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View all search resultsSritex brothers jailed for 12 and 14 years over graft, money laundering
According to the ruling, Sritex submitted falsified financial statements for 2017, 2018 and 2019 to secure loans from Central Java regional development bank Bank Jateng, West Java and Banten regional development bank Bank BJB, and Jakarta-owned Bank DKI.
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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)
T
he Semarang Corruption Court in Central Java on Wednesday sentenced Iwan Setiawan Lukminto and Iwan Kurniawan Lukminto to 14 years and 12 years in prison respectively for corruption and money laundering linked to defaulted loans involving the now-bankrupt textile giant PT Sri Rejeki Isman (Sritex) Tbk.
Presiding judge Rommel Franciskus Tampubolon said the brothers, who previously served as Sritex’s president commissioner and president director, were also fined Rp 1 billion (US$57,000) each. The fines would be replaced with 190 days’ imprisonment if unpaid.
The court also ordered both defendants to pay Rp 677 billion each in restitution, with an additional six years in prison if they fail to comply.
“The defendants were proven guilty of violating Article 603 of the Criminal Code on corruption and Article 607 on money laundering,” Rommel said during the hearing, according to state news agency Antara.
According to the ruling, Sritex submitted falsified financial statements for 2017, 2018 and 2019 to secure loans from Central Java regional development bank Bank Jateng, West Java and Banten regional development bank Bank BJB, and Jakarta-owned Bank DKI.
The company claimed the financing would be used to pay suppliers, but judges found Sritex had generated fictitious invoices to support the loan disbursements. Funds initially transferred to supplier accounts were later funneled back to the company through an account identified as “Wijaya Shop”.
Read also: Former Sritex workers demand new liquidator over unpaid severance
