Thursday, September 17, 2009

Bakrie Life default

PT Asuransi Jiwa Bakrie (Bakrie Life) has reportedly defaulted payments to about 40 out of 100 investors in the insurance' product which pooled Rp370 billion funds.
Bakrie Life had offered installment of 1% per month for the defaulted payments, but investors rejected. Bakrie Life's Diamond Investa managed to pool Rp370 billion in the product. It is not clear where Bakrie Life invested the money. Investors were promised for placements in bonds (90%), stocks (5%), and time deposits (5%). But some investors were informed that up to 70% of the funds have been placed in stocks, mainly Bakrie-related stocks. The case is being investigated by Capital Market Supervisory Agency (Bapepam).
Bakrie Life is controlled by PT Bakrie Capital (94%). Bakrie Capital is controlled by Nirwan Bakrie and family. Infobank magazine crowned Bakrie Life as the best life insurance last year. What?
PT Maxima Financindo through PT HD Capital Tbk is reportedly planning to acquire Bakrie Life. HD Capital is famous for repurchase agreements with Bakrie Group. But Bapepam said Bakrie Group can't just walk away from its obligations to investors.
Bapepam suggested investors to file lawsuit against the insurer. 




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