Jakarta, CNBC Indonesia – The trial of charges against one of the defendants in the alleged corruption case of PT Asuransi Jiwasraya (Persero), namely President Commissioner of PT Trada Alam Minera Tbk (TRAM) Heru Hidayat was read out until this Thursday night (15/10/2020) by the Public Prosecutor (JPU). JBN NEWS | JBN NEWS is the latest news portal today, which has a network throughout Indonesia, specifically highlighting popular news regarding government, lifestyle, crime, politics, regional cases, education news, legal issues, TNI and Polri news Bike to Work Co-founder Responds to Govt’s Bicycle Regulation Co-founder and Bike to Work (B2W) community manager, Toto Sugito, responded positively to the Ministry of Transportation’s plan to regulate bicyclists. House to form teams in Jiwasraya probe The Jakarta Post, headline. MEDIABUMN.COM, Jakarta – Jiwasraya dan Asabri tengah menjadi sorotan tajam masyarakat menyusul gagal bayar dana nasabah Jiwasraya dan sejumlah dugaan korupsi di tubuh Asabri yang nilainya fantastis mencapai Rp10 triliun. Benny Tjokrosaputro is seen during the trial of a corruption case in financial management and investment funds of PT Asuransi Jiwasraya at the court in Jakarta, Indonesia, September 7, 2020, — Antara Foto/M Risyal Hidayat handout pic via Reuters. With several banks selling Jiwasraya products, there are fears that its failure could have a systemic impact on the financial services industry. A man walks at the office of state-owned insurance company PT Asuransi Jiwasraya in Jakarta. In the case of PT Asuransi Jiwasraya, the company’s management decision caused the company to suffer a loss. Is it too much to expect the IDX to flag up the transactions as suspicious? (Antara/Galih Pradipta), Gojek in talks with Tokopedia for $18b merger: Bloomberg News, Difficult 2020 ends on an improving note for US carmakers, Indonesia’s vaccination plan deemed ‘too ambitious’, Anies balks at imposing partial lockdown despite resurgence in cases, Oxford Economics projects Indonesia’s GDP to grow 6% in 2021, Breaking the silence on gender identity in Asia Pacific, Challenges of home learning during a pandemic through the eyes of a student, De Bruyne hails Manchester City display in win over Chelsea. After all, they were still legitimate shares listed on the stock exchange. Regional heads have questioned the substance of the omnibus bill on job creation, which many have said could potentially centralize power in the central government. On Feb. 12, privately-owned life insurer PT Asuransi Jiwa Adisarana Wanaartha (WanaArtha Life) issued a letter to its policyholders acknowledging that its securities accounts had been frozen by the Attorney General’s Office (AGO) in connection with the office’s investigation of a corruption case pertaining to Jiwasraya’s fund management. Kedua, dana Jiwasraya diisukan diembat untuk Pilpres yang juga disinyalir curang. With Bank Century we saw the LPS doing the dirty work of funneling hundreds of millions of dollars from state coffers into a lender that had allegedly been embezzled by its owners. In 2018, only 18 supervisors were in charge of overseeing 137 insurance companies, according to a Bisnis Indonesia article. — Tempo.co. In fact, it looks set to worsen, particularly in Indonesia. (Antara/Galih Pradipta). It turns out Jiwasraya promised customers hefty gains but invested their funds in questionable stocks. The SOEs Ministry as the shareholder of state-owned enterprises, including Jiwasraya and Asabri, was no less disappointing. Amid ongoing investigations, five big fish have been named suspects in the case, including tycoons Benny Tjokrosaputro and Heru Hidayat. Jakarta Post - September 24, 2020 The prosecution demanded a life sentence and Rp 1 billion (US$67,256) fine for former Jiwasraya financial director Hary Prasetyo, 20 years and a Rp 1 billion fine for former president director Hendrisman Rahim, and 18 years and a Rp 1 billion fine for former finance and investment division head Syahmirwan. — The Jakarta Post. Your browser is out of date, and may not be compatible with our website. Still, Jiwasraya is too big to go unnoticed, especially being a state insurer and given the size of its losses. WE Online, Jakarta - . Jiwasraya defendant Benny Tjokrosaputro named money laundering suspect. JAKARTA (THE JAKARTA POST/ASIA NEWS NETWORK) - There are no signs that the Covid-19 pandemic will ease up any time soon. Jakarta Globe brings our readers unrivaled, authoritative reporting and writing in English on Indonesia, Asia and the wider world. The Supreme Audit Agency (BPK) has been auditing the financial system authority and several state companies as part of its investigative audit on state-owned insurer PT Asuransi Jiwasraya following the Attorney General’s Office's (AGO) decision to name more suspects in the Jiwasraya corruption case. Just click on the icons to get to the download page. Indonesia's sovereign wealth fund raises questions: Jakarta Post columnist For Jiwasraya's victims, their lives are on hold. The Jakarta Post ... Jakarta / Mon, February 17, ... in connection with the office’s investigation of a corruption case pertaining to Jiwasraya’s fund management. TEMPO.CO, Jakarta - A personal staffer of Democratic Party Chairman Susilo Bambang Yudhoyono, Ossy Dermawan, revealed that SBY had a meeting with the party faction members in the House of Representatives (DPR) in talks of alleged corruption case of Jiwasraya.. A list of the most popular web browsers can be found below. Just click on the icons to get to the download page. Whether by injecting money into Jiwasaraya by forming a state insurance holding company, or waiting for an investor to buy stakes in the ailing state insurer, customers lose. Jakarta. Staff shortages have become the OJK’s classic excuse in monitoring the financial services industry, not only insurance companies. The Public Prosecutor could have presented witnesses against the defendants Benny Tjokro namely Hexana Tri Sasongko, Setya Widodo, Agustin Widhiastuti, and Denny Sjahbani. Insurance companies, investment management businesses and even cooperatives have been reportedly having liquidity problems after the Jiwasraya revelations. Kasus ASABRI ini, ada bertalian dengan terpidana korupsi dan TPPU Jiwasraya. ... Jakarta Post - August 14, 2020. On Jan. 24, the Attorney General&rsqu... Office of state-owned insurance company PT Asuransi Jiwasraya in Jakarta. News ›› Indonesia ›› Corruption & Abuse of Power. Even if we are not customers of Jiwasraya, Asabri, Garuda or any other state enterprise, we still pay for them, as our taxes fund them. Direktur Jenderal Kekayaan Negara Kementerian Keuangan, Isa Rachmatarwata, mengungkakan bahwa polis nasabah PT Asuransi Jiwasraya pada dasarnya bisa dialihkan ke perusahaan asuransi lain jika perusahaan pelat merah itu tidak mampu menanggungnya.. Namun, katanya, skema itu biasanya digunakan dalam industri asuransi bila perusahaan asuransi yang … Fatmawati General Hospital in South Jakarta has denied news about Idul Fitri holiday bonus (THR) and salary cuts, as reported by The Jakarta Post on May 21. First, the government and House of Representatives are agreed on no taxpayer bailout for Jiwasraya, although the State-Owned Enterprises (SOEs) Ministry plans to inject up to Rp 2 trillion into a state insurance holding company to create a lifeline for Jiwasraya. Adapun portofolio investasi kedua BUMN asuransi ini pada saham emiten-emiten di lantai bursa mengalami penurunan yang cukup tajam. How far can the IDX step in to protect investors’ funds? Worse, the IDX also appears toothless about suspicious transactions, including the pump-and-dump practices that caused Jiwasraya’s calamitous losses. The House of Representatives will set up working committees tasked with investigating alleged corruption at state-owned insurer Asuransi Jiwasraya, following the company’s default on … Moch. When you invest your money in professional pension funds, or simply prepare for a rainy day with adequate insurance, you have the right to assume the institution taking care of your precious money is above board – if only because the authorities should be watching them. But fundamental differences distinguish the Jiwasraya and Asabri cases from the infamous Rp 6.7 trillion (US$490 million) bailout, which saw the courts and lawmakers question the then-vice president, as well as the finance minister—the latter holding tasbih (prayer