Edward Soeryadjaya Detained for Alleged Role in Pertamina Pension Fund Corruption

The Attorney General's Office has detained Edward Seky Soeryadjaya, the son of the late Astra International founder William Soeryadjaya, for alleged collusion in stock purchase transactions with Dana Pensiun Pertamina, the pension fund of state-run energy company Pertamina. (Antara Photo/Andika Wahyu)

By : Jakarta Globe | on 12:26 PM November 21, 2017
Category : Business, Corporate News

Jakarta. The Attorney General's Office has detained Edward Seky Soeryadjaya, the son of the late Astra International founder William Soeryadjaya, for alleged collusion in stock purchase transactions with Dana Pensiun Pertamina, the pension fund of state-run energy company Pertamina.

Authorities suspect Edward had persuaded Muhammad Helmi Kamal Lubis, the former Pertamina pension fund president director, to buy shares in Sugih Energy from Ortus Holding, controlled by Edward.

Helmi, who was president director of Dana Pensiun Pertamina from 2013 to 2015, is now on trial for allegedly sanctioning the investment without proper due diligence and for receiving kickbacks for the transaction.

"[Edwin] just turned up tonight, so we detained him to avoid any unexpected events in the future," Adi Toegarisman, junior attorney general for special crimes, said on Monday night (20/11), as quoted by told Antaranews.com.

Adi said Edward did not respond to three previous summonses, citing health concerns.

"We have assessed his condition and the investigator decided he is in a stable condition and can be detained," he said.

Adi said Edward will be detained for 20 days for questioning at a state detention unit in Salemba, East Jakarta.

Dana Pensiun Pertamina had purchased 2 billion shares, or an 8.1 percent stake in Sugih Energy in 2014 and 2015 for Rp 601 billion ($44 million). The Supreme Audit Agency (BPK) estimated that the pension fund lost more than Rp 599 billion from that transaction.

Sugih Energy's share prices have plunged 87 percent since Oct. 15, 2015, when the pension fund announced the transaction, shredding its market capitalization from Rp 9.6 trillion to just Rp 1.2 trillion currently.

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