Insurance Company Boss Held Over Missing Mega-Funds

DENPASAR

A local insurance company boss is under arrest while police and accountants try to work out how many hundreds of billions of rupiah in client funds have gone missing.

I Made Paris Adnyana, owner and president commissioner of PT Bali Consultan Life Insurance (Balicon) was detained last week by police investigating complaints that clients’ funds were not available to them. He is being held in police cells at Bali Police Headquarters.

Balicon has 21,948 clients, most of them police and public servants, in Bali and East Java. The company has offices in Bali and Surabaya.

Police are investigating whether other people may have been involved in the theft. Bali Police spokesman Gede Sugianyar said: “We will target other players in this case.”

The investigation centres on asset data, PT Balicon corporate assets including land owned by its clients and company accounts. Bali Police chief of detectives Edi Tambunan said investigators were also trying to establish whether Balicon was in fact a legal corporate entity and were looking into possible permit violations.

Adnyana, who was presented to the media on Tuesday for questioning about the case, refused to say anything except: “I’ll explain everything.”

The company’s headquarters are in Jembrana, The investigation was ordered after dozens of clients visited a Balicon branch office on Jl PB Sudirman, Denpasar, to complain that they were losing money because the company was not paying the promised 5 percent interest on capital invested.

Individual clients claim to lost amounts varying from hundreds of millions of rupiah to billions.

Adnyana could face up to 15 years in jail if he is charged and convicted under the Insurance Act No. 2 of 1992

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