After Postponement, Insight Investments Faces Corruption Verdict Hearing Again
Jakarta (ANTARA) - PT Insight Investments Management (IIM) faced a hearing for the reading of its verdict on Thursday in the alleged fictitious investment case involving PT Taspen (Persero) mutual fund placements in 2019 at the Corruption Court of the Jakarta Central District Court, after the hearing had been postponed.
The hearing was postponed last week because the panel of judges was still preparing the copy of the verdict.
According to the Jakarta Central District Court’s case tracking information system (SIPP), the verdict reading was scheduled to begin at 2.00 p.m. local time in the Wirjono Projodikoro 1 courtroom, led by presiding judge Purwanto Abdullah.
Additional criminal demands were made, stipulating that if the defendant fails to pay the replacement money within one month after the court decision acquires permanent legal force, its assets may be seized by prosecutors and auctioned to cover that sum.
However, if the seized assets are insufficient to pay the replacement money, PT IIM’s business as an investment manager will be shut down for a maximum period of one year.
In the case, PT Insight Investments Management is charged with enriching itself by Rp41.22 billion.
The gain is allegedly the investment manager’s fee drawn from PT Taspen’s placement of Rp1 trillion in the I-Next G2 mutual fund from 31 May 2019 to January 2025.
The management of the I-Next G2 fund was allegedly carried out unprofessionally by PT IIM together with Ekiawan Heri Primaryanto and Antonius Kosasih.
PT Insight Investments Management invested in the I-Next G2 fund to take up the Tiga Pilar Sejahtera (TPS) Food II Ijarah Sukuk of 2016 (Sukuk SIAISA02), which had defaulted, from the PT Taspen portfolio.
Nevertheless, the investment was made without the support of an analysis recommendation, which allegedly contravened Financial Services Authority (OJK) Regulation No. 43/POJK.04/2015 on the Code of Conduct for Investment Managers and OJK Regulation No. 23/POJK.04/2016 on Collective Investment Contract-Based Mutual Funds.
Through these actions, several parties were allegedly enriched, causing losses to state finances: PT Insight Investments Management Rp41.22 billion; Kosasih Rp29.15 billion; Ekiawan US$253,664; Patar Sitanggang Rp200 million; and PT Pacific Sekuritas Indonesia Rp108 million.
Additionally, PT KB Valbury Sekuritas Indonesia was allegedly enriched by Rp2.46 billion, Sinarmas Sekuritas by Rp40 million, and PT Tiga Pilar Sejahtera Food Tbk. (TPSF) by Rp150 billion.
For its actions, PT Insight Investments Management faces charges under Article 603 or Article 604, in conjunction with Article 20 letter c of the National Criminal Code, in conjunction with Article 18 of Law No. 31 of 1999 on the Eradication of Corruption, as amended and supplemented by Law No. 20 of 2001.