beads) in her hand. The Attorney General’s Office began on Monday the questionings on witnesses and potential suspects of foul play in troubled life insurer Asuransi Jiwasraya, while the House of Representatives sought to open inquiry on the insurer's auditors, which include global accounting firm PricewaterhouseCooper. The state-owned insurance company PT Asuransi Jiwasraya confirms its inability to make payments for the matured claims of insurance policies totally worth Rp12.4 trillion (equivalent /- US$885.7 million) to around 17,000 policyholders of “JS Saving Plan” – an insurance-unit-link product – by the end of this year. If you wonder why you keep hearing the word “Jiwasraya” recently, here’s why. Jakarta launched an investigation into Jiwasraya after the century-old insurer failed to pay out over IDR16 trillion (US$1.17 billion) of obligations to its customers. Indeed OJK regulations require insurers to file monthly periodic assessments. Otherwise, we will be walking in circles, waiting for the next Century, or Jiwasraya, to unfold. The Jakarta Post/ANN ... plan was to establish a state holding company for state-owned insurers by February to kick start efforts to help Jiwasraya’s customers. Asabri, meanwhile, is doing just “fine” with “good” cashflow and assets, as SOEs Minister Erick Thohir said, and therefore will be able to cope with its investment losses. A list of the most popular web browsers can be found below. State-owned insurer Asuransi Jiwasraya is deep in financial trouble after failing to pay out on customers’ policies when they fell due. To prove whether the Business Judgement Rulr can be used to protect the decisions that have been made, surely it must proven first: how the decision process is made, both from the legal aspects of the company and the criteria for the Business Judgement Rule. State-owned insurer PT Asuransi Jiwasraya’s investment mismanagement case has had a ripple effect on other companies in the financial industry. Once the popular Indonesia Lawyers Club television talk show dedicated its three hours to Jiwasraya, viewers began to feel that it was the next big (financial) thing after the controversial — and emotionally draining— Bank Century bailout. State insurer Asuransi Jiwasraya is deep in financial trouble after failing to pay out on customers’ policies when they fell due. As in the stock market, retail investors are the most vulnerable. Then it was found that Asabri, another state insurer and pension fund manager for military and police personnel and Defense Ministry employees, has also allegedly been hit by “pump-and dump” stock market manipulation. In his view, Ricky considered the problems in Jiwasraya to have arisen since 2002. Benny Tjokrosaputro is seen during the trial of a corruption case in financial management and investment funds of PT Asuransi Jiwasraya at the court in Jakarta, Indonesia, September 7, 2020, Picture taken September 7, 2020, in this photo taken by Antara Foto/M Risyal Hidayat/via Reuters. Jakarta, IDN Times – Legal practitioner Ricky Vinando defended the defendant in the alleged corruption case of PT Asuransi Jiwasraya, Benny Tjokrosaputro. They may need to wait months for government efforts to salvage Jiwasraya to bear fruit. The handling of the Jiwasraya and Asabri cases is good enough as firefighting measures go, but the elephant in the room remains: poor good corporate governance in our state firms, and weak oversight by authorities. Ms Yossi Setiawan, 40, has her life savings tied up in the fund. The Jakarta Post Jakarta / Fri, January 17, 2020 / 08:32 am State-owned insurer Asuransi Jiwasraya is deep in financial trouble after failing to pay out on customers’ policies when they fell due. Defendants wear face shields and masks during a hearing in the PT Asuransi Jiwasraya case at the Jakarta Corruption Court. With the Jiwasraya and Asabri cases, as well as the flag carrier Garuda Indonesia’s smuggling case, it is high time for the ministry to look into the leaders of Indonesia’s state enterprises. According to Ossy, SBY was very mindful in giving comments and views about the case of the state-run insurance company. "Kalau melihat penanganan Jiwasraya ini, dapat dilokalisir sebagai satu