Thirteen companies, OJK official named suspects in Jiwasraya case

first_imgThe 2001 law on corruption crimes allows Indonesian legal authorities to name companies suspects.However, the AGO has yet to name any executives of the companies suspects as the investigation is ongoing.The AGO is also looking into possible reasons as to why Jiwasraya decided to entrust the companies with managing its funds.“We accuse all suspects of violating laws for their personal interests, as stipulated in Article 2 of the 1999 Corruption Crime Law,” Hari said. “We also allege that the companies committed money laundering.”Prior to the announcement, the AGO had named six suspects in the case including three former Jiwasraya executives, namely former president director Hendrisman Rahim, former finance director Hary Prasetyo and former finance and investment division head Syahmirwan.The office also named three other suspects: publicly listed property firm PT Hanson International president director Benny Tjokrosaputro, publicly listed mining company PT Trada Alam Minera president commissioner Heru Hidayat and PT Maxima Integra director Joko Hartono Tirto.The suspects are now defendants, having undergone their first hearing on June 4.The naming of new suspects follows the AGO’s move this month to track down the flow of investment by Jiwasraya. The office has questioned almost 30 witnesses, ranging from asset management executives and OJK officials to former Indonesia Stock Exchange executives, from June 2 to June 23.The questioning is part of the AGO’s investigation of the case after issuing a letter ordering the start of the investigation on Dec. 27, two months after former State-Owned Enterprise Minister Rini Soemarno filed a report regarding alleged fraud at the state-run insurer with the AGO in October.Indonesian Anticorruption Community Coordinator (MAKI) Boyamin Saiman said he had already suggested that the AGO focus its investigation on OJK officials’ roles in the case through several formal meetings, as he accused the agency of being negligent in allowing Jiwasraya to promote the JS Saving Plan to the public.Boyamin, who also reported alleged fraud in Jiwasraya to the AGO in Jakarta in 2018, said the public should appreciate any progress made by the AGO regarding the case.However, Trisakti University criminal law expert Abdul Fickar Hadjar said it was too early for him to gauge the office’s success in probing the case, adding that the public should see how much of the alleged state losses from the case could be recovered by the AGO.He went on to say that the prosecutors had also yet to announce the charges that would be brought against the defendants on trial, making it hard for him to assess the AGO’s seriousness in settling the case.“The state pays AGO officers to conduct investigations and name suspects, so there is nothing special about the AGO’s performance in resolving the Jiwasraya case – for now,” Abdul said.The following is a list of the 13 companies that were named suspects:1. PT Dhanawibawa Manajemen Investasi/Pan Arcadia Capital2. PT OSO Manajemen Investasi3. PT Pinacle Persada Investasi4. PT Milenium Danatama5. PT Prospera Aset Manajemen6. PT MNC Aset Manajemen7. PT. Maybank Aset Manajemen8. PT GAP Capital9. PT Jasa Capital Aset Manajemen10. PT Pool Advista Asset Management11. PT Corfina Capital12. PT Treasure Fund Investama Indonesia13. PT Sinarmas Aset ManajemenTopics : The department head of capital market monitoring at the OJK from 2014 to 2017 was Fakhri Hilmi.“Despite being a suspect in the case, we haven’t arrested the OJK official as of now,” Hari said during a press conference on Thursday.Hari also announced that 13 asset management companies were named suspects in the case. The AGO accused the companies of mismanaging or laundering the premium revenue collected by Jiwasraya from 2014 to 2018.The companies allegedly caused state losses amounting to Rp 12.35 trillion, 73.46 percent of the total Rp 16.81 trillion in state losses incurred by Jiwasraya’s investment mismanagement as audited by the Supreme Audit Agency (BPK) from 2008 to 2018. After around six months of investigation, the Attorney General’s Office (AGO) has named 13 asset management companies and a Financial Services Authority (OJK) official suspects in a case of alleged corruption and money laundering surrounding state-owned insurer PT Asuransi Jiwasraya.Jiwasraya is accused of mismanagement when it invested its premium revenue from the JS Saving Plan, one of the company’s insurance products, in multiple assets. As a result, it failed to pay out Rp 16 trillion (US$1.1 billion) in matured policies due in February to its policyholders.AGO spokesman Hari Setiyono said that the OJK deputy commissioner for capital market monitoring, identified only as FH, was a new suspect in the case. The office accused him of abuse of power, which allegedly paved the way for Jiwasraya’s investment mismanagement during FH’s tenure as OJK department head of capital market monitoring from 2014 to 2017.last_img read more

