No Need To Wait For Legal Settlements, Jiwasraya Shareholders Must Complete Customer's Policy Payment Obligations

JAKARTA - Indonesia's Center of Reform on Economics (CORE) economist Piter Abdullah said that the shareholders of PT Asuransi Jiwasraya (Persero) must immediately settle their customer policy payment obligations by finding a faster solution, without having to wait for the completion of law enforcement on the defendant in the case.

"It must be distinguished between resolving the Jiwasraya case and the legal settlement of the defendants. The settlement of obligations towards Jiwasraya customers cannot wait for the settlement of the defendants' legal cases," said Piter as quoted by Antara, Tuesday, September 22.

According to Piter, the government as the holder of 100 percent of Jiwasraya's shares must be able to find the best and fastest solution in completing the Jiwasraya policy payment obligations to customers.

"The settlement of the Jiwasraya problem must come from the owner, namely the government. Not waiting for confiscation from the defendants which can be sure will take a long time," he said.

Meanwhile, the Coordinator of the Indonesian Anti-Corruption Society (MAKI) Boyamin urged the Attorney General's Office (AGO) to confiscate all the assets of the defendant which caused losses to Jiwasraya. Even the value of the assets confiscated from the defendant had to be the same as the value of the state losses arising from the Jiwasraya case.

According to him, the confiscation of all the assets of the defendant could be used as capital for the government to carry out restructuring within Jiwasraya. Because basically, the defendant's assets were obtained from customers.

"If Jiwasraya will conduct a restructuring, the assets will automatically become the property of the customer to be processed and returned from Jiwasraya," said Boyamin.

As is well known, the government chose the restructuring option to save the Jiwasraya policy through the establishment of a new company called Indonesia Finansial Group (IFG) Life under PT Bahana Pembimbing Usaha Indonesia (BPUI) as the holding company for BUMN insurance and underwriting.

The establishment of IFG Life requires funds of IDR 24.7 trillion. One of them, the government has confirmed that it will disburse state capital participation (PMN) of IDR 20 trillion to BPUI.

However, currently Jiwasraya recorded an equity deficit of Rp37.7 trillion due to poor asset conditions and sub-optimal management of insurance products. As a result, Jiwasraya bears a total liability or obligation of Rp. 54 trillion.

Boyamin assessed that the defendant's assets should belong to the state to help with restructuring. "Assets belong to the state, especially Jiwasraya. We must continue to hunt down the assets of the defendants, including those abroad," he said.

As is known, currently there are six defendants whose assets are being targeted, namely the President Director of PT Hanson International Tbk Benny Tjokrosaputro, the President Commissioner of PT Trada Alam Minera Heru Hidayat, the Director of PT Maxima Integra Joko Hartono Tirto.

The government is encouraged to immediately take quick and concrete steps in resolving the Jiwasraya case so that it does not drag on.