December 24, 2025 | 11:11 am
TEMPO.CO, Jakarta - The prosecutor charges former Chief Executive Officer of PT Sri Rejeki Isman (Sritex), Iwan Setiawan, and former Deputy Chief Executive Officer Iwan Kurniawan Lukminto with engineering and manipulating the company's financial conditions. This was done to apply for credit at Bank DKI, Bank Pembangunan Daerah Jawa Tengah, and Bank Pembangunan Daerah Jawa Barat & Banten (Bank BJB).
The indictment trial took place at the Corruption Court of Semarang District Court, Central Java, on Monday, August 22, 2025
The prosecutor stated that the credit applications to the three regional banks aimed to cover the payments of Sritex's debts to the Citigroup Global Market Asia Limited Syndicate (Jakarta and Singapore), DBS Bank Ltd, and PT Bank HSBC Indonesia, amounting to US$350 million.
Chief Executive Officer of PT Sri Rejeki Isman (Sritex) Iwan Kurniawan Lukminto (middle) after being questioned for nearly 10 hours by investigators, in the Bundar Jampidsus Building of the Attorney General's Office, Jakarta, June 10, 2025. Tempo/Intan Setiawanty
"To cover the payments of these debts during the 2019-2021 period, the defendant Iwan Kurniawan Lukminto, together with Iwan Setiawan Lukminto and Allan Moran Severino as Finance Directors, as well as Christanto Kusuma Nugraha as Finance GK and Istanto Christian as Finance GM, applied for a working capital credit facility to the 3 state-owned banks," said the prosecutor, as quoted in the indictment on Monday, December 22, 2025.
The financial report manipulation mentioned by the prosecutor includes inflating transactions to create the impression of a surge in sales to affiliate companies and an inflow of cash.
In addition, real purchases were modified to lower prices to reduce Sritex's debt value to affiliate companies. Then, credit purchases were manipulated to make it seem like there was payment from affiliate companies, when in fact, there was none.
For their actions, the siblings are charged with embezzling Rp1.3 trillion for themselves or others. The amount is from the disbursement of working capital credit (KMK) from Bank Jateng amounting to Rp502.7 billion, the disbursement of KMK from Bank BJB amounting to Rp671.7 billion, and the disbursement of KMK from Bank DKI amounting to Rp180 billion.
Read: Indonesian Gov't Urged to Seek New Investors to Revive Textile Giant Sritex
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