Manager of ailing Sarijaya found dead

Desy Nurhayati and Ika Krismantari ,  The Jakarta Post ,  Jakarta   |  Thu, 03/05/2009 1:50 PM  |  Headlines

A senior manager of PT Sarijaya Permana Sekuritas, the ailing securities company riddled by corruption allegations, was found dead in his house in Jakarta on Tuesday night.

Afwan Surya Hendra, head of the company's Sudirman branch in Jakarta, was found hanging in the garage of his home on Jl. Batu Ampar in the Kramat Jati district. The head of Kramat Jati police, Patar Lumban Toruan, confirmed the grim news Wednesday.

The 35-year-old man was allegedly under pressure due to mounting problems at the company, especially after the company was implicated in the alleged scam of at least Rp 245 billion (US$22.5 million) of investor money.

His body was discovered by Edi, the victim's brother in law, after he arrived home from work.

"Based on our investigation, the victim hung himself in the garage. We did not found any signs of abuse on his body," Patar told The Jakarta Post.

"We are still conducting a thorough investigation into this case. The victim's wife has suggested the motive behind his suicide may have been the difficulties he was facing with the company," he said.

Sarijaya, one of the country's biggest securities firms, has been under strict supervision since the Indonesia Stock Exchange (IDX) and Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) detected possible fraud activities conducted by the firm's owner and president commissioner, Herman Ramli.

The IDX suspended Sarijaya's trading as of Jan. 6, while Bapepam froze its assets and accounts.

The top managers at Sarijaya allege the fraud was committed solely by the owner-broker concerned.

Afwan's death is the second case of suicide in the country linked possibly to the irresponsible behavior of brokers.

In February, Sayuti Michael jumped to his death from a hotel after drinking poison.

Sayuti was a victim of an alleged case of fraud at Bank Century, where it was confirmed the bank deceived its clients by offering bogus securities products through an affiliated company.

Sayuti had an investment worth around Rp 125 million in the bank.

Century's owner Robert Tantular reportedly embezzled Rp 1.4 trillion of investor funds through the securities products.

However, the latest update from the police shows the final embezzled figure may have doubled the original to Rp 2.5 trillion.

The police have so far seized Rp 23 billion (US$2.94 million) from 13 bank accounts linked to the ailing securities firm PT Antaboga Delta Sekuritas and Bank Century.

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