Forgot your password?
Please enter your email & we will send your password to you:
My Account:
Copyright © International Chamber of Commerce (ICC). All rights reserved. ( Source of the document: ICC Digital Library )
A businessman has been sentenced to 15 years in jail for his part in the multi-million dollar Indonesia-centred letter of credit (L/C) fraud that was revealed last year (DC World News 20 November 2003).
Rudi Sutopo, chief commissioner of Mahesa Karya Mandiri, becomes the tenth person to be jailed in the scams that cost state-owned Bank Negara Indonesia (BNI) the equivalent of around US$200 million.
Guilty verdict
Sutopo was found guilty of corruption and money laundering. Mahesa Karya Mandiri allegedly received the equivalent of around US$5 million in funds from fictitious L/Cs issued by BNI's branch in Kebayoran Baru, South Jakarta.
In addition to his jail term, the businessman was ordered to pay a fine equivalent to around US$111,000 or face a further six months in prison.
Loss to economy
The judge who heard the case said Sutopo's actions had caused losses for the national economy and contravened the government's programme for eliminating corruption.
Prosecutors had asked for a 20-year sentence for Supoto, but he was handed down a lighter sentence because this was his first offence and for his good behaviour during the trial.
Investigations continue
Sutopo's sentence is midway between the sentences ranging from eight years to life terms in jail already handed down in trials associated with the BNI L/C scam.
The main suspect, Maria Pauline Lumowa, remains at large, reportedly in Singapore, while investigations and at least one more trial associated with the BNI fraud are ongoing.
This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.