A woman displays Antam gold bars in Jakarta on July 12, 2022. (Beritasatu Photo/Mohammad Defrizal)

Antam Won’t Pay Surabaya Businessman 1 Ton of Gold Despite Court Order

AUGUST 28, 2022

Jakarta. The Supreme Court has ordered state-owned mining company Aneka Tambang, or Antam, to pay a businessman in Surabaya Rp 817 billion ($55 million) or, alternatively, 1.1 tons of gold in a protracted legal battle that began early last year, according to media reports on Sunday.

The court ruled that Antam owes the businessman identified as Budi Said that amount of money after it failed to deliver in full Budi’s purchase of 7 tons of gold.


Antam, in a letter to the Indonesia Stock Exchange on Friday, denied any wrongdoing and confirmed it won’t pay Budi despite the latest ruling.

"The company remains in a strong position in this case and has fulfilled its obligations in the transaction based on goodwill,” Corporate Secretary Syarif Faisal Alkadrie said in the letter.

Syarif said the company respects the court ruling but is considering further legal actions.

A Supreme Court ruling can be challenged with a judicial review, the last legal option in Indonesia’s complicated judiciary system, but it requires new evidence from the defense.

Budi has claimed he bought 7 tons of gold from Antam at a discount price for a total of Rp 3.9 trillion ($263 million) last year but he only received 5.9 tons, reported Kompas news website.

The owner of leading property firm Tridjaya Kartika Grup also claimed he has paid in full the agreed price in 73 bank transfers but Antam didn’t deliver all the gold.

Antam, meanwhile, denied ever offering discounts as Budi alleged to have been offered when he met with executives of Antam’s Surabaya outlet.

Syarif said Antam has handed all the gold to Budi according to the “official price” when the transaction was made.

Budi filed a civil case to the Surabaya District Court, which ruled in his favor and ordered Antam to deliver the remaining 1.1 tons of gold.

The company lodged an appeal and won a verdict from the East Java High Court that overturned the previous ruling in August 2021.

A defiant Budi brought the case to the Supreme Court and he had the original verdict reinstated in July.

Suppose Antam is unable to give Budi 1.1 tons of gold, the company “may alternatively pay [the plaintiff] an amount of money according to the gold price when the verdict is issued”, the three-justice panel says on the Supreme Court website in July.

Budi also filed a criminal case against three Antam’s Surabaya executives who were convicted of fraud and sentenced to between 18 months and three and a half years in prison last year.