Live in executive style in Rochedale South

first_imgThe kitchen at 45A Sunningdale Ave, Rochedale South.The modern kitchen has a teppanyaki-style cooktop, stone benchtops, quality stainless steel appliances and crisp white cabinetry. More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020The theatre room, at the back of the home, is the perfect spot for family movie night. The master bedroom is also on the bottom level and has a walk-in wardrobe and ensuite with corner spa bath. A statement curved staircase leads up to the second floor where there is a family room with built-in storage and two bedrooms with walk-in wardrobes. The outdoor area at 45A Sunningdale Ave, Rochedale South.Marketing agent Lisa Etri, of Ray White Rochedale, said the property was brilliantly executed and showcased quality design.“The home presents an incomparable low-maintenance lifestyle address, just a short distance from shops, cafes, quality schools and transport services,” Ms Etri said. The living room at 45A Sunningdale Ave, Rochedale South.The second bedroom also has access to the front balcony and the family bathroom has a corner spa bath and separate shower. Outside there are established gardens and low-maintenance lawns. The home also comes with airconditioning, a water tank, solar power and an alarm system for peace of mind.center_img The home at 45A Sunningdale Ave, Rochedale South.THIS two-storey executive home is on the market in Rochedale South. The property at 45a Sunningdale Ave was built six years ago and has four bedrooms and multiple indoor and outdoor living spaces spread across the two levels. On the ground floor there is a double lockup garage with handy built-in storage, study, laundry and powder room. The open-plan living, kitchen and dining areas have high ceilings and tiled floors, and flow out through bi-fold doors to the outdoor entertaining space with extendible awning.last_img read more

UK local authority pension funds commit to social impact investments

first_imgFive of the largest UK local authority funds have committed £152m (€190m) to social impact investing after a year-long manager search.The pension funds, which jointly have around £30bn in investible assets, joined forces in 2013 as a means to invest for both financial returns and positive economic impact.The funds said the seed investments showed that social impact investing and financing local initiatives could align with a pension fund’s fiduciary duty.Through the Local Authority Pension Fund Forum (LAPFF), the schemes founded their initiative from a white paper that identified challenges and opportunities in impact investing. After 28 asset managers responded to a request for submissions, the funds have now allocated funds accordingly.Greater Manchester Pension Fund committed one-third of the total allocation, half of which was placed in a property fund.The other pension funds – West Midlands, East Riding, West Yorkshire, Merseyside and South Yorkshire – also committed to the property fund but in varying amounts.All the investors, bar East Riding and West Midlands, also committed to an industrial lending fund.Other areas of social impact investing include social impact bonds and social sector investments.The funds’ joint group, Investing 4 Growth, said impact investing brought new risks that needed to be overcome, such as a lack of track record, liquidity, presence of other investors and inexperience.Issues were also raised regarding a conflict between the pension funds’ investments, and the activities of their sponsoring local councils.Councillor Kieran Quinn, who chairs Investors 4 Growth, said that while the process of setting up the investment group had been challenging, movement forward should demonstrate that fiduciary responsibility can be aligned with delivering positive outcomes for communities.“Impact investing for pension funds is a new area of activity, and I hope that, having established the investment potential, other funds will join us in seeking further opportunities,” he said. He said that, even though the investments represented unfamiliar territory, and new asset managers brought their own risks, those risks could be mitigated to meet a fund’s expectations.“As we gain experience and see successful opportunities mature, I am confident these factors can be effectively managed,” he said.last_img read more

