The Origins of the Jusuf Hamka vs Hary Tanoe Conflict: Transactions from 1999 to a Rp 531 Billion Compensation

The conflict between PT Citra Marga Nusaphala Persada Tbk (CMNP), a toll road company owned by businessman Jusuf Hamka or Babah Alun, and businessman Hary Tanoesoedibjo has entered its final chapter.

The Central Jakarta District Court (PN Jakpus) has ruled that Hary Tanoesoedibjo must pay compensation of Rp 531 billion to CMNP, deeming his actions unlawful.

This compensation must be paid by Hary Tanoe and his company, PT MNC Asia Holding Tbk, along with interest, to PT Citra Marga Nusaphala Persada Tbk (CMNP).

The matter first came to light through disclosures to the Indonesia Stock Exchange (BEI).

The issuer owned by Babah Alun, CMNP, informed that it had filed a lawsuit for unlawful acts regarding the exchange of non-convertible debentures (NCDs) with the defendants, which caused losses to the company.

Independent Director of PT Citra Marga Nusaphala Persada Tbk, Hasyim, stated that there are four defendants: Defendant I is Bambang Hary Iswanto Tanoesoedibjo, Defendant II BHIT, Defendant III Tito Sulistio, and Defendant IV Teddy Kharsadi.

In this case, CMNP pursued legal action to obtain legal certainty over the securities exchange transaction conducted by the company in 1999, involving each defendant.

This disclosure was then responded to by PT MNC Asia Holding Tbk (BHIT), which also provided an explanation to the BEI.

Director of PT MNC Asia Holding Tbk (BHIT), Tien, said that the lawsuit arose from a transaction between CMNP and Unibank worth US$28 million 27 years ago, around May 1999.

At that time, BHIT claimed to have acted as arranger. Therefore, BHIT was unaware of the background behind CMNP filing the lawsuit.

“Because the lawsuit should have been filed against Unibank or the controlling shareholders of Unibank,” he explained.

First, PT Citra Marga Nusaphala Persada Tbk (CMNP) filed a civil lawsuit against Hary Tanoesoedibjo and his company, PT MNC Asia Holding Tbk (BHIT), worth Rp 103 trillion.

Second, there is also a report to the Metro Jaya Police over allegations of forgery.

“The case is like this: in May 1999, CMNP needed US dollars. At that time, Unibank was one of the healthiest public banks. So, PT Bhakti Investama was appointed as arranger,” he said during a press conference on Tuesday (11/3/2025).

He added that it was agreed that Unibank would issue a zero-coupon bond worth US$28 million.

This meant that Unibank received US$17.4 million.