AGO: Director General Of Budget Of The Ministry Of Finance Isa Rachmatarwata Agrees To Jiwasraya Products When Bangkrut

Director General of Budget at the Ministry of Finance Isa Rachmatarwata has been detained by the AGO/ANTARA HO Puspenkum

The Attorney General's Office (AGO) revealed that the role of Isa Rachmatarwata alias IR in the alleged corruption case of PT Asuransi Jiwasraya (AJS) was to approve insurance products when the company went bankrupt.

The Director of Investigation of the Deputy Attorney General for Special Crimes (Jampidsus) at the AGO, Abdul Qohar, explained that the approval was made by Isa while serving as Head of the Insurance Bureau of the Capital Market Supervisory Agency and Financial Institutions (Bapepam-LK) for the 2006-2012 period.

"The convicts Hendrisman Rahim, Hary Prasetyo, and Syahmirwan, made JS Saving Plan products which contained investment elements with high interest rates, namely 9-13 percent, or higher above the Bank Indonesia average interest rate at that time of 7.5-8.5 percent of the knowledge and approval of the suspect IR, where to market it as an insurance product, it must obtain approval from Bapepam-LK," Qohar said as quoted by ANTARA, Friday, February 7.

Meanwhile, Qohar explained that initially in March 2009, Sofyan Djalil as Minister of SOEs at that time stated that PT. AJS was faced with an insolvent or unhealthy condition because on December 31, 2008 there was a shortage of calculations and reserves of company obligations to policyholders amounting to Rp. 5.7 trillion.

Then, Sofyan Djalil proposed an effort to restore the Minister of Finance Sri Mulyani Indrawati with an additional capital of IDR 6 trillion in the form of zero coupon bonds and cash to reach the level of drinking solvency.

"However, the proposal for restructuring was not approved because the RBC (risk based capital) level of PT. AJS had reached minus 580 percent or went bankrupt," said Qohar.

To overcome this financial condition, in early 2009, the Board of Directors of PT. AJS consisting of Hendrisman, Hary, and Syahmirwan, planned to cover the loss by making a JS Saving Plan product.

Then, after being approved by Isa, the insurance product was marketed, and the funds obtained were placed in the form of stock and mutual fund investment, but carried out without applying the principles of good corporate governance and investment risk management.

"It is known that there are transactions that are not reasonable for several stocks, including IIKP, SMRU, TRAM, LCGP, MYRX, SMBR, BJBR, PPRO, and several other shares that are carried out either directly or through investment managers who manage mutual funds, resulting in a decrease in the value of the portfolio of investment assets of stocks and mutual funds so that PT. AJS suffered losses," he said.

Furthermore, based on the report on the results of investigative examinations in the context of calculating state losses on the management of finance and investment funds of PT. AJS for the 2008-2018 period by the Supreme Audit Agency (BPK), the state was considered to have suffered a loss of Rp. 16.8 trillion.

Isa is considered to have violated Article 3 in conjunction with Article 18 of Law Number 31 of 1999 concerning the Eradication of Criminal Acts of Corruption as amended by Law Number 20 of 2001 jo. Article 55 paragraph (1) of the 1st Criminal Code (KUHP).

"The suspect was detained at night for the next 20 days, and detained at the Salemba Rutan, the Attorney General's Office," he said.