Alleged Embezzlement of Customers' Funds
VIVAnews - PT Bank Century Tbk (BCIC) customers’ funds were allegedly brought to someone who was behind the embezzlement through a unregistered company. The impression given was that the funds were invested into investment products that resembles mutual funds and that the investors would receive interest.
“We obtained the information from a testimony," said Sarjito, the Director of Verification and Investigation Bureau of the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK), Tuesday, Dec. 9.
According to Sarjito, when an investor becomes a customer of mutual fund product, they should be able to perform redemption. “But, if it’s not mutual funds and not a capital market product, it just means ‘goodbye thank you,’” he said.
Meanwhile, PT Signature Capital Indonesia customers’ funds were allegedly embezzled and used as collateral as well as for repurchase agreement transactions. “The person involved definitely also has access in Bank Century and Antaboga (PT Antaboga Deltasekuritas Indonesia),” he said.
Meanwhile, Antaboga's and Signature's permits may possibly be frozen by Bapepam-LK. "There is a wide possibility [of freezing the permits]. The chances are there," he said.
Sarjito went on to say that Bapepam-LK is currently concentrating on how to save the remaining assets. In fact, most of the assets have been frozen. With regard to investors’ funds, he said, Bapepam-LK can freeze assets in the form of commercial papers and other funds allegedly belonging to a commercial paper company.
However, Sarjito did not explain how much assets that had been frozen in detail. “We still cannot discuss the amount. If customers wish to ask for compensation, they can ask from the responsible parties,” he said. But if the customer’s fund is already used, then legal process would apply.
According to Sarjito, Bapepam-LK will investigate all parties who knew about and were involved in the Antaboga and Signature case. However, Sarjito could not yet unveil the involved parties. "We will hold a meeting first. The process is still ongoing," he said.
In Sarjito’s view, if customers wish to file a lawsuit, it’s their right. However, the customers would have to take into account the costs of filing a lawsuit. “As of now, Bapepam is not in the position to represent customers to file a lawsuit because there is not yet authority that is regulated in civil law,” he said.
In relation to the Antaboga and Signature case, the Indonesian Police HQs has arrested Signature Director Otto Eduard Sitorus and an Antaboga Director, whose name has yet to be revealed. The apprehension was in line with the embezzlement of customers' fund.
VIVAnews writers Arinto Tri Wibowo and Syahid Latif contributed to this writing.
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