IBRA reports Dharmala to AG office

IBRA reports Dharmala to AG office

JAKARTA (JP): The Indonesian Bank Restructuring Agency (IBRA)
filed on Monday a criminal report with the General Attorney's
Office against PT Dharmala Sakti Sejahtera for allegedly
unlawfully selling Dharmala's stake in a joint venture insurance
firm.

IBRA's asset management credit legal division head, Robertus
Bilitea, said his office made its complaint against Dharmala's
former board of directors, including its president Suyanto
Gondokusumo.

Robertus said that along with Dharmala, IBRA filed the same
complaint against the directors of West Samoan firm Roman Gold
Assets Limited.

He said IBRA suspected Dharmala and Roman of violating Law No.
31/1999 on corruption.

He alleged that both companies were engaged in the illegal
sale of 1,800 shares owned by Dharmala in insurance firm PT
Asuransi Jiwa Indonesia (AJMI).

"Suyanto Gondokusumo's action of selling the shares of AJMI is
an illegal act that violated the bankruptcy law, the criminal
law, the law on limited liability companies, the capital market
law and the civil law," Robertus said in a statement.

IBRA filed the complaint after it was unable to recoup part of
a Rp 918.42 billion (some US$96.67 million) loan from Dharmala.

The agency was a creditor to Dharmala before the Central
Jakarta Commercial Court declared the company bankrupt in June
last year.

Through an auction, the court sold Dharmala's 40 percent stake
in AJMI to the latter's parent company, Manufacturers Life
Insurance Co. of Canada for Rp 170 billion.

IBRA was due to receive Rp 56 billion from the sale, but the
auction was disputed by Roman.

The West Samoan firm claimed to be the rightful owner of
Dharmala's 40 percent stake in AJMI, arguing that it had
purchased the shares shortly before the auction was held last
September.

Roman said it had purchased the shares from Hong Kong-based
firm Harvest Hero International Limited, which had a power of
attorney from Dharmala to sell them.

But IBRA's legal representative Bob Nasution said in a
statement that Dharmala's power of attorney lost its validity
when the company was declared bankrupt.

Deputy attorney general for special crimes Bachtiar Fachri
Nasution said he had received IBRA's report, but had not had the
time to read it.

"It might take about a week or so to study it (the report),"
Bachtiar, who is in charge of corruption cases, told The Jakarta
Post.

He said his office would then have to decide whether the case
would fall under his jurisdiction, or whether it should be
handled by the civil or the general crimes division.(bkm/bby)