Pension fund for Dutch metal industry appoints chief executive

first_imgPME, the €40bn pension fund for the Dutch metal industry, has appointed Eric Uijen as chief executive.He is to succeed Hans van der Windt, who is to retire on 1 July. According to PME’s board, Uijen has “very broad experience” in management and governance in the pensions sector.Currently, Uijen is director of the notaries scheme SNPF, which is preparing a merger with the pension fund for notaries’ staff. At the same time, he is chairman at SBZ, the industry-wide scheme for care insurers.Uijen has been director of the pension fund of industrial conglomerate Stork, which joined PME in 2012.As a director at provider MN, he has been responsible for the introduction of an administration system for PME.Furthermore, Uijen has been director of the industry-wide pension fund for the hospitality sector, Horeca & Catering.Franswillen Briët, PME’s chairman, praised Uijen for his experience and contacts in the pensions sector.Under Van der Windt, PME has taken in more than 20 pension funds.The metal scheme provides pensions for almost 150,000 workers and a similar number of pensioners, affiliated with more than 1,200 companies in the metal and engineering industries.last_img read more

Chart of the Week: Private market funds have $2trn in unspent capital

first_imgPrivate market funds have more than $2trn (€1.8trn) of cash yet to be deployed, according to data from Preqin.Unspent capital – also known as ‘dry powder’ – hit $2.1trn at the end of June 2018, the data company reported, an increase of 18% from December 2017.The majority of the cash pile was waiting to be invested in private equity, with funds sitting on $1.2trn. However, Richard Stus, head of private capital research at Preqin, said fund managers were spending money on investments faster than dry powder was building up. The Asian private equity and venture capital markets are attracting investor interest“The growth of capital earmarked for Asia is a strong sign of the industry’s development in the region,” Stus said.“It may also be in part responsible for the increasing concentration of capital among private equity funds: while the private equity and venture capital industries in Asia are robust, other asset classes such as private debt or natural resources have yet to build much of a foothold in the region.”IPE will publish a special report on the private equity sector in the February edition of the magazine “While $2trn in capital waiting to be deployed is a notable landmark for the private capital industry, concerns that fund managers are stockpiling capital without disbursing it may be overblown,” he said.“Deal activity is up in most asset classes, and the ratio of available capital to called-up capital is flat or falling – in essence, although dry powder is climbing, the rate of spending is climbing faster.”Dry powder in private capitalChart MakerPrivate equity allocations accounted for roughly 58% of dry powder at the end of June, Preqin reported, with unlisted real estate and private debt holding 15% each.Dry powder by asset class (%, June 2018)Chart MakerStus also highlighted the growth of private markets in Asia. Preqin’s data showed that 18% of outstanding capital – roughly $378bn – was awaiting deployment in Asian markets.last_img read more

