Kresna Life Boss Arrested, Policyholder Funds Stuck at IDR 4.55 Trillion

The owner of Asuransi Kresna Life, Michael Steven, has been successfully returned to Indonesia. Meanwhile, the company’s compensation obligations to policyholders are recorded at IDR 4.55 trillion. According to the provisional liquidation balance sheet as of 25 July 2025, Kresna Life’s total unproblematic liabilities amounted to IDR 4.57 trillion. The breakdown shows that unproblematic liabilities to policyholders of PT Asuransi Jiwa Kresna reached IDR 4.55 trillion. The life insurance company also has other liabilities, including liquidation costs and reinsurance debts, totalling IDR 26.12 billion. With liabilities of that magnitude, the Kresna Life liquidation team recorded that the company’s unproblematic assets amounted to only IDR 232.86 billion. Consequently, there remains a gap of IDR 4.34 trillion between the company’s liabilities and assets. However, several problematic assets still exist, including traded equity securities worth IDR 749.25 billion, direct investments of IDR 49.76 billion, cash and cash equivalents of IDR 7.59 trillion, and other receivables of IDR 2.1 trillion. The liquidation team stated it will pursue the resolution of these problematic assets for all policyholders through legal means. In June 2026, the Kresna Life liquidation team partially disbursed guarantee funds to policyholders entitled to receive payment who had previously registered their claims. The partial disbursement was described as an important stage in the process of settling the company’s obligations to policyholders and a demonstration of the team’s commitment to conducting the settlement process transparently, accountably, and in accordance with the principle of prudence. The liquidation team emphasised that the company’s liquidation process is still ongoing and various efforts to settle the company’s assets continue to obtain optimal results for policyholders, in accordance with statutory regulations. Ogi Prastomiyono, Chief Executive of Insurance, Guarantee and Pension Fund Supervision at the Financial Services Authority, stated that his party is urging Michael Steven to fulfil the rights of Kresna Life customers. The Indonesian National Police, through its International Relations Division, successfully repatriated Interpol Red Notice fugitive Michael Steven from the Kingdom of Morocco via an extradition mechanism. The success was the result of cooperation between the Police International Relations Division, the Ministry of Law, the Ministry of Foreign Affairs, the State Intelligence Agency, and Moroccan authorities. Michael was previously arrested by Moroccan Police on 12 March 2026 at the request of the NCB Interpol Indonesia. The Government of the Kingdom of Morocco subsequently granted the extradition request submitted by the Indonesian Government on 12 June 2026. The handover process was carried out on 20 June 2026 in Morocco, before he finally arrived in Indonesia on Sunday, 21 June 2026. Michael Steven is a suspect in a case of alleged capital market crimes, fraud, embezzlement, and money laundering related to Kresna Life, which is being handled by the Directorate of Special Economic Crimes at Bareskrim Polri. The case allegedly caused investor losses reaching approximately IDR 337.4 billion. Michael will subsequently be handed over to the Directorate of Special Economic Crimes at Bareskrim Polri to undergo further legal proceedings.