12.16 trillion.

Beside the two, the attorney general’ also named other six suspects in cases of alleged corruption for the 2012 – 2019 period. They are former CEO of ASABRI, Adam Damiri and Sonny Widjaja. Then, former finance director with initial BE, director Asabri HS, the head of the investment division IWS, and president director of PT Jaringan Prima with initial LP

For background, the agreement between the parties was to buy or exchange shares in the company’ portfolio with shares belonging to Hidayat, Tjokrosaputro, and LP at a price that had been manipulated. After the shares became property, these shares are transacted or controlled by the three based on mutual agreement with the the state firm’ directors.

To avoid the ASABRI‘ investment losses, for shares that have been sold below the cost, transacted with the partners and bought back by the issuer through underlying mutual funds managed by the investment manager, which controlled by Hidayat and Tjokrosaputro.

Because of the illegal transactions, Hidayat has responsibilities amounted to Rp5.8 trillion and Tjokrosaputra worth of Rp5.1 trillion to the state company. The failure has made the insurance firm’ investment returns minus Rp4.84 trillion in 2019, according to Widjaja at the hearing with parliament in early 2020.

Lately, three insurances problem become public attention caused is estimating give a trillion rupiahs loss for the country. Beside ASABRI and Jiwasraya, there is also a problem in life insurance company, PT AJB Bumiputera 1912. They have similar problems in terms of investment.

Earlier, the law enforcer has set Tjokrosaputra became a suspect in the bribery case of Jiwasraya. Beside him, the attorney general’ office also arrested Hidayat, former finance director of Jiwasraya, Hary Prasetyo, and other suspects. The insurance firm experienced a failure to pay for the JS Saving Plan insurance product which will mature in the fourth quarter of 2019 with a value of Rp12.4 trillion and this year have the potential lift to Rp16 trillion.

The JS Saving Plan is an investment-wrapped life insurance product offered through banks also known bancassurance and have a guaranteed return of 9 – 13 percent during 2013 – 2018. While, Bumiputera, faced with the obligation to pay customer claims in 2019 and 2020 amounting to Rp9.6 trillion.

The company’ president director, Dirman Pardosi, targeting the insurance’ liquidity problems to improve within four years’ time. To pay the claims, Bumiputera plans to sell its assets with a value of up to Rp2 trillion. It’s planned that the disposal of these assets will be carried out with a sell-off scheme and partly with an operation cooperation scheme with other parties.

US$1: Rp14,000

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