Law Enforcement In Jiwasraya Case Disturbs The Climate Of Capital Market And Makes Investors Panic

Illustration. (Photo: Doc. Antara)

JAKARTA - The personal objection note for the defendant in the PT. Asuransi Jiwasraya (AJS) case, Piter Rasiman, was leaked and went viral on Sunday, April 4, 2021. It is not known who leaked the objection note which was originally due to be submitted at court on Monday, April 5, 2021, at the Corruption Court in Central Jakarta.

In his objection note, Piter stated that all forms of transactions he conducts are always within the corridor of law as regulated in various Capital Market Regulations.

"It is proven that until now I have never received any sanctions from the Indonesian Stock Exchange (BEI), Financial Service Authority (OJK), or other related institutions. If there is an error in my transaction, it is of course the domain of the Capital Market Law problem, as argued by the Public Prosecutor. which mainly describes regulations in the Capital Market sector," he said.

He explained that there were 117 issuers in the portfolio of PT. AJS that were said to have been purchased by Piter in the Public Prosecutor's Indictment. However, it was not stated at all which shares were purchased or which nominees were from them.

The indictment also does not specify where the respective shares were acquired.

"So it really doesn't make sense to say that all the shares were bought from me or my nominee. What is the proof? Is there a flow of money to me or my nominee? If you say that all the shares were bought from me, of course I am already in the top 20 richest people in Indonesia," he said.

It was also stated in the prosecutor's indictment that PT. AJS suffered losses of more than Rp. 16 trillion. However, once again the prosecutor could not prove that the money had flowed to Piter Rasimen.

In fact, he said, until now PT. AJS still owns these shares. Stocks still have value and their prices tend to go up at this time. So that if there is a decrease in value, of course it is still unrealized or potential loss as long as the shares have not been sold at a loss, but instead they are considered to have caused losses to the state.

Now many capital market experts until the Chairman of the IDX have started to 'scream' through various mass media, saying that unrealized loss is not a loss. Because new losses will occur when the shares have been sold at a value lower than the acquisition. So as long as it has not been sold, it cannot be said to be a loss considering that the shares still have the potential to increase in value again.

"Likewise what happened in the PT. AJS case, namely PT. AJS has NOT suffered a loss because the shares are still owned," he said.

He wrote that the Attorney General's interest in carrying out the investigation process recently on several state-owned companies which also dragged many capital market investors was very unsettling and in the end it would damage the stock exchange, resulting in panic in the community.

"I am very worried that the law enforcement process has made investors afraid to invest, especially investing in state-owned companies. And there will be a stigma that buying shares in state-owned companies could lead to corruption cases because they are considered to have caused losses to the state," he said.

Based on his observations, PT. AJS was declared to have experienced defaults in October 2018, when the investment value of PT. AJS was still very good and could actually be used to pay claims. Then when looking at the price movements of shares owned by PT. At the end of 2020 or early 2021, most of the shares had experienced a rapid increase in value.

"In fact, it would be very profitable if it was sold, then why haven't the directors used this opportunity to pay customers? What's wrong? What should be underlined is that the increase in the price of shares owned by PT. AJS increasingly shows that PT. AJS cannot be said to have suffered a loss considering the movement in the value of shares which continues to go up," he explained.

The Attorney General's actions in brutally declaring a criminal act of corruption at PT. AJS accompanied by suspending and confiscating shares in the portfolio of PT. AJS has actually caused losses to the public/customers of PT. AJS.

"So once again I have to say that the Attorney General's Office should be responsible for the losses suffered by PT. AJS customers. Because the shares have been confiscated and suspended so that PT. AJS cannot sell its shares," he concluded.