The problematic PT Asuransi Jiwa Kresna (known as Kresna Life linked to PT Kresna Graha Investama Tbk – KREN) managed to avoid bankruptcy in February 2021 only to have the decision annulled by the Supreme Court. The firm is declared bankrupt. Two years after the chaotic dispute was made known to the public, the police announced that they had named the President Director of Kresna Life as suspect in an ongoing investigation into a criminal case. Months later, the investigation developed into another case of alleged money laundering involving affiliated companies. All this happened while the firm’s license had been revoked by the Financial Service Authority (OJK). Earlier this year, however, the Jakarta State Administrative Court (PTUN Jakarta) decided to annul OJK’s decision. But the OJK decided to appeal, leaving the policyholders in despair.To subscribe please click here
