Kresna Life Boss Michael Steven Arrested, Issuer KREN Speaks Out

PT Quantum Clovera Investama Tbk (KREN) has spoken out regarding the impact of the arrest of Michael Steven, a suspect in the Kresna Life money laundering case who previously served as a commissioner of the company. Management has confirmed that to date, the company’s operational activities and management continue to run normally without significant disruption. ‘As of the date of submission of this explanation, the company’s operational activities and management are proceeding as usual. The company considers that this notification does not give rise to any new material impact on the company’s business continuity,’ the firm stated, as quoted from an Indonesia Stock Exchange information disclosure on Thursday. Regarding the possibility of the company’s involvement in the ongoing legal case, KREN stated it is still conducting a review and internal coordination. This step is being taken to obtain complete information regarding whether or not there is a connection between the media reports concerning Michael Steven and the company, as well as any material impact that may arise. The company is also still reviewing the possibility of the case being linked to its subsidiary entities. Based on currently available information, management stated it has not yet obtained information indicating a material impact on the business continuity of the company or its subsidiaries. Furthermore, KREN conveyed that to date there is no other material information or facts that have not been disclosed to the public. The company also admitted it is not aware of any other material information or events that could affect the business continuity or share price of the company beyond what has been previously conveyed. Management confirmed it will continue to monitor developments related to the news reports. If material information becomes relevant at a later date, the company will ensure it fulfils its information disclosure obligations in accordance with the provisions of the prevailing laws and regulations. For context, at KREN’s Annual and Extraordinary General Meeting of Shareholders on 22 June 2023, Michael Steven, who previously served as a director of the company, was appointed as a commissioner. Michael Steven is known as the main figure behind the Kresna Group, which oversees several publicly listed companies on the capital market. Michael Steven is also known as the figure behind PT Asuransi Jiwa Kresna. The insurance company previously experienced a payment default amounting to approximately Rp6.4 trillion, impacting around 8,900 policyholders.