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Jakarta Post

Jiwasraya scandal sends ripples through financial industry

  • Riska Rahman

    The Jakarta Post

PREMIUM
Jakarta   /   Mon, February 17, 2020   /  04:03 pm
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Office of state-owned insurance company PT Asuransi Jiwasraya in Jakarta.(Antara/Galih Pradipta)

State-owned insurer PT Asuransi Jiwasraya’s investment mismanagement case has had a ripple effect on other companies in the financial industry. Insurance companies, investment management businesses and even cooperatives have been reportedly having liquidity problems after the Jiwasraya revelations. Read also: WanaArtha Life’s securities accounts blocked by AGO in Jiwasraya trickle down effect On Feb. 12, privately-owned life insurer PT Asuransi Jiwa Adisarana Wanaartha (WanaArtha Life) issued a letter to its policyholders acknowledging that its securities accounts had been frozen by the Attorney General’s Office (AGO) in connection with the office’s investigation of a corruption case pertaining to Jiwasraya’s fund management. On Jan. 24, the Attorney General&rsqu...