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Jakarta Post

Two directors lose jobs over investment losses at state-owned insurer Asabri

  • Riska Rahman

    The Jakarta Post

Jakarta   /   Thu, January 30, 2020   /   07:01 pm
Two directors lose jobs over investment losses at state-owned insurer Asabri Customers are served at state-owned social insurance firm Asabri in Jakarta on Jan. 16. (JP/Dhoni Setiawan)

State-Owned Enterprises Minister Erick Thohir has dismissed two directors of Asuransi Sosial Angkatan Bersenjata Republik Indonesia (Asabri) over alleged investment mismanagement at the social insurance firm.

According to a statement obtained by The Jakarta Post on Thursday, Erick fired human capital and general affairs director Herman Hidayat along with finance and investment director Rony Hanityo Apriyanto.

Herman had been appointed as director on March 29, 2016 while Rony had held his position since Aug 2, 2019.

Read also: Ombudsman to investigate OJK amid insurance scandals

Sonny Widjaja remains the insurer’s president director.

Asabri, which handles insurance and pension funds for the military, police and Defense Ministry staff, was revealed to have invested in stocks allegedly used for pump-and-dump schemes. The alleged investment mismanagement cost the insurer around Rp 10 trillion (US$732.44 million) in losses.

Asabri’s investments include stocks of property firm PT Hanson International (MYRX), controlled by businessman Benny Tjokrosaputro and fisheries insurance firm PT Inti Agri Resources (IIKP) as well as coal miners PT Trada Alam Minera (TRAM) and PT SMR Utama (SMRU), controlled by Heru Hidayat. Both of the businessmen have been arrested by the Attorney General’s Office in connection with another troubled state-owned insurer, PT Asuransi Jiwasraya.  

Sonny claimed previously that the insurer could “get the money it lost” from investing in the stocks, as it had received commitments from Benny and Heru to “return” as much as Rp 10.9 trillion to the insurer.

Read also: Asabri hopes to recover lost Rp 10.9t investment

Other than dismissing the two directors, the ministry on Thursday also overhauled the company’s board of directors’ nomenclature and split up the finance and investment division into separate departments.

To fill the vacant positions, Erick appointed Eko Setiawan as Asabri’s new human capital director and Helmi Imam Satriyono – formerly finance director at state-owned insurance company PT Taspen – as Asabri's new finance director.

The former investment director of state-owned port operator Pelindo II, Jeffry Haryadi P Manullang, was appointed by the ministry as Asabri’s investment director.