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Former boss of textile firm Sritex arrested for corruption
The Attorney General’s Office (AGO) has accused Iwan Setiawan Lukminto, former president director of textile giant Sritex, of misappropriating loans that led to Rp 692 billion (US$42.4 million) in state losses.
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Attorney General's Office (AGO) officers escort Iwan Setiawan Lukminto (center), former president director of textile giant PT Sri Rejeki Isman (Sritex) to a prisoner van after an interrogation session at the AGO building in Jakarta on May 21, 2025. The AGO named him and two other individuals suspects in a corruption case pertaining to the misappropriation of loans disbursed by several banks, including state-owned lenders, that incurred a Rp 692 billion state loss. (Antara/Dhemas Reviyanto)
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nvestigators from the Attorney General’s Office (AGO) have arrested Iwan Setiawan Lukminto, former president director of textile giant PT Sri Rejeki Isman (Sritex), for allegedly misappropriating funds received from several banks that caused nearly Rp 700 billion (US$42.9 million) in state losses.
The AGO named Iwan, who led the company between 2005 and 2022, along with former Bank DKI president director Zainuddin Mappa and Bank BJB commercial and corporation division head Dicky Syahbandinata as suspects in the case.
Graft busters with the AGO had been investigating the case since October 2024 and questioned 55 witnesses and an expert witness in the investigation, according to Abdul Qohar, investigations director at the office of the assistant attorney general for extraordinary crimes.
“The investigators have obtained enough evidence for the alleged corruption pertaining to the loan disbursement from several state-owned lenders to [Sritex] with the outstanding loans totaling Rp 3.58 trillion as per October 2024,” Abdul said during a press briefing on Wednesday evening.
Around Rp 1 trillion of the loans came from several banks, namely Bank BJB, Bank Jateng and Bank DKI, which are owned by the regional administrations of West Java, Central Java and Jakarta, respectively.
The textile company also received a Rp 2.5 trillion loan from a syndication of several state-owned banks and financing institutions, such as Bank Rakyat Indonesia (BRI), Bank Negara Indonesia (BNI) and the Indonesian Export Financing Agency (LPEI). Sritex also received other loans from 20 privately owned banks.
Investigators accused Zainuddin and Dicky of giving bank loans to the textile company without launching a proper analysis of the company, which did not meet the required credit rating to be given a working capital loan.
