Dissecting Two Suspects of the Jiwasraya Corruption Scandal

TEMPO.CO, Jakarta - The Attorney General’s Office (AGO) on Tuesday officially named five individuals as suspects of the corruption and uncareful investments connected to the Asuransi Jiwasraya corruption scandal. 

The suspects are Hanson International President Director Benny Tjokrosaputro, former Asuransi Jiwasraya financial director Hary Prasetyo, Trada Alam Minera president commissioner Heru Hidayat, Jiwasraya’s head of investments and finance Syahmirwan, and Jiwasraya former president director Hendrisman Rahim. 

Tempo did a background check on two of the suspects; Benny Tjokrosaputro and Heru Hidayat: 

Benny Tjokrosaputro, Hansen International Commissioner 

As a commissioner in one of the major players in Indonesia’s property firms, Benny can be considered as a long-time player in the world of investments and the capital market. Benny is the grandchild of Batik Keris founder, Kasom Tjokrosaputro. 

Forbes in 2018 included Benny in the 50 wealthiest Indonesians as he was ranked the 43rd wealthiest. At the time, Benny’s total wealth is estimated to reach USD670 million. 

The Supreme Audit Agency (BPK) previously showed that Jiwasraya’s medium-term notes (MTN) investments valued Rp680 billion issued by Hansen International is at a default risk. Contacted separately, Benny Tjokrosaputro stated that the MYRX debt securities held by Jiwasraya had been paid for several years back. He also maintained innocence in the Jiwasraya scandal. 

“No, there is no connection with Jiwasraya. Hanson’s debts were paid off 3-4 years back. My group is public shares and Jiwasraya’s JS Plan product was not purchased from me. This can be checked,” said Benny on Friday, December 27, 2019.

Heru Hidayat, Trada Alam Minera (TRAM) president commissioner 

According to Tempo’s report, Heru had been incriminated in the Jiwasraya scandal after the state-insurer invested heavily in high-risk financial products. Investments to seek liquidity supplies in 2014 was one of the examples by buying TRAM shares and mutual funds. 

Jiwasraya’s shares in TRAM amounted to 5.37 percent (Rp760 billion) in May of 2013 where TRAM’s shares were traded Rp1,300 each. April 7, 2014, saw the insurer’s shares - according to KSEI reports - increased to 5.87 percent but valued at Rp571.4 billion. 

TRAM’s shares shot up to its highest at Rp1,885 in May of 2014 but in fact, the company was not debt-free following the FSO Lentera tanker ship blaze in 2011, which actually reduced the company’s asset from 2012 to 2014. The IDX decided to suspend TRAM transactions on June 6, 2014, after rumors arose of TRAM ships involved in oil smuggling attempts. 

IDX asserted that the company led by Heru Hidayat had delayed informing the public about the news. 

Due to the news of the company facing default, they were suspended until November where TRAM shares free-falled to Rp248 per share on December 1, 2014, along with Jiwasraya’s investment. Heru defends he has been made a scapegoat in the Jiwasraya scandal. 

“Yes, I am merely a victim here. I have explained everything,” he said on Tuesday, January 14, 2020. 

HALIDA BUNGA