Benny Tjokrosaputra, a suspect in the bribery case of a stock transaction with PT Asuransi Jiwasraya, accused the Supreme Audit Agency protected the Bakrie Group in a corruption scandal at the state-owned insurance firm, local media reported yesterday (06/24) - Photo by Tempo

JAKARTA (TheInsiderStories) Benny Tjokrosaputra, a suspect in the bribery case with PT Asuransi Jiwasraya, accused the Supreme Audit Agency protected the Bakrie Group in a corruption scandal at the state-owned insurance firm, local media reported yesterday (06/24). He urged the attorney general office to open the involvement of the Bakrie family-owned business group in the trial.

Tempo Magazine on March 7, 2020, Jiwasraya’ investment was at least stuck in the ten companies owned by the group. These portfolio is usually only sold in the negotiating market not the open market.

The issuer code for the Bakrie Group did not appear in the Jiwasraya stock collection and the shares were closed as underlying assets. It means that Jiwasraya has been investing in a limited number of mutual funds.

Since Jiwasraya case rolled out in late 2018, only two affiliated groups have been identified as being involved. The company belong to another suspects, Heru Hidayat through PT Trada alam Mineral Tbk (IDX: TRAM) and PT Inti Agri Resources, and a company affiliated with “Benny Tjokro”.

Until now, the state companies have recorded defaults of up to Rp16.7 trillion (US$1.19 billion). The magazine also reported the audit team found this stock transaction originated from a repurchase agreement in 2004 – 2006. During that period, Bakrie group chased up a lot of funding by pawning its shares through a number of securities companies.

Then, the company seeks investors through limited investment instruments. Based on the same examination, Jiwasraya shares embedded in the repo shares of the group reached more than Rp3 trillion. The group is said to have never redeemed repo.

Jiwasraya‘ shares are stored in Pan Arcadia Dana Growing Shares, Pan Arcadia Syariah Shares, Pinnacle Dana Prima Pool Advista Kapita Optima, Advista Kapital Syariah Capital, and Super Maxxi Treasure Fund. Pinnacle Dana Prima was one of the shares collected by the insurance firm with a acquisition value of Rp1.82 trillion.

The mutual funds also holds other shares affiliated with the Bakrie group. Among them are PT Bumi Resources Minerals Tbk(IDX: BRMS), PT Bakrie Telecom Tbk, PT Bumi Resources Tbk (IDX: BUMI), PT Darma Henwa Tbk (IDX: DEWA), PT Bakrie Sumatra Plantatios Tbk (IDX: UNSP), PT Bakrie Capitalinc Investment, and PT Visi Media Asia Tbk (IDX: VIVA).

The attorney general’ office had initially mentioned Jiwasraya‘ investment in one of Bakrie’ affiliated companies. The eldest son of Bakrie, who now serves as the new leader of PT Bakrie & Brothers Tbk (IDX: BNBR), Anindya Novan Bakrie, did not give any comment on Tjokro’ statement.

As reported, after escaping several times, one of the “stock market players”, Hidayat, and former finance director of Jiwasraya, Hary Prasetyo, arrested in January 2020. Last year,

Last year, Indonesian Financial Service Authority (FSA) has imposed a sanction to PT Hanson Internasional Tbk (IDX: MYRX) and its owner Tjokrosaputro, after the both parties has broke the capital market rule for overstatement of the company financial statements for the fiscal year 2016. The regulator fined him for Rp5 billion and the housing developer Rp500 million and was ordered to restate the 2016′ financial statement. The decision is in line with Provisions of Article 69 of Law Number 8 of 1995 concerning Capital Markets.

Beside him as the president director, the regulator also give a sanction to its director Adnan Tabrani, who was responsible for the 2016′ financial statement of Hanson International. He has to pay the administrative penalty of Rp100 million.

Furthermore, Sherly Jokom, partner of Public Accountant Officer Purwantono, Sungkoro and Surja, part of Ernst and Young Global Limited is also responsible audit of financial statement of December 31, 2016. FSA decided her permit as an accountant office will be frozen until next year.

Hanson Internasional has various businesses in industry, general trade, service and development. The company has established since 1973 and focused on inject capital to the subsidiaries.

Previously, the Tjokrosaputro’ company, PT Rimo International Tbk (IDX: RIMO) offered 4.09 billion shares or 10 percent of fully paid up capital through private placement. The company earned around Rp629.86 billion (US$44.06 million) from the private placement.

The funding was used for acquiring PT Hokindo Properti Investama (HPI) and paying some obligations and working capital of the acquired company. After acquiring HPI is increasingly focused on running its business in the property sector.

Currently, RIMO has a large land bank throughout Indonesia, especially in Java and Kalimantan. Several projects being worked on by the company is the South Hills apartment and housing project in South Jakarta.

Tjokrosaputro touted as one of the major market players in the Indonesian stock market. Where gait or soccer lunge has begun to be heard since the 1990s. He had also litigated, and received sanctions from the Capital Market Supervisory Agency, the capital market authority at that time before become FSA was formed. He also rumored as one that can make huge profits from transactions on the stock market.

US$1: Rp14,000

by Linda Silaen, Email: linda.silaen@theinsiderstories.com