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”
