Former Deputy Director Dragged into Corruption Case, LTLS Assets Seized by Court

Jakarta, CNBC Indonesia - The listed chemicals distributor PT Lautan Luas Tbk (LTLS) has spoken out regarding the seizure of its assets by the court in the alleged LPEI corruption case that ensnared its former Deputy President Director, Jimmy Masrin.

It is known that in Decision Number 5/PID.SUS-TPK/2026/PT.DKI dated 11 March 2026, the Jakarta High Court judge ordered the seizure of six investment properties and one fixed asset owned by Lautan Luas. These assets are being accounted for to fulfil the payment of fines and restitution imposed on Jimmy Masrin.

The seizure was carried out because Jimmy Masrin is deemed the ultimate beneficial owner of PT Petro Energy in the alleged LPEI corruption case. Consequently, the company’s assets have also been made the object to cover the defendant’s financial obligations.

In that decision, the Jakarta High Court judge ordered the seizure of six investment properties and one fixed asset owned by Lautan Luas. These assets are being accounted for to fulfil the payment of fines and restitution imposed on Jimmy Masrin.

Citing the disclosure of information to the IDX, the company, through its legal representative, has registered an objection petition to the court on 17 April 2026.

“The Objection Petition was filed to protect the Company’s rights over the Company’s Assets in connection with the appellate decision in the criminal corruption case Number 5/PID.SUS-TPK/2026/PT.DKI dated 11 March 2026,” as quoted on Monday (20/4/2026).

Management emphasised that these assets have no connection to the case involving Jimmy Masrin. The assets were purchased legally before the criminal incident occurred and using the company’s internal funds.

In addition, the company also confirmed that it has never received financing facilities from LPEI. Therefore, Lautan Luas states that it has no relationship with that institution or any fund flows related to the case.

In the first-instance trial at the Central Jakarta District Court, the KPK public prosecutor even requested that the company’s assets be returned. The first-instance panel of judges also granted that request and stated that the assets were not related to the corruption case.

However, at the appellate level, the Jakarta High Court still designated those assets as objects of seizure. The main consideration is the large amount of fines and restitution that must be paid by Jimmy Masrin.