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PT Taspen's Former CEO, Antonius Nicholas Stephanus (ANS) Kosasih, Rushed into Investment Worth IDR 1 Trillion, Court Finds
In a recent court hearing at the Jakarta Corruption Court, Judge Sunoto found that former PT Taspen Director General Antonius Nicholas Stephanus (ANS) Kosasih had made a hasty investment worth IDR 1 trillion. The judge stated that Kosasih should have been more cautious before making such a significant decision.
As the newly appointed Investment Director, Kosasih was expected to conduct thorough due diligence before making any investments. However, in this case, he rushed into a transaction that ultimately resulted in losses for the company.
The judge noted that on May 2, 2019, there had already been a settlement agreement between PT Taspen and its creditors, which ensured that 100% of the debt would be paid to BUMN (State-Owned Enterprises) creditors. Therefore, it was unnecessary to convert the assets into a high-risk investment instrument.
Kosasih also revised the company's bylaws within five days of the transaction to accommodate the asset conversion. This move indicated that the original internal regulations did not allow for such transactions, and Kosasih had to change them hastily.
Moreover, Judge Sunoto found that Kosasih influenced an independent consultant to provide recommendations that aligned with his own interests. The court also ordered the return of an apartment complex worth IDR 736 billion, which was previously seized from Kosasih's ex-wife, Rina Lauwy Kosasih.
The judge concluded that Kosasih had committed a serious crime by embezzling funds through a fictitious investment scheme, causing losses to the state-owned company. The court sentenced Kosasih to 10 years in prison and ordered him to pay IDR 29 billion as compensation for the losses incurred.
In addition to the prison sentence, Kosasih was also required to pay a fine of IDR 500 million and serve six months in jail. If he failed to repay the compensation amount, he would be sentenced to an additional three years in prison.
The court's decision highlighted the severity of corruption cases and emphasized the need for more effective governance and accountability within state-owned enterprises.
In a recent court hearing at the Jakarta Corruption Court, Judge Sunoto found that former PT Taspen Director General Antonius Nicholas Stephanus (ANS) Kosasih had made a hasty investment worth IDR 1 trillion. The judge stated that Kosasih should have been more cautious before making such a significant decision.
As the newly appointed Investment Director, Kosasih was expected to conduct thorough due diligence before making any investments. However, in this case, he rushed into a transaction that ultimately resulted in losses for the company.
The judge noted that on May 2, 2019, there had already been a settlement agreement between PT Taspen and its creditors, which ensured that 100% of the debt would be paid to BUMN (State-Owned Enterprises) creditors. Therefore, it was unnecessary to convert the assets into a high-risk investment instrument.
Kosasih also revised the company's bylaws within five days of the transaction to accommodate the asset conversion. This move indicated that the original internal regulations did not allow for such transactions, and Kosasih had to change them hastily.
Moreover, Judge Sunoto found that Kosasih influenced an independent consultant to provide recommendations that aligned with his own interests. The court also ordered the return of an apartment complex worth IDR 736 billion, which was previously seized from Kosasih's ex-wife, Rina Lauwy Kosasih.
The judge concluded that Kosasih had committed a serious crime by embezzling funds through a fictitious investment scheme, causing losses to the state-owned company. The court sentenced Kosasih to 10 years in prison and ordered him to pay IDR 29 billion as compensation for the losses incurred.
In addition to the prison sentence, Kosasih was also required to pay a fine of IDR 500 million and serve six months in jail. If he failed to repay the compensation amount, he would be sentenced to an additional three years in prison.
The court's decision highlighted the severity of corruption cases and emphasized the need for more effective governance and accountability within state-owned enterprises.