Former Sritex Bosses Lukminto Brothers Sentenced to 14 and 12 Years in Prison

The Semarang Corruption Court panel of judges has imposed sentences of 14 years and 12 years in prison on Iwan Setiawan Lukminto and Iwan Kurniawan Lukminto, respectively, in the alleged corruption case involving credit facilities to PT Sri Rejeki Isman Tbk (Sritex). They have been lawfully and convincingly found guilty of corruption as well as money laundering offences.

In the trial session for the reading of the verdict on Wednesday (6/5/2026), Chief Judge Rommel Franciskus Tampubolon stated that the Lukminto brothers were proven to have falsified PT Sritex’s financial reports for 2017, 2018, and 2019, in order to obtain credit facilities from Bank Jateng, Bank Jabar, and Bank DKI. They also falsified PT Sritex’s interim consolidated financial reports for the six-month period ending on 30 June 2020.

Instead of being used for Sritex’s needs, the Lukminto brothers used the credit funds to purchase various assets in the form of vehicles, land, property, and apartments. However, those funds were supposed to be used to pay bills to suppliers or vendors.

In the end, Sritex was unable to repay the loans to Bank Jateng, Bank Jabar, and Bank DKI. “The panel opines that money placed by regional governments in banking companies, which includes BUMD, remains part of state finances. Banks that are given capital could not possibly operate, and there would be no one to deposit or borrow funds from those banks without the capital placed by regional governments,” said Chief Judge Rommel Franciskus Tampubolon.

According to Judge Rommel, the actions of the Lukminto brothers caused losses to Bank Jateng amounting to Rp502 billion. Meanwhile, the losses to Bank Jabar and Bank DKI were Rp543 billion and Rp180 billion, respectively. “Thus, the total amounts to Rp1,354,870,544,178.70. Accordingly, we agree with the calculation of state losses by the BPK audit team,” he stated.