‘FULL-BLOWN CRACK DOWN’: 55 ‘activists’ arrested in Bacolod raids

first_imgBayan Muna Party-list Rep. CarlosZarate also condemned the “dastardly Gestapo-like raid … simultaneouslyconducted by state forces against the offices of Bayan Muna, Gabriela and NFSW. Pancito saidthe final count of the persons arrested was 55 after it was initially reportedthat 62 persons were rounded up during the simultaneous raids. Policemen and soldiers guard the members of progressive groups they rounded up in simultaneous raids on their offices in Bacolod City on the eve of All Saints’ Day. CONTRIBUTED PHOTO Pancito said the site serves as a“training center” of young people who could later become NPA combatants andpart of liquidation squads. The operations on Thursday night wereconducted on the offices of Bagong Alyansang Makabayan (Bayan), Kilusang MayoUno (KMU) and Anakpawis, located in one compound on Ilang-Ilang Street,Barangay Bata; the Gabriela office about 400 meters away in the same village;the National Federation of Sugarcane Workers (NFSW) office in BarangayTaculing; and on a house in Barangay 33. Karapatan, in a statement, called thissuspicious and said this was reminiscent of the Oplan Sauron 2 operations inNegros Oriental in March, which were covered by search warrants issued in CebuCity. He added that the raids have led tothe recovery of 32 assorted firearms, three fragmentation grenades, two grenadelaunchers and assorted ammunition. Pancito claimed that the site serves as a “training center” of young people whocould later become NPA combatants and part of liquidation squads. The minors were endorsed to the localsocial welfare office while the other arrested persons were placed under thecustody of the police. According to Biñas, those arrestedwere believed to be members of the so-called legal fronts of the CommunistParty of the Philippines-New People’s Army (CPP-NPA). Meanwhile, Captain Cenon Pancito III,public affairs chief of the Philippine Army’s 3rd Infantry Division, said theyhave received reports from concerned citizens that people occupying theseoffices have firearms and explosives. At the Gabriela Negros Center, ninepersons were rounded up, and four others in the other offices. In Bacolod City, among those arrestedwere Anne dela Concepcion, wife of Bayan Muna Negros secretary general Michaeldela Concepcion; Danny Tabura, spokesperson for Kilusang Magbubukid ngPilipinas (KMP); Noli Rosales, KMU spokesperson; John Milton Lozande, NFSWsecretary general; Proceso Quiatzon, staff member of Karapatan Negros; andRomulo Bito-on, coordinator of Makabayan Negros who lived in the house inBarangay 33. Also arrested were Amaylin Bito-on, Diego Malacad and RobertoLachica. “We decryany claim that they were planted by our law enforcement authorities as we haveproof they were obtained through legal means,” said Andanar. Reacting to the arrest of hiscolleagues, Michael de la Concepcion, secretary-general of Bagong AlyansangMakabayan-Negros, claimed that the recovered firearms and explosive wereplanted. Among those arrestedthere were known activist leaders John Milton Lozande said the raidersheld them for around an hour and then he was called to a house in the compoundand showed “an obviously planted” gun supposedly found in his bag. The National Union of Journalists of the Philippines said amongthose arrested at the Gabriela office was Anne Krueger of the newly establishedalternative media outfit Paghimutad, which has been covering social issues,including extrajudicial killings and other human rights abuses.center_img BACOLOD City – Authorities herearrested 55 persons they alleged were communist rebels, including 15 minors,supposedly undergoing “training and “indoctrination” during simultaneous raids inoffices of three progressive groups and a private residence. Colonel Henry Biñas, director of theBacolod City Police Office, said the operations were part of the implementationof the national government’s initiative to end local communist armed conflict. At the KMU office in Barangay Bata,operatives apprehended 49 persons. Four were identified as leaders ofprogressive groups. Separate operations in Escalante City,Negros Occidental followed the next day. Video taken of the search at thenearby office of Gabriela showed a police officer inspecting a revolver andammunition taken from a backpack at a corner of the yard. But human rights group and some ofthose apprehended denied the accusations they were rebels and said the weaponshad been “planted.” The structure has a conference roomand a library, where subversive documents were found. They were all taken to the NegrosOccidental Provincial Police Office. The raids were staged on the strengthof four search warrants issued by Executive Judge Cecilyn Burgos-Villavert ofBranch 89 of the Regional Trial Court of Quezon City. Andanarlauded the joint efforts of the local police and military that led to theconduct of “bloodless” operations in Bacolod. Presidential Communications OperationsOffice Secretary Martin Andanar Andanar, on the other hand, came to the defenseof soldiers and police officers who raided the offices of progressive groups,following the claim of Zarate and Bayan Negros secretary-general Michael de laConcepcion that the recovered firearms and explosives were planted evidence bythe raiding teams. He claimed thatthe 40 of them were identified as members of the CPP-NPA Komiteng Rehiyon –Negros, Cebu, Bohol, and Siquijor and are now in the custody of the NegrosOccidental police. Arrested in Escalante were Maria LindyBalaobao Perucho, later identified as deputy secretary for finance of thecommunist New People’s Army (NPA), and Imelda Pasinado, identified as a formerNPA political instructor. “Theseoperations show the government’s respect for democracy and its adherence to therule of law,” Andanar said. (With areport from PNA, read more

EC Senior Receives Prestigious Scholarship

first_imgSunman resident and current East Central High School Senior Luke Weisenbach has received a full ride scholarship to the Massachusetts Institute of Technology (MIT) in Boston.According to school officials, Weisenbach is the first student East Central history who has earned such a prestigious honor.More than one-third of the nation’s space flights have included MIT-educated astronauts, and the college has also produced 29 Nobel Prize recipients. Among many notable alumni, graduates from the internationally acclaimed university include astronaut Edwin “Buzz” Aldrin and Oliver Smoot.last_img

