“This has resulted in state losses of approximately Rp1,088,650,808,028,” Director of Investigations at the Junior Attorney General for Special Crimes (Jampidsus), Nurcahyo Jungkung Madyo, stated during a press briefing at the Jampidsus Building in Jakarta on early Tuesday morning.
This figure marks a significant increase from the previously reported Rp692 billion and is currently under verification by the Indonesian Supreme Audit Agency (BPK).
The estimated losses are calculated based on the total outstanding debts of PT Sritex as of October 2024.
Records indicate that Sritex obtained Rp395.6 billion in loans from Bank Jateng, Rp543.9 billion from Bank BJB, and Rp149 billion from Bank DKI Jakarta—bringing the total to approximately Rp1.088 trillion (around US$66.7 million).
To date, the AGO has named 11 suspects in the case. They include DS (Dicky Syahbandinata), Head of the Corporate and Commercial Division of PT Bank BJB in 2020; ZM (Zainuddin Mappa), President Director of PT Bank DKI in 2020; and ISL (Iwan Setiawan Lukminto), who served as President Director of PT Sritex from 2005 to 2022.
Other suspects are AMS (Allan Moran Severino), Finance Director of PT Sritex from 2006 to 2023; BFW (Babay Farid Wazadi), Director of MSME Credit and Finance Director of Bank DKI Jakarta from 2019 to 2022; PS (Pramono Sigit), Director of Operational Technology at Bank DKI Jakarta from 2015 to 2021; and YR (Yuddy Renaldi), President Director of Bank BJB from 2019 to March 2025.
The list also includes BR (Benny Riswandi), Senior Executive Vice President of Business at Bank BJB from 2019 to 2023; SP (Supriyatno), President Director of Bank Jateng from 2014 to 2023; PJ (Pujiono), Director of Corporate and Commercial Business at Bank Jateng from 2017 to 2020; and SD (Suldiarta), Head of the Corporate and Commercial Business Division at Bank Jateng from 2018 to 2020.
Director of Investigations at the AGO's Special Crimes Division, Abdul Qohar, further elaborated on the nature of these violations.
He explained that loan funds from Bank BJB and Bank DKI, designated as working capital, were allegedly misused by suspect ISL to pay off existing debts and acquire non-productive assets.
Furthermore, the loans provided to Sritex by suspects ZM and DS contravened regulations, partly due to the company's failure to meet working capital loan requirements.
Compounding the issue, PT Sritex Tbk. only had a BB- rating from Fitch and Moody's, signaling a higher risk of default, which should have prevented such loan approvals.
PT Sritex was previously regarded as a powerhouse in Indonesia's textile and garment industry.
By the early 1990s, the company operated consolidated production lines and gained international recognition, notably as a supplier of military uniforms for NATO and the German army.
However, the company's fortune began to decline around 2021 amid increasing financial pressures.
By October 2024, the Semarang Commercial Court declared Sritex and three affiliated entities bankrupt. The company officially ceased operations on March 1, 2025, leading to mass layoffs and the closure of its facilities.
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Reporter: Nadia Putri Rahmani, Aditya Eko Sigit Wicaksono
Editor: Azis Kurmala
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