The panel of judges said the convicts – Jiwasraya’s former president director Hendrisman Rahim, former financial director Harry Prasetyo and former finance and investment division head Syahwirman – had violated Articles 2 and 18 of the 2001 Anticorruption Law, in addition to Article 55 of the Criminal Code, as reported by kontan.co.id.

The verdict read out on Monday went beyond the prosecutors’ demands, as they were seeking a life sentence only for Harry.

The prosecutors had demanded a 20-year prison term for Hendrisman and an 18-year term for Syahwirman.

Read also: Govt injects $1.5b to save Jiwasraya

The judges did not order any of the convicts to pay the fine of Rp 1 billion ($67,817) subsidiary to six months of imprisonment that the prosecutors asked for.

Jiwasraya was accused of mismanagement when it invested its revenue from premiums for the JS Saving Plan, one of the company’s insurance products, into so-called pump-and-dump stocks. As a result, it failed to pay out Rp 16 trillion (US$1.1 billion) in matured policies due in February to its policyholders.

Other defendants in the case are publicly listed property firm PT Hanson International president director Benny Tjokrosaputro, publicly listed mining company PT Trada Alam Minera president commissioner Heru Hidayat and PT Maxima Integra director Joko Hartono Tirto. (rfa)

Popular

RI, Australia strengthen partnership on taxing crypto assets

Analysis: Indonesia denies normalization with Israel to enter OECD

Citroen to produce electric cars in Indonesia