JAKARTA (TheInsiderStories)–Indonesia’s Supreme Audit Agency reported state losses amounting to Rp1.83 trillion on alleged credit fraud in PT Bank Mandiri Tbk (IDX: BMRI) through a loan to PT Tirta Amarta Bottling (TAB).
The Agency representative on Monday (21/05) said the Attorney General Office has revealed the value of state losses reached Rp1.5 trillion and was then recalculated to Rp1.83 trillion.
The case began on June 15, 2015, when TAB proposed an extension and additional credit facility to Bank Mandiri’s branch office, according to a letter number 08/TABco/VI/205.
It includes an extension of working capital credit amounting to Rp880,6 billion; an extension and additional letter of credit (LC) amounting to Rp40 billion, bringing the total to Rp50 billion; and investment credit facility amounting to Rp250 billion for 72 months.
TAB is alleged to mark up the asset on the supporting documents attached to the letter. The markup allows TAB to obtain an extension and additional credit facility of Rp1.17 trillion in 2015. In addition, TAB also misused investment and working capital credit of Rp73 billion for prohibited purposes.
The auditor body found that there was a violation of the process of application, analysis, approval, uses of the fund, until paying the loan process. AGO’s Junior Attorney Adi Toegarisman stated the investigation will continue after receiving the examination reports. There are six suspects in this case including Director of TAB Rony Tedy.
Three Bank Mandiri’s Bandung branch employees also become suspects in this case namely Commercial Banking Manager Surya Baruna Semenguk, Relationship Manager Frans Eduard Zandra, and Senior Credit Risk Manager Teguh Kartika Wibowo. The three suspects allegedly abused their authority to give an extension and additional credit to TAB.
Toegarisman said the AGO has completed a case file against a suspect initial RT and planned to bring the prosecution.
TAB produces mineral water under the brand of Viro. The company has five subsidiaries namely PT Jimando Perkasa, PT Tirta Amarta, PT Trison Star Investama, PT Kenanda Investama and PT Trimas Investama. The last three companies are investment companies.