Article: Indonesian tycoon sentenced to life in jail for stock manipulation

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Indonesian tycoon sentenced to life in jail for stock manipulation

Tabita Diela, 27 October 2020

JAKARTA, Oct 27 (Reuters) – An Indonesian graft court has sentenced businessman Benny Tjokrosaputro to life in prison for a stock manipulation scheme that helped trigger losses of more than $1 billion at state insurer Asuransi Jiwasraya, state news agency Antara said.

Three of the insurer’s executives were among the five other defendants sentenced to life terms in one of Indonesia’s biggest anti-graft trials by a special corruption court in Jakarta, the capital.

Tjokrosaputro, who had made international headlines with a $1-billion lawsuit he once filed against Goldman Sachs, was ordered to pay compensation of 6 trillion rupiah ($410 million) at his sentencing on Monday, the agency added.

The court found Tjokrosaputro, chief commissioner of property developer Hanson International, guilty of corruption and money laundering by conspiring with other investors to inflate shares in Indonesia’s main equity market. Continue reading “Article: Indonesian tycoon sentenced to life in jail for stock manipulation”

Article: Currency wars and the emerging-market countries

Article - Media, Publications

Currency wars and the emerging-market countries

Richard Portes, 04 November 2010

The headlines shout “currency wars”. The US believes China engages in “currency manipulation”. The authorities hesitate to declare this to the US Congress, and the Secretary of the Treasury says “competitive non-appreciation” instead. China accuses the US of excessively loose monetary policy, flooding the world with liquidity. There is some truth in both charges, but some exaggeration.

This is one of the key issues facing the G20. Exchange-rate pressures, global imbalances and rebalancing, spillovers and the desirability of policy coordination – these are at the centre of the economic interdependence between the developed and emerging market countries. All this is in the context of weak US and European recoveries from the Great Recession, the risk of deflation, and the likelihood of more quantitative easing (QE) by major central banks. Domestic issues and inability to get direct action on exchange rates has led the US to propose internationally agreed targets for current-account imbalances. The wheel goes round – these proposals bear some resemblance to those of Keynes at Bretton Woods, which the US then opposed.

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