Month: February 2024

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 All this happened while the firm’s license had been revoked by the Financial Service Authority (OJK). Recently, however, the Jakarta State Administrative Court (PTUN Jakarta) decided to annul OJK’s decision. What does this mean?

The Corruption Eradication Commission (KPK) began 2024 with a Sting Operation in East Java. This time, the KPK succeeded in securing a number of parties and uncovering a case of alleged corruption in Sidoarjo. After the initial investigation, interestingly, the KPK only named one suspect. After a couple of weeks, towards the end of last week the KPK named a new suspect. The decision so far is interesting because the chronology of events reveals allegations that the proceeds of corruption were used for the Regent’s interests, but the Regent is still a free man until today.