Black Traces of Former Corruption Prisoners Behind the Jiwasraya Scandal

PT Gunung Bara Utama (GBU), a private coal mining company in Indonesia which was established in March 2007. This company is widely known for having been one of the assets seized by the Attorney General's Office of the Republic of Indonesia in connection with the corruption case and money laundering (TPPU) case of PT Asuransi Jiwasraya involving convicted Heru Hidayat.

PT Gunung Bara Utama is under the control of the ecosystem of the sub-holding PT Mitra Maju Sejahtera (MMS) Resources (energy and coal business line of MMS Group Indonesia which was established by entrepreneur Andrew Hidayat). So who is Andrew Hidayat?

In 2015, Andrew, who is known as a coal entrepreneur, was involved in a case of bribery for the coal mining license of PT Mitra Maju Sukses in Tanah Laut, South Kalimantan (Kalsel).

This matter was handled by the KPK, dragging PDI Perjuangan DPR RI member, Adriansyah. To answer for this despicable act, Andrew was sentenced to 2 years in prison. After that, his name disappeared as if he had never existed on earth.

Right after Andrew Hidayat's name finally emerged and was suspected of being the owner of the company PT Indobara Utama Mandiri (IUM). PT Indobara Utama Mandiri (IUM) was designated as the winner of the tender from the auction of shares of a coal mining company which is a confiscated asset from the corruption case of PT Jiwasraya (Persero). The company bought the Attorney General's Office's confiscated assets, namely Gunung Bara Utama, at a low price, around Rp. 1.9 trillion.

In fact, the mine is already established in terms of infrastructure, and has a fairly jumbo coal content. It is estimated that the value reaches tens of trillions of rupiah. It is suspected that the state was harmed by Rp9.7 trillion. Based on this suspicion, the Civil Coalition to Save Mines (KSST) reported Andrew to the KPK in May 2024.

Based on the COIN IPO prospectus, Andrew Hidayat's name is listed as the ultimate beneficial owner (UBO), along with 3 names, namely Jeth Soetoyo (CEO of PT Pintu Kemana Saja), Aaron Ang Nio (venture capital investor) and Budi Mardiono, Director of PT Indobara Utama Mandiri (IUM).

Interestingly, there is the name of Budi Mardiono based on data from the Directorate General of General Legal Administration (AHU) of the Ministry of Law and Human Rights. serving as Director of PT IUM. Now, the two are gathered at COIN, of course this is not just a coincidence. According to data from the Directorate General of General Legal Administration (AHU) of the Ministry of Law and Human Rights. Budi Mardiono serves as Director of PT IUM. Now, the two are gathered at COIN,

Economist from the People's Sovereignty Movement (PKR), Gede Sandra, assessed that the meeting of these two people was not just a coincidence. Gede is worried that if COIN is allowed to linger on the stock exchange, it will cause fraud and harm the market.

"If COIN is allowed to float on the stock exchange, it is feared that fraud will occur that will harm market participants later. Don't let that happen, it could destroy our stock market," said Gede.

Furthermore, Gede reminded BAPPEBTI Regulation Number 8 of 2021 concerning the Guidelines for the Regulation of Physical Market Trading of Crypto Assets (Crypto Assets) on the Futures Exchange, which strictly prohibits people who have been convicted of economic and financial crimes from entering the crypto asset business.

Previously, COIN's Corporate Secretary, Indira Indah Prameshwari, stated that the legal case involving Andrew Hidayat had been fully resolved in accordance with legal provisions.

"On the other hand, during the IPO process, PT Indokripto Koin Semesta Tbk (COIN) has gone through a due diligence process both in terms of law, information disclosure, and financial aspects by the authorized authorities," he said.