President Joko Widodo asked the Financial Services Authority to be careful in supervising Indonesia's financial services products and capital markets.
Jokowi mentioned the name of Indian conglomerate Gautam Adani who lost 107 billion US dollars to the fried stock case.
"Supervisions, don't let anyone escape like that because they fried Rp1,800 trillion, that's 1/4 of GDP lost," said President Joko Widodo in his remarks at the 2023 Financial Services Industry Annual Meeting at the Shangri-La Hotel, Jakarta, Monday, February 6.
According to him, the loss of 1/4 of Indian GDP could affect capital outflows and local currency exchange rates to free fall.
Joko Widodo also asked OJK to oversee online loans (pinjol), insurance and investment so as not to repeat the mistakes that occurred in India and several cases of state greetings such as Asabri, Jiwasraya, and Indosurya which caused losses to many parties.
"Do not let the incidents that have been experienced by Asabri, Jiwasraya, Rp17 trillion, Rp23 trillion. There are more Indosurya, Wanaartha, to my point because I read," said Jokowi.
Jokowi shared his experience of meeting victims of embezzlement of insurance company funds who cried and asked for their money back.
"This must be micro, one by one followed because the crying people are the people. The people only asked for one piece of money back. Because when I went to Tanah Abang there were those who cried stories about it. At the Chinese New Year (celebration), I also cried. In Surabaya crying too. Be careful, "said President Jokowi.
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