REFUND OF ANTABOGA'S FICTITIOUS SECURITIES REMAINS UNCLEAR

By Andi Abdussalam

Jakarta, Nov 26 (ANTARA) - After the Supreme Court issued a ruling on Friday, prohibiting Bank Mutiara from giving refund to its customers, it is uncertain as to whether investors who put money into PT Antaboga Delta Sekuritas will ever be compensated.        "As per the verdict passed by the Supreme Court, Bank Century (Bank Mutiara) does not have to pay Wahyudi Prasetio, an Antaboga investor in Surabaya, East Java, who invested Rp66  billion in Antaboga's fictitious securities," said Mahendradatta, Bank Mutiara's lawyer, on Monday.        In its previous ruling on another case concerning Antaboga's investors, the Supreme Court, in its verdict on April 19, 2012, had ordered Bank Century (Bank Mutiara) to give a refund amounting to Rp35.437 billion to 27 former Antaboga's investors in Solo, Central Java.         Bank Mutiara's lawyer, Mahendradatta, has urged Antaboga's investors to respect the Supreme Court's (MA) decision, prohibiting the bank from giving a refund to Antaboga's investors.         Mahendradatta said that Wahyudi's case is similar to the cases of 27 investors in Solo. Hence, the previous MA decision for the 27 investors in Solo should be automatically cancelled, in view of the latest MA decision on Friday, November 23, 2012.           Antaboga's investors have been waiting for years to get their refund, for their investments in Antaboga's fictitious security products. Antaboga sold its fictitious products through Bank Century, a bank owned by Robert Tantular, which collapsed during the economic crisis in 2008.         In 2008, Bank Century faced liquidity and default problems during the economic crisis. It collapsed after its liquidity assets amounting to about Rp11.6 trillion were withdrawn, through its security firm, Antaboga Delta Sekuritas, and stashed abroad by its owner, Robert Tantular. About Rp1.5 trillion of the withdrawn assets belonged to Antaboga's investors.         Bank Century was later renamed Bank Mutiara. The ailing Bank Century was taken over by the Deposit Insurance Agency (LPS). The government later provided funds amounting to Rp6.7 trillion, through the issuance of a Short-Term Funding Facility (FPJP) and Temporary Capital Participation (PMS).         The Supreme Court in its verdict on April 19, 2012, ordered Bank Century (Bank Mutiara) to refund the money of 27 former Antaboga's investors in Solo, Central Java, amounting to Rp35.437 billion.         However, in its latest verdict on Friday, November 23, 2012, the Supreme Court ruled in favor of Bank Mutiara, and ordered the bank not to provide compensation to the plaintiff, in this case, Wahyudi Prasetio. He had requested for a refund of Rp66 billion.         Wahyudi is one of the many Antaboga's customers who had invested in the fictitious securities through Century Bank, valued at Rp66.250 billion.         "Bank Mutiara and the Deposit Insurance Agency (LPS) will file a rebuttal when the court decides to execute the MA ruling against Bank Mutiara,"   Mahendradatta said.          "Bank Mutiara and the LPS can take legal steps to rebut the court's execution order. This is an effort to protect Mutiara from paying something which is not its responsibility," he said.          Mahendra said that in principle, Bank Mutiara belongs to the state as 99.6 percent of its shares are owned by the LPS. The funds used by the LPS to rescue Bank Century (Bank Mutiara) came from the state budget and premiums of banking customers.          He said that Bank Mutiara and the LPS are afraid that they will violate the law if they provide compensation to Antaboga's investors. This is because Antaboga's customers invested their money in its fictitious securities through Bank Century (Bank Mutiara).          PT Antaboga Delta Sekuritas Indonesia was owned by Robert Tantular and his friends, and it was a separate legal business entity. "But Antaboga hid behind Bank Century to absorb the funds from its investors, amounting to Rp1.5 trillion," Mahendradatta added.          Legislator Achsanul Qosasi of the House of Representatives (DPR)'s Commission XI on financial affairs said that Antaboga's investors should be compensated.          He urged Bank Mutiara to work out a payment scheme.  "We will discuss the refund process soon.  We have to defend the investors who lost their money. We can use Robert Tantular's assets for compensation. The police had confiscated his assets worth Rp300 billion," Achsanul said.          The government can purchase the assets, and then pay the Antaboga investors so that Bank Mutiara need not bear the brunt.      In the meantime, the police are investigating the case involving Robert Tantular, who is the owner of Bank Century and Antaboga. He was accused of money laundering and embezzling investors¿ funds in Antaboga and Bank Century.          Police investigators have transferred his dossiers to the prosecutor's office.  "His dossiers were transferred to the prosecutor's office on Monday," said the Chief of the National Police's Bureau of Public Relations, Brig. Gen. Boy Rafli Amar.          He said that there is sufficient evidence showing that Robert Tantular had committed money laundering crimes against the customers of PT Antaboga through Bank Century. The evidence includes receipts of fund transfers, testimonies of witnesses and accounts of experts.         "One of Tantular's assets is Mal Serpong shopping center (on behalf of the PT Sinar Sentral Rejeki company), with an estimated value of Rp350 billion.  The police have confiscated it as well," asserted Boy.         The police have also confiscated eight plots of land covering 5,380 sq m in Sentral Bumi Serpong Indah housing complex, one house in East Jakarta and money amounting to Rp2.1 billion.         "In this case, Tantular collected funds from Antaboga and placed them in a developer firm called PT Sinar Sentral Rejeki," said Boy Rafli.***2***   (T.A014/A/KR-BSR/A/H-YH) 26-11-2012 20:57:3