Hotman Paris: Benny Tjokro Doesn't Control Jiwasraya Investment Manager On The Stock Exchange Floor

Hotman Paris at the Corruption Court (ANTARA)

JAKARTA - The legal adviser of one of the 13 investment managers (MI) Hotman Paris Hutapea, said Benny Tjokrosaputro did not control MI in the Jiwasraya case.

"Another fact of the Jiwasraya case has been revealed. It turns out that Benny Tjokrosaputro did not control the stock transactions carried out by the investment manager in managing Jiwasraya's investments on the stock exchange floor," said Hotman Paris, quoted by Antara, Monday, May 31.

He assessed that in the general construction built by the Attorney General's Office investigators in the Jiwasraya corruption case, all of Jiwasraya's share transactions were controlled by Benny Tjokrosaputro, including 13 MI.

According to Hotman, managing the investment fund of PT Asuransi Jiwasraya is in accordance with applicable regulations. In addition to these shares being registered and legal, they were also purchased on the Indonesia Stock Exchange, not the black market.

"There is no relationship whatsoever between MI and Benny Tjokrosaputro. All transactions are carried out on the capital market, not on the black market. So it has nothing to do with Benny," he said.

Hotman also firmly denied that his client was controlled by Benny Tjokrosaputro or Heru Hidayat in buying and selling shares included in the Jiwasraya mutual fund managed by MI.

The instructions for buying and releasing the shares came from investors, namely PT Asuransi Jiwasraya itself.

The management of investment funds carried out by MI, especially its clients, has been carried out in accordance with applicable regulations. Apart from having registered and legal shares, they are also traded on the Indonesia Stock Exchange.

"Where does the logic come from when people buy in the official market and are legally punished," he said.

Prosecutors at the Attorney General's Office charged the 13 MIs with corporate crimes in the Jiwasraya corruption case. According to the prosecutor, 13 MI was controlled by Benny Tjokrosaputro and Heru Hidayat, so that the state-owned insurance company lost more than Rp. 16 trillion.

The Jakarta Corruption Court, which has tried Benny Tjokro's case, confirmed the Public Prosecutor's claim that Benny controlled Jiwasraya's stock transaction on the stock exchange through 13 MI.

The Corruption Court sentenced Benny to life imprisonment and imposed a state compensation of around Rp 6 trillion.

The amount of Rp 6 trillion came from the decision of the panel of judges which stated that Benny and Heru's actions were proven to have harmed Jiwasraya Rp. 12 trillion, so that the loss was divided in two. Meanwhile, another Rp4 trillion loss was stated to be only Heru's doing.

The Corruption Court's decision was later strengthened by the DKI Jakarta High Court and the case is now in the cassation process at the Supreme Court.