Shares of Tiga Pilar Sejahtera Food, an Indonesian company that is engaged in food processing, rice processing and the palm oil business, tumbled by a whopping 24.92 percent on Friday (21/07) to IDR 1,205 a piece. This huge loss followed after the raid and sealing of a factory owned by Indo Beras Unggul, a subsidiary of Tiga Pilar Sejahtera Food.
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2 July 2020 (closed)
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Today's Headlines Fraud
Global software security group Kaspersky Lab says Indonesia is the leading country in terms of online financial fraud. Based on a survey conducted by Kaspersky Lab involving 26 countries around the globe, 26 percent of online consumers in Indonesia become victim of online financial fraud. Countries that rank second and third in this index are Vietnam (25 percent) and India (24 percent). Ross Hogan, Global Head of Kaspersky Lab's Fraud Prevention Division, says the company detected an increasing amount - and a wider variety - of online financial scams worldwide.
The security status in Jakarta has been raised one day ahead of the ruling of Indonesia’s Constitutional Court (Mahkamah Konstitusi) on Thursday (21/08) as the Jakarta administration anticipates public protests. The Constitutional Court will decide on defeated presidential candidate Prabowo Subianto’s claims that the election result of Indonesia’s July presidential election was influenced by massive fraud and violations (in both the voting and counting process). According to the official result Joko Widodo won with 53.15 percent of the votes.
As is known, presidential candidate Prabowo Subianto did not accept his defeat in Indonesia’s July 2014 presidential election and pledged to challenge the election result in the country’s Constitutional Court (Mahkamah Konstitusi). In last month’s presidential race, Subianto was defeated by Joko Widodo (popularly known as Jokowi) by 53.15 percent to 46.85 percent. However, the defeated contender claims that there have been many cases of fraud or violations at the polling stations on Election Day (9 July 2014).
Controversial former army general Prabowo Subianto, who was defeated in Indonesia's 2014 presidential election, is expected to challenge the election result in the Constitutional Court, claiming that the election has been influenced by massive vote fraud. Yesterday (22/07), prior to the official release of the election result by the General Elections Commission (KPU), Subianto already withdrew from the recapitulation process. Rival Joko Widodo (Jokowi) won the election securing 53.15 percent of the votes.
The performance of the Indonesian rupiah exchange rate and stocks has been impacted by defeated presidential candidate Prabowo Subianto’s withdrawal from the General Elections Commission’s electoral process on Tuesday (22/07). Although the Commission (KPU) has not publicly announced the outcome of the 2014 presidential election yet, Subianto’s response is a clear sign that rival Joko Widodo - as expected - has won the election. Subianto claims that the KPU is corrupt and will challenge the outcome in the Constitutional Court.
Latest Columns Fraud
Shares of food manufacturer Tiga Pilar Sejahtera Food fell almost 25 percent on Friday (21/07) after one of its subsidiaries is suspected of fraud. Allegedly, subsidiary Indo Beras Unggul (a rice trader) sold rice under the premium label, while it actually was the cheaper government-subsidized rice that was sold to consumers. Police raided a warehouse of Indo Beras Unggul in Bekasi (West Java) on Thursday evening (20/07), confiscating more than 1,000 tons of rice.
Around the globe there are plenty of fraudulent investment scams offered to investors (for example the "ponzi scheme", "pump and dump", and many others). This also occurs in Indonesia, or, related to Indonesia. Perpetrators can be Indonesian or foreign. In case of foreigners, the offshore investing scheme is a popular scheme (and a fairly simple one in the era of Internet). Criminals offer victims a lucrative investment opportunity in Indonesia, promising big profits. However, investors will never see their money again.
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