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Businessman fined over $370 million for stock manipulation

Posted On: Jan. 16, 2023 10:39 AM CST


A corruption court in Indonesia has fined businessman Benny Tjokrosaputro 5.7 trillion Indonesian rupiah ($372 million) in a stock manipulation case involving state insurer PT Asuransi Sosial Angkatan Bersenjata Republik Indonesia, Reuters reported. Mr. Tjokrosaputro was found guilty of arranging for the insurer to buy overpriced stocks, which later lost their value, for his personal gain. Prosecutors accused Tjokrosaputro of controlling the insurer's investment decisions between 2012 and 2019, leading to IDR22.78 trillion of losses for the state.