ASABRI, the state-owned insurance company that serves members of the Indonesian military and police, has suffered investment losses estimated at IDR23tn ($1.65bn). The losses are estimated based on an audit by the Supreme Audit Agency (BPK), and are deemed to be the result of investment decisions that were not prudent nor based on sound business judgment and good risk management.
This case has drawn the attention of market players because it is similar to what happened at another state-owned insurer Asuransi Jiwasraya that had to be rescued by the government.
ASABRI's estimated losses are far greater than those of Asuransi Jiwasraya. The state incurred losses of IDR16.81tn from 2008 to 2018 by Asuransi Jiwasraya’s investment mismanagement as audited by the BPK.
Both ASABRI and Asuransi Jiwasraya had invested in shares affiliated to Benny Tjokrosaputro (Bentjok) managing director of Hanson International and Heru Hidayat as chief commissioner of Trada Alam Minera Tbk. Both men are currently in prison and serving life sentences.
A team of investigating prosecutors at the Attorney General's Directorate of Investigation for Special Crimes has named eight people as suspects in the ASABRI case.
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