LPEI Witness Examination Session, Reveals PT Petro Energy's Credit Smoothly And According To Banking Procedures

Photo: Special

JAKARTA - The Central Jakarta District Court Class IA Specially held a trial to prove the main point of the alleged corruption case that dragged a number of parties related to the export financing of the Indonesian Export Financing Agency (LPEI).

This case ensnared three defendants from PT Petro Energy, namely Newin Nugroho (President Director), Susy Mira Dewi Sugiarta (Director of Finance), and Jimmy Masrin (President Director of PT Caturkarsa Megatunggal as well as President Commissioner of PT Petro Energy).

The trial, which took place on Monday, October 6, 2025, presented six witnesses, including Dwi Wahyudi and Arif Setiawan, former LPEI managing director, as well as a number of officials and risk analysts of the institution.

Arif Setiawan, former LPEI Managing Director, gave a statement to the panel of judges that during his term of office, PT Petro Energy (PT PE) was always smooth in carrying out credit payment obligations.

"During my tenure until retirement, PT PE was always smooth and there were never arrears," said Arif.

He added that a good track record of payments was the main consideration of LPEI in providing extension of financing facilities to PT PE.

"The customer's track record is an important thing that must be an evaluation material," he added.

Arif stated that the entire risk analysis process was carried out by related units before reaching the board of directors level.

"If it's okay from below, I'm okay too," he stressed that the decision-making process was carried out in stages.

He also explained that LPEI has challenges in finding customers, including limited debtors who are truly bankable and visible.

"One of the considerations is the reputation of the Pak Jimmy Masrin (JM) Group which is well known in the banking world," he said.

Regarding the type of guarantee that LPEI usually receives, Arif said the form could be in the form of assets, inventory, receivable receivables, and corporate guarantees.

"For corporate quarantine, what is seen is the reputation and credibility of the guarantor," he said.

PT Petro Energy Loans Through Complete Verification And Risk Review Stages

In his testimony, Muhammad Pradithya, the former Head of the LPEI Financing Department emphasized that his efforts to introduce PT Petro Energy to LPEI were carried out entirely in professional capacity. According to him, this step is part of a strategy to expand the national corporate financing base, including the Luas Ocean Group, not because of intervention from any party.

"I am indeed looking for PT Petro Energy because it is part of my target to bring the Luas Ocean Group as a customer of LPEI," said Pradithya. "There is no initiation or request from Mr. Jimmy Masrin (JM) to get a loan."

During the trial, the Public Prosecutor (JPU) alluded to a meeting between the Managing Director I of LPEI Dwi Wahyudi, Newin Nugroho, and Jimmy Masrin at a restaurant in the Slipi area, Jakarta, where Dwi Wahyudi was said to have conveyed financial support for PT Petro Energy worth around Rp1 trillion and ended with a shaking of hand.

However, Pradithya emphasized that the incident was not a form of official credit approval, but informal initial communication.

"The hand job is just a symbol as an eastern culture, not the legal basis for an agreement to lend," he said.

He added that the entire process continued according to the formal mechanism through the preparation of a Financing Analysis Memorandum (MAP), which took about four months and involved several units of reviewers and risk committees at LPEI.

A similar testimony was also conveyed by Kemas Endi Aryo Kusumo, Relationship Manager of LPEI who emphasized that the process of providing credit facilities to PT PE had gone through a layered verification stage.

"No procedures have been violated. We compiled the MAP in stages with several layers of review, feasibility analysis, risk review, and financing committee recommendations," said Kemas.

Kemas added that the financing value of 22 million US dollars was calculated based on the oil sales contract between PT PE and PT Apex Indopacific and PT Hokari Linex, multiplied by market prices and the assumption of contract extension until 2018.

During the 2015 '2017 period, credit payments were also said to run smoothly without delay.

"PT PE routinely submits audited quarterly and annual financial reports," he added.

Soesilo Aribowo, SH, MH, as Defendant III's Legal Advisor Jimmy Masrin, confirmed that his client had never received a private flow of loan funds.

He said the prosecutor's indictment that charged Jimmy with state losses was baseless, because the entire financing process had been carried out according to procedures by authorized officials at LPEI.

According to him, the preparation of the Financing Analysis Memorandum (MAP) has been carried out according to the main tasks and functions, including the application of the principle of know your customer (KYC) as in the Regulation of the Minister of Finance and Internal Regulation of LPEI.

"All processes have been carried out according to the provisions. Not a single rupiah of loan funds has entered Mr. Jimmy's personal account, all of which are used for the benefit of the company," said Soesilo.

He also explained that additional loans worth Rp400 billion were part of the official and legal financing facility. When the company experienced problems in 2016, the debt was restructured through the PKPU mechanism, and was taken over by PT PADA Idi and PT Caturkarsa with a payment agreement of US$60 million, of which the remaining 30 million US dollars were still running smoothly until 2028 without arrears.

"If the installments are still running and the credit is current, where is the loss?" said Soesilo.

He added that the accusation that lending was influenced by a personal relationship with Jimmy Masrin was irrelevant, because his share ownership in PT Caturkarsa was very small and had no influence on financing decisions.