Bapepam-LK examine Nusantara Investindo and Danareksa Sekuritas

11/2/2010

By Irvin Avriano A.

for Bisnis Indonesia

Bapepam-LK examine Nusantara Investindo and Danareksa Sekuritas

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) examine allegations of embezzlement customers's fund of PT Nusantara Investindo Sekuritas Semarang branch worth more than Rp10 billion.

Securities Transaction and Institution Bureau Chief of Bapepam-LK Nurhaida said the securities company had examined since late last year over allegations of embezzlement of funds by unscrupulous head of its Semarang branch.

"We are studying whether it will be submitted to examination and investigation bureau or not, if there are indications of a violation it must be submitted to them," he told the press yesterday.

She also confirmed the existence of a large number of customers whose funds embezzled. According to her, the company also has reported to capital market authority related to its one stockbroker criminal activity.

Nurhaida explaining capital market authority can ease the sanctions if the securities are showing good faith to resolve disputes with its customers.

Based on data from Indonesia Stock Exchange (IDX/Bursa Efek Indonesia), Nusantara Investindo Sekuritas has three branches outside Jakarta in addition to its headquarters in Plaza ABDA Jl Jenderal Sudirman. Securities branch offices are located in Semarang, Medan and Solo.

When trying to contact to his office to ask for confirmation, Presinden Director Investindo Nusantara Andaka Gunawan not pick up the phone. Another company director, Jenny Kang, also was not in place.

Inspection and Investigation Bureau Chief of Bapepam-LK Sarjito said the embezzlement case are likely to be transfered from transactions and securities agency bureau institutions to his bureau.

"Almost certainly it will be transferred to the PP bureau [examination and investigation of Bapepam-LK], it seems just a matter of time."

Previously, Nurhaida said her bureau also were examining embezzlement case PT Danarekas Sekuritas customers who embezzled one stockbroker.

Embezzlement case was brought to court and one of its firms' broker already convicted, although the customers filed the state-owned securities company in a new claims to take responsible for its broker activity. The court for the new lawsuit was just began late last month.

He explained that the examination related to the existence of customer complaints and requests the securities company to change their losses due to embezzlement because it is the responsibility of the company.

Responding to customer embezzlement and their complaints to Bapepam-LK, President Director of PT Danareksa Edgar Ekaputra, which owned Danareksa Sekuritas, admitted it is not unusual.

"Cases like that a lot in the stock market every day if there is dispute with their customers and we complained by them to Bapepam-LK, it was not serious."