Criminal Investigation Investigation, Criminal Investigation Unit Checks WanaArtha Life Officials

JAKARTA - The Investigation Team of the Directorate of Special Economic Crimes of the Criminal Investigation Unit of the Indonesian National Police has conducted an examination of the Directors of PT WanaArtha Life as witnesses to the alleged fraud and falsification of data on the insurance policy holder of PT WanaArtha Life. Now, the case has been investigated. And, nearly 60 witnesses were examined.

The Director of Special Economic Crimes of the Indonesian National Police Bareskrim, Brigadier General Whisnu Hermawan, explained that investigators had taken steps, including examining a number of witnesses related to cases of alleged fraud and falsification of data on WanaArtha Life insurance policyholders.

"Witnesses from 40 police holders were examined, agents from 14 witnesses, directors 3 witnesses," Whisnu said when confirmed by reporters on Friday, June 17.

In addition, investigators have examined expert witnesses for insurance, corporations and expert witnesses for employment to collect evidence in the case. Investigators also searched WanaArtha's office and analyzed digital evidence.

“Investigators have confiscated police evidence, digital evidence, checking accounts and so on. Furthermore, the follow-up plan is to hold a case for determining the suspect," he explained.

Investigators called Whisnu plan to follow up the case with a case title to determine the suspect, as violating Article 75 of Law Number 40 of 2014 regarding conveying incorrect information to policyholders.

"Article 76 is related to embezzling insurance premiums, and Article 81 in conjunction with Article 82 related to Insurance Corporation Crimes," he said.

The Head of Sub-Directorate V of the Directorate of Special Economic Crimes at the Police Criminal Investigation Unit, Kombes Ma'mun also confirmed that high-ranking PT. WanaArtha Life initials YM and DH have been questioned as witnesses. He confirmed that this case was at the stage of investigation.

"It's been fingerprinted (investigation)," he said briefly.

Regarding this matter, the former Director of Finance and Investment of WanaArtha Life, Daniel Halim is not yet willing to provide any comments. Daniel also stated the same thing about the 2020 Wanaartha Financial Statement (FS), which was only published in the last few days.

"I'm sorry I can't comment anything yet. I will forward it to the corsec (corporate secretary), yes," he answered.

On a different occasion, the President Director of Wanaartha, Adi Yulistanto explained that the board of directors is very aware that transparency and accountability are important, especially regarding the company's financial condition. It is because of this principle that Wanaartha has only published the Financial Statements for the 2020 financial year.

"We as management have an obligation to ensure that the values stated in the financial statements in question are in accordance with the truth," Adi said.

Law enforcement reference

The company's financial audit process this time, he said, is accurate and can be accounted for because it uses independent auditors and actuaries.

From the audit results, his party found that there was a significant difference between assets and liabilities. This is the reason why Wanaartha Life's RBC (risk based capital) is in the position of -2000 percent.

"From the audit results, this difference is caused by high costs and very high risk products, with high costs," he said.

Meanwhile, Director of Operations Ari P Atmosukarto hopes that the results of this audit can be a reference for law enforcement to see what is happening in the company. Because, at the same time, his party also takes advantage of the audit results to ascertain whether or not there are indications of mismanagement in the company.

"That is precisely what we are looking for and we are confirming. Therefore, we have reported this to the authorities," said Ari.

He also confirmed that the 2021 Financial Statements are currently in the process of being audited by an independent auditor. In the near future it will report it to the OJK.

Although admitting there are financial statement problems, the management remains confident that they will be able to cooperate with investors. "The insurance industry is still very promising, that is the selling point for investors," he said.