PT Sunprima Nusantara Pembiayaan (SNP Finance) was bankrupt per October 2018, but as we all know, besides its debts dispute, the Company is also subject to police investigation for allegedly embezzling the credit facilities it received from 14 banks. The police had reportedly expedited the docket of the first batch of suspects to the Attorney General’s Office on the first week of November 2018 but to this day there has not been much progress on the investigation and inquisition. Meanwhile, the case has caused collateral damages. PT MNC Sekuritas and dozens of other parties must face a tort lawsuit filed by PT Tugu Reasuransi Indonesia (Tugu Re), subsidiary of PT Asuransi Tugu Pratama Indonesia Tbk (TUGU). Tugu Re demanded Rp1 trillion in compensation for the losses the Company incurred after they bought SNP Finance’s Medium Term Notes (MTN).

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