Capital Market Analysis of the Asabri Corruption Scandal: Investment Manipulation Causing State Losses of Up to IDR 23.73 Trillion

Abstract

The corruption scandal involving PT Asabri (Persero) has become one of the biggest cases in Indonesian financial history, with state losses reaching IDR 23.73 trillion. This case began with the manipulation of investment fund management in the period 2011 to 2019, carried out by Asabri management in collaboration with external parties, Benny Tjokrosaputro (Bentjok), Heru Hidayat, and LP. The two main directors of Asabri during that period, ARD and SW, made an agreement with the three parties to manage the company's investment portfolio, which included stocks and mutual funds whose values ​​had been manipulated. In this transaction, the stocks purchased by Asabri were priced higher than their actual value, and after entering the portfolio, the transaction was carried out to benefit external parties in a false manner, which was detrimental to the company. This manipulation also involved the sale of shares at a lower price, which ultimately harmed Asabri. The losses were further exacerbated by the purchase of manipulated shares through mutual funds controlled by the same party. The results of the audit by the Supreme Audit Agency (BPK) show that the total state loss due to this scandal reached Rp 23.73 trillion. This case reflects the weak supervision in the management of state pension funds and is a valuable lesson in efforts to prevent corruption in the future.