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Magnus Capital blames ex-Reliance agent over multibillion fraud
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Investment company Magnus Capital has claimed Rp 2 billion in losses by ex-Recapital Securities broker Larasati, after allowing her to use its bank account to store alleged illegal funds. (thejakartapost.com/Anton Hermansyah)
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nvestment company Magnus Capital, the bank account of which is alleged to have been used by ex-Reliance Securities broker EP Larasati to store the money of fictitious government bond sales victims, claims to not knowing of the alleged misconduct.
The Indonesia Stock Exchange (IDX) has suspended Magnus’ operating permit since early May while the IDX and the Financial Services Authority (OJK) conduct an investigation. IDX director Hamdi Hassarbaini said the suspension would remain intact until Magnus could prove its innocence.
"Our client has collected four of five items of proof required. The latest are administrative documents that will be submitted in three or four days. We really hope Larasati will come out and explain everything," Magnus’ lawyer, Muhammad "Boy" Fajriska Mirza, told thejakartapost.com on Monday.
Larasati is alleged to have sold fake government bond series FR0035 to several clients, reaping an estimated Rp 318 billion (US$23.29 million) transferred to Magnus's account and then immediately forwarded to Larasati's personal account.
At that time, Boy said, Magnus Capital did not know that the money had been obtained through alleged fraud. Larasati is said to have been permitted to use its bank account because of “their prospective business relationship”, as they planned to form a joint venture.
"She told Magnus that she was in a hurry as big funds were ready to come. She insisted on using Magnus' bank account," he said, admitting that Larasati had used Magnus’ bank account for her brokerage activities.
Magnus Capital director Hendri Budiman said Larasati won the company’s trust since she was brought in by Magnus’ ex-commissioner, Wiwi Wijaya, in September 2014. She was also said to have clean records during her career in state-owned firm Danareksa and Reliance Securities.
"Our-ex commissioner said there were no problems, and none of her customers complained. Everything seemed fine, so we believed her," Hendri said, insisting that the company did not benefit and did not accept money from Larasati’s alleged misconduct.
He claimed the company had incurred Rp 2 billion in losses from Larasati’s alleged activities. Since the case came to surface in early May, Hendri further said, five big clients left the company, along with around 20 middle clients.
"We are currently checking our accounts. If there are funds still in our bank accounts, we would like to return them to the rightful owners,” he said. (ags)