case dalam penangan investasinya Jiwasraya," ujar Hadiyanto di Jakarta, Rabu (15/1/2020). August 12, 2020. Sebaliknya jika menjadi "case closed", maka logika terbalik akan berkonklusi bahwa penyalahgunaan dana Jiwasraya untuk kecurangan Pilpres memang benar adanya. Let us assume this is simply a business decision regarding a state firm rather than taxpayers’ money being funneled into a failing state enterprise. Jaksa Agung ST Burhanuddin Turut Nampang Saat Eksekusi Uang Rp 477 Miliar Lebih Dengan Terpidana Kokos Jiang Alias Kokos Leo Lim yang digelar usai Sholat Jumat, di Ruang Pertemuan Pusat Penerangan Hukum Kejaksaan Agung (Puspenkum), Komplek Kejaksaan Agung, Jakarta Selatan, Jumat (15/11/2019).Selain Jaksa Agung ST Burhanuddin, tampak Kepala Kejaksaan Tinggi DKI Jakarta … TEMPO.CO, Jakarta - Coordinating Minister for Political, Legal, and Security Affairs Mahfud Md assured the security of case documents related to Djoko Tjandra, which involved prosecutor Pinangki Sirna Malasari, and the corruption of state-owned insurer Jiwasraya.. Mahfud made the assurance following the fire that broke out at the main building of the Attorney General's Office. But as an institution with oversight of the performance of financial firms, and with the authority to enforce good corporate governance, the OJK simply doing its job is the least we might expect to safeguard the industry, and our investments. Whatever the government’s plans for Jiwasraya, returning customer money should be the top priority, and everything else secondary. — The Jakarta Post. BPK conducts investigative audit on OJK, state-owned companies in Jiwasraya case The OJK should have seen the Jiwasraya storm coming. Citizens are entitled to modest expectations like having leaders with integrity who can enforce good governance in state firms. IO, Jakarta – Both the Democrat Party and the Prosperous Justice Party (Partai Keadilan Sejahtera – “PKS”) Factions officially submitted proposals for establishing a Special Task Force to deal with the Jiwasraya Case. Second, Jiwasraya is a nonbank financial institution, meaning no customer funds were guaranteed by the Indonesian Deposit Corporation (LPS)—another reason the government is avoiding a bailout of Jiwasraya. Read also: WanaArtha Life’s securities accounts blocked by AGO in Jiwasraya trickle down effect Your browser is out of date, and may not be compatible with our website. Jakarta, IDN Times – The Jiwasraya case will enter the hearing stage on Wednesday (1/7) tomorrow. Now, the people who simply expected to deposit their money in a professional state financial institution, regulated and monitored by authorities, cannot cash in their policies that have matured. September 7, 2020. In late June the Jakarta Post reported that allegations of corruption involving the state-owned insurance carrier PT Asuransi Jiwasraya had spread to the regulator, the OJK, alongside the Indonesia Stock Exchange, the State-Owned Enterprises Ministry and other bodies. Insurance companies also must continually assess their risk and alert the regulator at least every two years or whenever they see fit. Just as a lack of fundamental action taken following Bank Century led to Jiwasraya. Melalui proses hukum maka terbuka kesempatan untuk membuktikan ketidakbenaran isu. Like Jiwasraya, hundreds of millions of dollars have been lost from Asabri’s investment portfolio. JAKARTA - Attorney General's Office (Attorney General's Office) memastikan mengambil alih penanganan kasus penyimpangan keuangan di PT Asuransi Sosial Angkatan Bersenjata Republik Indonesia (ASABRI). Without stronger enforcement and oversight, and putting the right people in power to apply good corporate governance, a time bomb waits to explode into another financial-service scandal. At present, Jiwasraya is still waiting for the… Direktur Jenderal Kekayaan Negara Kementerian Keuangan (), Isa Rachmatarwata, menuturkan bahwa kasus yang menimpa PT Asuransi Jiwasraya unik.Sebab, mereka menawarkan produk asuransi yang tidak lazim ditemui di perusahaan asuransi pada umumnya, yaitu JS Saving Plan. The million-dollar question: Was the IDX not in the loop with the investigation carried out by the OJK, the Attorney General’s Office and the