An Indonesian former bank owner has been handed down a heavier jail sentence because, amongst other things, he issued millions of US dollars of fake letters of credit (L/Cs).

The Jakarta High Court increased Robert Tantular's sentence in respect of the Bank Century case from four to five and a half years.

Incriminating acts

Jakarta High Court spokesman Andi Samsan Nganro said several factors lay behind the increased sentence.

"The incriminating acts he committed included issuing fictitious L/Cs worth US$178 million, extending credits worth 364 billion Indonesian rupiah and embezzling customers' deposits worth US$18 million," he said.

Other charges

The court also found the former bank owner guilty of enriching himself and two other shareholders by purchasing fictitious securities worth US$230 million.

The court cleared him of other charges in connection with the embezzlement of an US$18 million customer deposit.

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