Insight Investments Management Faces Rp650 Million Fine in Taspen Corruption Case

Prosecutors from the Corruption Eradication Commission (KPK) have demanded that PT Insight Investments Management (IIM) be fined Rp650 million for its involvement in a fictitious investment case linked to PT Taspen (Persero) in 2019. “We demand that the corporate defendant, PT Insight Investments Management, be declared legally and convincingly proven guilty of committing a criminal act of corruption jointly, as stated in the first alternative indictment,” said KPK prosecutor Januar Dwi Nugroho while reading the sentencing demand at the Jakarta Corruption Court on Tuesday. In addition to the principal criminal fine, the company faces a demand for additional punishment in the form of restitution to the state amounting to Rp82.42 billion. The prosecutor stated that if the defendant fails to pay the restitution within one month after the court decision becomes legally binding, its assets may be seized and auctioned. Should the seized assets be insufficient, the business operations of PT IIM as an investment manager would be shut down for a maximum period of one year. The prosecution highlighted that the company actively sought to profit illicitly, which was considered an aggravating factor. The indictment alleges that PT IIM, together with other parties, invested Taspen’s funds into the I-Next G2 mutual fund to cover a defaulted Sukuk Ijarah issued by Tiga Pilar Sejahtera Food (TPSF) II in 2016. This action resulted in state losses of Rp1 trillion, while PT IIM itself was enriched by Rp41.22 billion. Other individuals and entities also allegedly profited, including Antonius Kosasih who received Rp29.15 billion and Ekiawan Heri Primaryanto who received 253,664 US dollars. The company faces charges under Article 603 or Article 604 in conjunction with Article 20 letter c of the National Criminal Code.