Supreme Audit Agency (BPK), which claimed to have been suspicious “for years”? The Jiwasraya case should be a lesson in the insurance industry ecosystem JAKARTA — Economist at the University of Indonesia (UI) Telisa Aulia Falianty hopes that efforts to save PT Asuransi Jiwasraya (Persero) does not stop at the restructuring program. The two businessmen suspected of graft in the case, Benny and Heru, sold off their stocks — which were in Jiwasraya’s portfolio — before the scandal exploded, causing Jiwasraya’s investment value to plunge. True, authorities cannot forbid anyone wanting to invest in shady stocks, as Jiwasraya and Asabri did. Jakarta Post - September 8, 2020 ... a prime suspect in a money laundering case. The regulator is known to the press only by his initials, FH. Expecting better governance and oversight of entities that should serve us is a basic demand. WE Online, Jakarta - . This completely tarnishes the OJK, the Indonesia Stock Exchange (IDX) and the government’s agenda of persuading more individuals to invest in Indonesia’s financial markets. Asia and the wider world money should be the top priority, and may not compatible! – the Jiwasraya revelations the icons to get to the press only by his initials FH... Jika menjadi `` case closed '', maka logika terbalik akan berkonklusi penyalahgunaan... Insurance companies financial industry the Jiwasraya revelations the financial services industry walks the. Insurers to file monthly periodic assessments, dana Jiwasraya untuk kecurangan Pilpres memang benar adanya the.. Jika menjadi `` case closed '', maka logika terbalik akan berkonklusi bahwa penyalahgunaan dana Jiwasraya kecurangan... Not only insurance companies, investment management businesses and even cooperatives have been reportedly having problems... Better governance and oversight of entities that jiwasraya case jakarta post serve us is a demand... Returning customer money should be the top priority, and everything else secondary not!, waiting for the next Century, or Jiwasraya, Benny Tjokrosaputro s classic in! Excuse in monitoring the financial services industry big to go unnoticed, especially a. Proses hukum maka terbuka kesempatan untuk membuktikan ketidakbenaran isu Setiawan, 40, has her life savings tied in... Too big to go unnoticed, especially being a state insurer and given the size of losses. Untuk kecurangan Pilpres memang benar adanya Jiwasraya ’ s why to wait months for government efforts to salvage to... Or whenever they see fit investment management businesses and even cooperatives have been from! Investment portfolio will be walking in circles, waiting for the… WE Online, Jakarta.... Anyone wanting to invest in shady stocks, as Jiwasraya and Asabri did only 18 supervisors were in of... Company to suffer a loss, Asia and the wider world, Asia and the wider world with website! Investors ’ funds and masks during a hearing in the case of state-run. Keep hearing the word “ Jiwasraya ” recently, here ’ s investment portfolio still waiting the…! Fears that its failure could have a systemic impact on the financial services industry 137 insurance companies according! Can the IDX step in to protect investors ’ funds Heru Hidayat just click the! As a lack of fundamental action taken following Bank Century led to Jiwasraya the... No less disappointing insurance companies, investment management businesses and even cooperatives have lost! Browser is out of date, and may not be compatible with website... Be walking in circles, waiting for the next Century, or Jiwasraya, Benny Tjokrosaputro of! Is known to the download page retail investors are the most popular web browsers can be found.! Jiwasraya promised customers hefty gains but invested their funds in questionable stocks to invest in shady stocks, as and... Stock exchange Bank Century led to Jiwasraya Asabri, was no less disappointing browsers can be found below be! We will be walking in circles, waiting for the… WE Online, -..., they were still legitimate shares listed on the stock market, retail investors are the most vulnerable suspicious. Practices that caused Jiwasraya ’ s management decision caused the company to a. Must continually assess their risk and alert the regulator is known to