Businesses of Cipaganti Citra Graha, which conducted an initial public offering (IPO) on the Indonesia Stock Exchange in July 2013, involve transportation services, property and heavy equipment. Reportedly, the director, chairwoman and commissioner embezzled IDR 3.2 trillion (USD $266 million), between 2008 and May 2014, from the Cipaganti Karya Guna Persada cooperative, which owns a 4.92 percent stake in publicly listed Cipaganti Citra Graha.

In a response to the scandal, the management of Cipaganti Citra Graha said that the listed company cannot be held responsible for the fraudulent actions of the president director, chairwoman and commissioner. Particularly since these actions were made related to the cooperative (Cipaganti Karya Guna Persada), not the listed company (Cipaganti Citra Graha). “The two are two separate entities,” said Corporate Secretary Toto Moeljono. Vice President Director Cece Kadarisman has been appointed acting chief of the company.

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