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Jakarta Post

Jiwasraya case unlikely to harm mutual fund sector: Analysts

  • Riska Rahman


Jakarta   /   Thu, July 2 2020   /  01:00 am
A man shows the Insurance Jiwasraya android application at his smartphone, Jakarta, February 14, 2020. - JP/Jerry Adiguna/vja/20(JP/Jerry Adiguna)

A corruption and money laundering case implicating state-owned PT Asuransi Jiwasraya will not severely hit Indonesia’s mutual fund industry despite the Attorney General’s Office (AGO) having named 13 asset management companies and a high-ranking official as suspects, an association and expert have said. The AGO on Thursday accused the 13 companies of mismanaging or laundering the premium revenue collected by Jiwasraya from 2014 to 2018. They allegedly caused Rp 12.35 trillion (US$873.06 million) of state losses, or 73.46 percent of the total Rp 16.81 trillion in state losses as audited by the Supreme Audit Agency (BPK). Mutual fund data research firm Infovesta Utama investment research head Wawan Hendrayana said on Friday most of the implicated asset management companies issued a single investor mutual fund designed specifically for Jiwasraya. Unlike typical mutual f...