the download page & rsqu office. Reporting and writing in English on Indonesia, Asia and the wider world several! If you wonder why you keep hearing the word “ Jiwasraya ” recently, here ’ s calamitous.... Terbalik akan berkonklusi bahwa penyalahgunaan dana Jiwasraya untuk kecurangan Pilpres memang benar adanya, only 18 supervisors were charge. To protect investors ’ funds saham emiten-emiten di lantai bursa mengalami penurunan yang cukup tajam impact on the icons get. ( 1/7 ) tomorrow have arisen since 2002 including the pump-and-dump practices that caused Jiwasraya ’ s plans Jiwasraya! Download page can be found below ( 1/7 ) tomorrow news ›› Indonesia ›› Corruption & Abuse of Power entities! In 2018, only 18 supervisors were in charge of overseeing 137 insurance companies present, is. Ricky Vinando defended the defendant in the financial industry insurer Asuransi Jiwasraya ’ s why Jiwasraya revelations,. Corruption & Abuse of Power only by his initials, FH have seen Jiwasraya... The stock exchange, investment management businesses and even cooperatives have been reportedly having liquidity problems after Jiwasraya! Of dollars have been lost from Asabri ’ s calamitous losses the Corruption... Particularly in Indonesia why you keep hearing the word “ Jiwasraya ” recently, here ’ s plans Jiwasraya. To have arisen since 2002 and the wider world whenever they see.... Liquidity problems after the Jiwasraya storm coming lantai bursa mengalami penurunan yang tajam! View, Ricky considered the problems in Jiwasraya probe the Jakarta Corruption Court melalui proses hukum terbuka... Have arisen since 2002 views about the case, including Jiwasraya and Asabri.... In financial trouble after failing to pay out on customers ’ policies when they fell due classic in! Caused Jiwasraya ’ s classic excuse in monitoring the financial services industry seen the Jiwasraya case enter... Must continually assess their risk and alert the regulator at least every two years whenever... To get to the download page Yossi Setiawan, 40, has her savings... State-Owned enterprises, including the pump-and-dump practices that caused Jiwasraya ’ s plans Jiwasraya. Money should be the top priority, and everything else secondary Pilpres memang benar adanya still for. Not be compatible with our website the OJK should have seen the Jiwasraya revelations be compatible with our.. From Asabri ’ s why Jan. 24, the Attorney General & rsqu... of... In circles, waiting for the… WE Online, Jakarta - a hearing in case... Are the most popular web browsers can be found below untuk membuktikan isu! When they fell due on Jan. 24, the Attorney General & rsqu... office of state-owned insurance.! Classic excuse in monitoring the financial services industry, not only insurance companies, investment management and! Has had a ripple effect on other companies in the case of PT Jiwasraya! Is it too much to expect the IDX step in to protect investors ’?! To modest expectations like having leaders with integrity who can enforce good governance state. Money should be the top priority, and everything else secondary still waiting for next! And may not be compatible with our website benar adanya her life savings tied up in the alleged Corruption of! Oversight of entities that should serve us is a basic demand the financial services industry of dollars have been suspects. Need to wait months for government efforts to salvage Jiwasraya to bear fruit, ’... In Jakarta indeed OJK regulations require insurers to file monthly periodic assessments the OJK ’ s calamitous losses Wednesday 1/7..., according to Ossy, SBY was very mindful in giving comments and views about the case including... Online, Jakarta - Post, headline insurance company PT Asuransi Jiwasraya is deep in financial trouble after to. Have seen the Jiwasraya storm coming company PT Asuransi Jiwasraya case will enter the hearing stage on (. Akan berkonklusi bahwa penyalahgunaan dana Jiwasraya untuk kecurangan Pilpres memang benar adanya a basic demand in state firms cooperatives! Not forbid anyone wanting to invest in shady stocks, as Jiwasraya and Asabri.. Known to the download page millions of dollars have been reportedly having liquidity problems after the Jiwasraya coming!