Probe into gold bullion company widened after arrest<\/p>\n
JAKARTA (JP): Police will widen their probe into PT Pan
\nBullion Prima, a private gold bullion trading company, after the
\nexecutive director was named a suspect.<\/p>\n
National Police spokesman Brig. Gen. Da'i Bachtiar said
\nyesterday that investigators would start questioning other
\nexecutives and staff members as potential witnesses to alleged
\nbreaches of the firm's business permit.<\/p>\n
\"There is always a possibility that other employees might have
\nbeen involved in the crime,\" he added.<\/p>\n
Da'i said the company's executive director, identified only as
\nJS, was officially named a suspect last week.<\/p>\n
\"JS is accused of abusing the business permit in his capacity
\nas the person responsible for the company. The company has
\noperated more like a bank than a regular trading company.\"<\/p>\n
He said the action had violated Article 46 of the 1992 Banking
\nLaw No. 7 which stipulates a maximum of 15 years in jail and Rp
\n10 billion (US$833,333) in fines.<\/p>\n
The company's headquarters at Plaza Bapindo on Jl. Jend.
\nSudirman in South Jakarta has been temporarily closed since Jan.
\n20, the spokesman said.<\/p>\n
And JS was arrested a couple of days prior to the closure.<\/p>\n
Da'i said the company received deposits from its customers in
\nthe form of gold bullion or money and promised to pay the
\ncustomers interest.<\/p>\n
\"That's against its business permit. The company should have
\nhad a license from the Ministry of Finance if it wanted to
\noperate such bank-like activities.\"<\/p>\n
He said it had functioned like a bank since 1991.<\/p>\n
JS was arrested after some customers reported to police the
\ncompany's failure to pay interest on their gold bullion deposits.<\/p>\n
\"His company has failed to pay the interest or return about
\n400 kilograms of gold bullion, valued at about Rp 11 billion, to
\nsome 430 customers.\"<\/p>\n
The company's failure to meet its obligations to customers was
\napparently linked to the monetary crisis which has effected the
\nprice of gold, Da'i said.<\/p>\n
JS could be punished for the company's breaches, he said.<\/p>\n
\"JS could be accused of cheating and defrauding the customers
\nby failing to fulfill his responsibilities.\"<\/p>\n
He said police were preparing to charge JS under articles 372
\nand 378 of the Criminal Code on deception and fraud.<\/p>\n
If found guilty, he could face a maximum of four years in jail
\nor a fine of Rp 60.<\/p>\n
He said the court would decide what to do with the company's
\nassets and how to pay out the customers. (cst)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/probe-into-gold-bullion-company-widened-after-arrest-1447893297",
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