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

World Bank Group (Images by ITU)

Kamis, 05 Maret 2020 - 07:23 WIB

World Bank Group Announces Up to $12 Billion Immediate Support for Covid-19 Country Response

As Covid-19 reaches more than 60 countries, the World Bank Group is making available an initial package of up to $12 billion in immediate support to assist countries coping with the health and…

Synopsys, Inc. (Images by PR Newswire)

Rabu, 04 Maret 2020 - 16:57 WIB

Better IoT Security Depends on Changes in Culture, habits

Ironically enough, the good news about the atrocious security of Internet of Things (IoT) devices might be that the bad news is getting a higher profile.Stories about security cameras getting…

Line Security Bug Bounty Program (Images by LINE Corporation)

Rabu, 04 Maret 2020 - 16:47 WIB

LINE Security Bug Bounty Program Report 2019

In late 2018 through early 2019, we began investigating the potential benefits of moving our program to HackerOne. After careful consideration, we concluded that we could likely improve the…

Check Point Software Technologies (Images by Acclaim)

Rabu, 04 Maret 2020 - 16:34 WIB

Check Point’s Hits Major Milestone as 100th Academic Institution Joins the Global Education

Check Point Software Technologies Ltd. NASDAQ: CHKP, a leading provider of cyber security solutions globally, has today announced that its Check Point SecureAcademy education initiative reached…

CloudGuard SaaS (Images by Check Point Software)

Kamis, 27 Februari 2020 - 14:08 WIB

Why are we still talking about email security?

with the rapid adoption of the internet and then the mobile internet, the email security market matured as enterprises understood that accessing proprietary information via the network exposed…