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The case of financial management and investment funds by PT. Insurance for the Armed Forces of the Republic of Indonesia (Asabri) is entering a new

The case of financial management and investment funds by PT. Insurance for the Armed Forces of the Republic of Indonesia (Asabri) is entering a new phase. The Attorney General's Office (Kejagung) named eight suspects in the PT Asabri corruption case. Two of them are former Asabri CEO Adam Rachmat Damiri and Sonny Widjaja. Head of the Attorney General's Legal Information Center Leonard Eben Ezer Simanjuntak then revealed the chronology of the alleged corruption case in the management of finance and investment funds by PT Asabri. He said that the Asabri corruption case caused losses to the state's finances of IDR 23.7 trillion. Launching the Antara page, he stated that from 2012 to 2019, the Main Director, Director of Investment and Finance and the Asabri Head of Investment Division made an agreement with parties outside Asabri who were not investment consultants or investment managers.

The intended parties were Heru Hidayat, Benny Tjokrosaputro and Lukman Purnomosidi to buy or exchange shares in Asabri's portfolio with shares owned by Heru Hidayat, Benny Tjokrosaputro and Lukman at prices that had been manipulated to be high with the aim that Asabri's portfolio performance looked as if it was good. After these shares became the property of Asabri, these shares were then traded or controlled by Heru, Benny and Lukman based on a mutual agreement with Asabri's Directors so that it was as if the shares were of high value and liquid. In fact, the transactions made were only pseudo-transactions and benefited Heru, Benny and Lukman and harmed Asabri's investment, because Asabri sold the shares in its portfolio at a price below the acquisition price of these shares. To avoid losing Asabri's investment, the shares that had been sold below their cost were bought back by the nominees Heru, Benny and Lukman and bought again by Asabri through the underlying mutual funds managed by investment managers controlled by Heru and Benny. It is known that all of Asabri's investment activities from 2012 to 2019 were not controlled by Asabri, but were entirely controlled by Heru, Benny and Lukman. Question: What do you think, as an investigator, the responsibility of the regulator, Financial Services Authority (OJK) in this ASABRI case? Can OJK officials be sued in court? Explain according to the role and function of OJK according to your knowledge.

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