Conflict Of Interest Found In Jiwasraya Product Sales

BPK and AGO press conference related to Jiwasraya. (Mery Handayani / VOI)

JAKARTA - The Republic of Indonesia's Supreme Audit Agency (BPK) said that the saving plan product is a product that has contributed the highest income at PT Asuransi Jiwasraya since 2015. This product is a savings product with a guaranteed return or very high interest with insurance benefits.

Chairman of BPK Agung Firman Sampurna revealed that some irregularities were found in the saving plan sale. First, the appointment of a senior bancassurance center head official at the central SPV is not in accordance with the provisions.

Second, continued Agung, submission of cost of funds (COF) directly to directors without involving related divisions and is not based on COF calculation documents and a review of COF proposals. Then, third, the determination of the COF saving plan does not consider Jiwasraya's investment ability to generate income, which is needed to cover the costs of the insurance products sold.

"In marketing a saving plan product that is suspected of having a conflict of interest, because related parties at Jiwasraya get a fee for the sale of the product," said Agung, during a press conference at the BPK office, Gatot Subroto, Central Jakarta, Wednesday. , January 8th.

Agung said, on December 30, 2019, the Attorney General's Office had sent a Request Letter to the BPK to calculate state losses in the Jiwasraya case. The request was then followed up by an explanation by the Attorney General's Office to the BPK.

"From the results of the presentation, BPK concluded that there had been irregularities, or illegal actions from collecting funds from saving plan products, as well as investing in stocks and mutual funds which resulted in state losses," he explained.

However, the real and definite value of state losses can only be determined after the BPK conducts an investigative examination in the framework of calculating state losses. Agung emphasized that it would take time to determine the state's losses.

Agung explained, BPK is currently working with the Attorney General's Office to be able to calculate the value of state losses in this case, and it is planned to be completed in about two months. The BPK will fully support the Attorney General's Office in enforcing the law in the Jiwasraya case.

"In addition to calculating state losses, BPK has also started to carry out investigative examinations on Jiwasraya. So there are two, yes, the audit is still running, and then one goes directly to the aspect of law enforcement which is now being handled by the prosecutor's office," he said.

The purpose of investigative examination is to reveal any non-compliance that indicates fraud or fraud, as well as indications of state loss and / or criminal elements in the management of Jiwasraya.

The scope of the examination is all activities at Jiwasraya, which include insurance services, investment and other operational activities.

In addition, the BPK also conducts inspections on supervision by the OJK, guidance and supervision by the Commissioners and the Ministry of BUMN as well as examinations by Public Accountants.

"In short, we can conclude that the scale of the Jiwasraya case is very large. In fact, I say gigantic, so it has a systemic risk," he said.