Accounts linked to BNI scandal revealed<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Nine banks have reported to the Financial Transaction and Report
\nAnalysis Center (PPATK) that they had opened accounts belonging
\nto those allegedly involved in the Bank Negara Indonesia (BNI)
\nlending scandal, PPATK chairman Yunus Husein said on Tuesday.<\/p>\n
The money laundering watchdog was still reviewing the reports
\nand it was expected that they would give those soon to the police
\nand attorney general's office, Yunus said.<\/p>\n
\"We aim to help the police in the case, who are in charge in
\nthe investigation. Now we have new information from nine banks so
\nthe police can follow it up,\" he told reporters, without naming
\nthe banks nor the account holders.<\/p>\n
Yunus attributed the banks' willingness to be transparent to
\nthe newly amended Law on Money Laundering, which requires banks
\nto report any suspicious financial transactions to PPATK.<\/p>\n
It is still unclear if the police will be able to use the
\ninformation in the investigation, although, according to the new
\nregulations, it should include the freezing of the accounts.<\/p>\n
Police investigators have so far detained five people for
\ntheir alleged involvement in the BNI loan scam, with six others
\non a \"persons of interest\" list.<\/p>\n
Of the five suspects that have been detained, two of them are
\nsaid to be top officials with the giant publicly listed bank,
\nwhile the others are from companies that have allegedly profited
\nfrom the bogus export transactions, which, it was later proven,
\nhad never actually occurred.<\/p>\n
The three are Jeffrey Baso, a director of Gramarindo's unit of
\nPT Sri Ranu Caraka Pasifik, Afilia Widarta and Yudhi Baso, both
\ndirectors of Gramarindo and Petindo Group.<\/p>\n
Earlier this month, the police also detained Edy Santoso, the
\nhead of the foreign customer service division of BNI's Kebayoran
\nBaru branch in South Jakarta and Koesadiyono, manager of the BNI
\nKebayoran Baru branch.<\/p>\n
The BNI scandal started late last year when the bank's
\nKebayoran Baru branch, without first conducting sound credit
\nappraisals, began to disburse letters of credit to local firms
\nfor supposed export transactions.<\/p>\n
Under the letters of credit (L\/Cs) used by the exporters,
\nwhich were guaranteed by banks in Kenya, Switzerland and the Cook
\nIslands, they claimed to be exporting selected commodities to the
\nRepublic of Congo and Kenya.<\/p>\n
During the December 2002 to July 2003 period, the total amount
\nthat was actually disbursed stood at Rp 1.7 trillion (US$201.18
\nmillion).<\/p>\n
Given the huge amount of money and the fact that the foreign
\nbanks that issued the L\/Cs were not BNI correspondent banks, the
\nbank has been widely condemned for its poor internal controls,
\nalthough BNI president Saifuddien Hasan blamed it on collusion
\nbetween the debtors and certain BNI officials.<\/p>\n
Meanwhile, Suad Husnan, a deputy at the Office of the State
\nMinister For State Enterprises which oversees financial services
\nand the banking industry, said on Tuesday that his office
\nexpected to receive by the end of this week reports from a bank's
\ninternal team regarding the case.<\/p>\n
\"We have yet to receive the reports. But, we expect to receive
\nthem this week, Friday at the latest,\" Suad said.<\/p>\n
An internal team, comprised many of the bank's commissioners,
\nhas been established to look into the case and give
\nrecommendations to the state enterprises office as to what
\nactions should be taken to punish those involved in the scandals,
\nas well as how to return the money.<\/p>\n
Suad also did not rule out suggestions to add three more
\ncommissioners to the current four, in a bid to strengthen the
\nbank's supervisory and control roles.<\/p>",
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"sponsor": "Okusi Associates",
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