Dominator Race Products expands IMCA program with new awards for Hobby Stocks

first_imgLYONS, Ohio – Drivers in a sixth sanctioned division are in line for awards from Dominator Race Products this season.The Lyons, Ohio, manufacturer gives nosepiece kits to 11th and 12th place drivers in both Northern and South­ern regions for IMCA Sunoco Hobby Stocks.Nosepiece kits again go to 11th through 20th place finishers in the Deery Brothers Summer Series for IMCA Late Models, ninth and 10th place finishers in each of the five regions for Xtreme Motor Sports IMCA Modifieds and in national point standings for Karl Chevrolet Northern SportMods and Scoggin-Dickey Parts Center Southern SportMods, and to 11th and 12th place finishers in both IMCA Sunoco Stock Car regions.“As we enter our eighth season as an IMCA sponsor, it is our pleasure at Dominator Race Products to be able to award nosepiece kits to the addition of the Hobby Stock division. This is a great way to let racers from all over know that we appreciate all their work and dedication to the sport,” said Bentley Shaw. “Thank you to IMCA for the continuing work and thank you to the racers and crews for their continuing efforts on the track. Best of luck in this racing season.”Award certificates will be presented during the national awards banquet in November or mailed beginning the following week from the IMCA home office.Information about Dominator products is available by calling 419 923-6970, on Facebook and at the website.“We continue to try and add value to our members through our partnership programs and the addition of nosepieces for Hobby Stocks accomplishes that goal,” emphasized IMCA Marketing Director Kevin Yoder. “The Dominator piece is a great option and one we endorse.”last_img read more

April is ‘Bonus Membership’ month for Girl Scouts

first_imgGS Faces TrefoilBatesville, In. —  “Daisy by Mail” is a program for girls from pre-k to the first grade to prepare them for the adventure of becoming a Girl Scout.During the month of April, members can join for $35 and participate in the program through September of 2020. Some financial assistance is available.The program uses Indiana Department of Education standards and addresses things like early literacy, basic handwriting, task focus and following directions.For more information email or call 317-924-6890.last_img

World champions Australia to review woeful one-day form

first_imgSYDNEY, Australia (Reuters) – Australia’s world-hampion one-day team could face a major overhaul after they slumped to a 10th loss in 11 games, according to chairman of selectors Trevor Hohns.Steve Smith’s side were beaten by 16 runs by England in Sydney on Sunday to give the tourists an unassailable 3-0 lead in the five-match series.It is the first home series loss for Australia since 2010 and they have won just 26 of their 50 completed matches since they beat New Zealand at the Melbourne Cricket Ground by seven wickets in 2015 to clinch their fifth global title.“With what’s happened recently we are reviewing how we’re actually playing the game and type of player that’s required in the one-day format,” Hohns told reporters in Sydney on Monday.“We haven’t played well in this series, we don’t seem to have been able to put it all together on the one-day; there has been something lacking.”Australia’s struggles in the 50-over format has not gone un-noticed in the cricketing world, with the New Zealand Herald newspaper asking if the side were “the worst world champions?”A statistical breakdown of previous world champions’ winning percentages showed that only the 1983 Indian team had a worse success rate between tournaments.India won 44 percent of their games between 1983 and 1987. Smith’s side have also been far from settled.Four of the 2015 World Cup winners — captain Michael Clarke, wicketkeeper Brad Haddin, pace bowler Mitchell Johnson and all-rounder Shane Watson — have retired from international cricket. Since that victory, selectors have also given 18 players debuts in one-day international cricket.In an era when run rates are pushed consistently past six an over, Australia have also only scored more than 300 on 13 occasions in 50 completed matches since the World Cup. They lost three of those games.Hohns said the selectors may need to look at a different type of player for their side, with a focus on hard-hitting middle order players and specialist limited-overs bowlers as they look ahead to the 2019 World Cup in England.“With the World Cup in 2019 there is a lot of one-day cricket to be played between now and then,” he said. “We will be trying very soon to get together the main nucleus of our squad so they can play together for some time.”last_img read more