Regulator's Role Revealed
The Attorney General's Office has named an official from the Financial Services Authority or OJK and 13 investment management companies as suspects in a corruption case at PT Asuransi Jiwasraya (Persero).
The existence of an official at the OJK who has been named a suspect has revealed suspicions about the existence of individuals in the institution who were involved in the case which is estimated to cost the state up to Rp. 16.81 trillion. It is clear that the corruption at Jiwasraya does not rule out involvement not only from the private sector or state-owned enterprises, but also from regulators, said Research Manager for Transparency International Indonesia (TII) Wawan Heru Suyatmiko. Thursday afternoon, the Head of the Attorney General's Office for Legal Information Center (Kejagung) Hari Setiyono said the official from the OJK who was named a suspect had the initials FH. From February 2014 to 2017, he served as Head of the Capital Market Supervisory Department IIA OJK. Then, FH was appointed Deputy Commissioner for Capital Market Supervision II OJK in 2017 until now. The suspect's role is related to his duties and responsibilities in that position related to the financial management that occurred at PT Asuransi Jiwasraya, including the actions of the defendants who have been tried," said Hari. Even though he has been named a suspect, Hari continued, FH has not been arrested. However, FH has been prevented from traveling abroad. The AGO also named 13 investment management companies as suspects because they were allegedly related to the placement of funds from Jiwasraya, in 2014-2018. According to Hari, the 13 corporations caused state losses of Rp 12.157 trillion, or most of the total state losses in the Jiwasraya case, which was estimated at Rp 16.81 trillion. Investigators will develop whether there is an active role from corporate managers, he said.
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