JAKARTA, May 6 — An Indonesian court sentenced the former chief executive of the now-bankrupt textile giant Sritex to 14 years in jail today for laundering money via bank...
Subang Jaya USJ11’s Restoran Yum Cha is the place for ‘tom yum’ fish head noodles and Thai style braised pork leg with noodlesAn Indonesian court sentenced the former chief executive of the now-bankrupt textile giant Sritex to 14 years in jail today for laundering money via bank loans to the firm, state news agency Antara reported.
— Reuters pic! Plus, enjoy an additional FREE RM10 when you sign up using code VERSAMM10 with a min. cash-in of RM100 today. T&Cs apply. JAKARTA, May 6 — An Indonesian court sentenced the former chief executive of the now-bankrupt textile giant Sritex to 14 years in jail today for laundering money via bank loans to the firm, state news agency Antara reported.
Judges in the Central Java court said that Iwan Setiawan Lukminto has been found guilty of manipulating Sritex’s financial reports between 2017-2019 in order to secure loans, Antara reported, citing the judges. The loans were first intended to pay the company’s debt, but were redirected back to Sritex using fabricated invoices, the judges said. The malpractice had caused estimated state losses of 1.3 trillion rupiah .
The lenders include a regional bank owned by the Jakarta provincial government, and Bank Pembangunan Daerah Jawa Barat dan Banten, owned by another provicial authority. Sritex was declared bankrupt at the end of 2024 after it failed to service its US$1.6 billion debt. It ceased operations on March 1 this year after losing its appeal against the bankruptcy ruling. — Reuters
Iwan Setiawan Lukminto Sritex Central Java Court Bank Pembangunan Daerah Jawa Barat Indonesian Court Verdict
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