TEMPO.CO, Jakarta - Entrepreneur Edward Soeryadjaya is indicted to 18 years in jail for the corruption charges against him over the Pertamina pension fund management case. At the Central Jakarta District Court on Monday, prosecutors stated that the defendant was guilty of arranging stock trading transactions with retirement fund managers by investing at PT Sugih Energy (Sugi) shares.

The prosecutor said Edward had violated several laws on corruption combat and deserved to be sentenced to 18 years in prison.

The prosecutor also stated that the defendant did not make thorough examination before deciding on the sale and purchase transaction of Pertamina's pension fund, which caused the transaction to incur a state loss of Rp599.4 billion.

Edward Soeryadjaya is implicated in the alleged corruption practice for the management of Pertamina's pension funds in the fiscal years of 2014 -2015, by investing the assets under management (AUM) on Sugih Energy's stocks.

In 2014, Edward Soeryadjaya was the majority shareholder of Sugih Energy (IDX: SUGI). He met with Muhammad Helmi Kamal Lubis requesting to use Pertamina's pension fund to buy SUGI shares.

From December 2014 to September 2015, Helmi allegedly initiated and bought 2 billion units of SUGI shares worth Rp601 billion through PT Millennium Danatama Sekuritas.

ANTARA