Isa Rachmatarwata, the Director General of Budget at the Ministry of Finance, has recently been declared a suspect in the corruption case involving the insurance company PT Jiwasraya from 2008 to 2018, causing a staggering loss of Rp 16.8 trillion to the state. This development comes as a shock, especially considering Isa’s previous role as the Head of the Insurance Bureau at the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK).
Isa’s Alleged Involvement in the Jiwasraya Corruption Case
During his tenure, Isa is believed to have approved a saving plan in 2009, despite Jiwasraya facing financial losses at the time. The saving plan, initiated by Jiwasraya’s directors Hendrisman Rahim, Hary Prasetyo, and Syahmirwan – all of whom are already convicted – was allegedly designed to conceal Jiwasraya’s losses. It is worth noting that Isa was aware of Jiwasraya’s insolvency status at the time, with insolvency referring to a company’s inability to pay its debts due to financial losses and decreased revenue.
In light of these developments, Isa’s assets have come under scrutiny, with e-LHKPN KPK data revealing his total wealth to be Rp 38.9 billion. This includes properties valued at Rp 8.8 billion, other movable assets worth Rp 504 million, securities amounting to Rp 19.5 billion, cash and cash equivalents totaling Rp 5.7 billion, and other assets valued at Rp 3.1 billion.
Legal Ramifications and Detainment
Following the discovery of sufficient evidence by investigators, Isa has been charged under Article 2 paragraph 1 or Article 3 of the Corruption Law in conjunction with Article 18, as well as Article 55 paragraph 1 of the Criminal Code. As a result, he is currently detained at the Salemba Branch Detention Center of the Attorney General’s Office for the next 20 days.
This turn of events underscores the importance of upholding integrity and accountability in public office, as even high-ranking officials are not immune to allegations of corruption. The case serves as a stark reminder that transparency and ethical conduct are essential in safeguarding public funds and maintaining trust in government institutions.
