SNP Finance case could disturb investors' trust

By : Herry Barus And Aldo Bella Putra | Friday, September 28 2018 - 14:00 IWST

Menteri Keuangan, Sri Mulyani (Foto: Ist)
Menteri Keuangan, Sri Mulyani (Foto: Ist)

INDUSTRY.co.id - Jakarta - Finance Minister Sri Mulyani Indrawati said the case of bank burglary with a fictitious credit guarantee style allegedly carried out by PT SNP Finance could disrupt investor confidence.

"In the financial sector, the factor of integrity and trust is very important, so whenever cases like this arise, it will cause a 'set-back' for the community," Sri Mulyani said in Jakarta, Thursday (09/27/2018)

Sri Mulyani explained that fraud cases like this could cause distrust from people who want to invest in stock instruments, bonds and state securities.

For this reason, she hopes that the relevant authorities and the supervisors can maintain public trust because this incident can complicate the deepening of financial markets.

"We hope that regulators or supervisors will increasingly improve quality to maintain public confidence, because without it it will be difficult for us to deepen the financial market," she said.

Sri Mulyani said it also coordinated with the Financial Services Authority regarding alleged violations committed by public accounting firms to smooth the crime.

"We and OJK will coordinate what steps will be taken. If they do commit violations and there are things that are not performing, what are the conditions, we do," she said.

Previously, the National Police Criminal Investigation Agency raised the alleged case of SNP Finance bank burglary to the investigation stage by determining five suspects who were leaders of SNP Finance.

This case originated from the problem of PT Sunprima Nusantara Financing (SNP) Finance, which is a subsidiary of the Columbia Group, was unable to pay the outstanding loans borrowed from the bank.

To pay the arrears, SNP Finance issues medium term notes (MTN) which are not through the OJK process, because they are private.

News Comment

Today's Industry

Luke Tucker, Senior Director of Community at HackerOne (Photo by Linkedin)

Rabu, 05 Agustus 2020 - 22:00 WIB

Security Engineers by Day, Hackers by Night – An Interview with Two of Singapore’s Top Ethical Hackers

Over the years, the perception of the term “hacker” has changed. Once seen as only criminals, there are now over 800,000 registered security professionals on HackerOne, the world’s trusted…

Patrick Carey, Director of Product Marketing, Synopsys (Photo by Linkedin)

Rabu, 05 Agustus 2020 - 21:45 WIB

Developers are Not Security Experts, but They can be with The Right Tools

Software has revolutionised the way in which we work, live and play. This is particularly true in the realm of software security, as development teams are releasing code faster than ever before.

Darrell Adams, Head of Southeast Asia & Oceania, Universal Robots (Photo by LinkedIn)

Rabu, 05 Agustus 2020 - 21:25 WIB

5 Reasons Why You Need Collaborative Automation For Today's World

The benefits of collaborative automation are undisputed – more profitability, productivity, flexibility, higher quality and even more employee satisfaction.

Friedhelm Best - Vice President Asia Pacific, HIMA (Photo by HIMA)

Rabu, 05 Agustus 2020 - 21:10 WIB

3 Essential Considerations When Modernizing the Safety System of Industrial Facilities

As countries in Asia start to ease restrictions and more businesses return to operation in the midst of the COVID-19 pandemic, industrial plant operators are strategising a return to normality…

Gil Yankovitch, Firmware Technology Lead and Ram Yonish, Firmware Security Evangelist (former co-founders of Cymplify Security, acquired by Check Point) (Photo by LinkedIn)

Rabu, 05 Agustus 2020 - 21:00 WIB

While IoT security standards lag, IoT security companies innovate – Overview of trends in IoT cyber security

While IoT and OT devices proliferate, IoT security standards and regulations are few and far between. Unsurprisingly, this puts individuals, enterprises and states at major risk.