Monday, January 12, 2009

The Sarijaya Case

People tend to be blind whenever they have lots of money in their hands.
That’s what I thought when I read the news about the misuse of public fund amounting to Rp 245 Billion in PT Sarijaya Permana Sekuritas (SPS) by the Owner and President Commissioner of said company Herman Ramli.

Here are the highlights:
Tempo reported that 9,000 Customers demanded the Jakarta Stock Exchange (JSX) to give full protection of their fund and expedite their payment. In this regards, JSX President Director Erry Firmansyah promised that the funds shall be protected, for which purpose it is now verifying the asset of SPS. However, according to SPS’s Marketing Director Zulfian Alamsyah, the Cash Fund is still unprotected because since 6 January 2009, the sales of SPS Stocks have been temporarily suspended. Meanwhile, on 24 December 2008 the Police have arrested Herman Ramli so as to facilitate investigation of this case.
Kompas quoted Erry Firmansyah as saying that SPS has given the assets of three companies owned by Herman Ramli to guarantee the fund in SPS, however their value is very much lower than the above mentioned embezzled amount. Further, Kompas reported that the Customers may submit their claim starting Monday, 12 January 2009.
According to Detik the JSX was shocked by this case, because Herman Ramli was known as a man of integrity and has no criminal record, no one think that he would face a similar experience like his brother Rudy Ramli, former President Director of Bank Bali, who was imprisoned in the year 2000 for embezzlement of fund and violation of bank transaction regulations amounting to Rp 589 Billion.

Considering that any misuse of funds in a financial institution would affect public trust on the said institution and other financial institutions as well, therefore this case should be settled immediately & justifiably, otherwise the economy would be affected.

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