December 11, 2025 | 02:55 pm
TEMPO.CO, Jakarta - The BNI Emerald Market Outlook 2026 event on Monday, December 1, 2025, at the Kempinski Hotel in Central Jakarta became a stage of protest for Dwi Cahyo Suwarsono. During the forum, which was attended by several top executives of Bank Negara Indonesia (BNI), Dwi was initially blocked from speaking by a bank official. But he insisted on airing his grievances during the question-and-answer session. "No one responded to what I said," the former ad hoc Supreme Court justice told Tempo the next day.
His outburst marked the peak of his frustration because Rp3 billion (about US$180,ooo) of his money remains trapped in bonds issued by Waskita Beton Precast (WSBP). Six years earlier, the BNI priority customer was approached by BNI Asset Management sales agents offering a fixed-income product with a 7 percent annual yield and quarterly coupons. The instrument was a protected mutual fund, BNI-AM Proteksi Ebony, whose underlying asset was the 2019 Waskita Beton Precast Sustainable Bond I Phase I (WSBP01CN1). "I expected a good return," Dwi said.
The bonds were set to mature on July 5, 2022. But by late 2021, coupon payments began to falter before stopping altogether in January 2022, when WSBP was sued by six vendors and the case moved into a temporary debt suspension process.
That collapse came despite strong early demand for WSBP's debt papers. The WSBP01CN1 series, worth Rp500 billion (US$30 million) and issued in June 2019, sold out quickly and was oversubscribed 2.18 times. Four months later, WSBP raised more public funds through the Rp1.5 trillion (US$90 million) WSBP01CN2 series, offering a 9.75 percent yield.
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