The Jakarta Corruption Court on Monday, October 6, 2025 sentenced Antonius Nicholas Stephanus Kosasih, former President Director of State-owned pension insureance company PT Taspen, to 10 years in prison and fined him Rp500 million for his role in a fraudulent investment scheme that caused state losses of up to Rp1 trillion (US$60,000).
Presiding Judge Purwanto S. Abdullah said that failure to pay the fine would result in an additional six months in prison. The court also ordered Kosasih to pay compensation amounting to Rp29.15 billion and various foreign currencies, including US$127,057, S$283,002, €10,000, ¥128,000, 1,470 Thai baht, 30 pounds sterling, HK$500, and 1.26 million Korean won, as well as Rp2.87 million.
If he fails to pay within one month after the verdict becomes final, prosecutors may seize and auction his assets to cover the repayment. Should his assets be insufficient, Kosasih will serve an additional three years in prison.
The court found that Kosasih abused his authority and violated public trust. “The defendant should have set an example in exercising prudence and good corporate governance, but instead exploited his position for personal gain,” Judge Purwanto said.
The court noted that Kosasih’s complex and structured scheme involved multiple intermediaries and layered financial transactions designed to conceal the illicit flow of funds. His actions were deemed to have severely damaged public confidence in the management of civil servants’ pension savings.
Meanwhile, former President Director of PT Insight Investment Management (IIM), Ekiawan Heri Primaryanto, was sentenced to nine years in prison and fined Rp500 million, with a substitute sentence of six months if unpaid. He was also ordered to pay US$253,660 in compensation, or face an additional two years in prison if he fails to pay.
The court stated that Ekiawan’s actions harmed the Civil Servants’ Old-Age Savings (THT) program, which is funded by mandatory salary deductions of 3.25percent from the salaries of 4.8 million Indonesian civil servants. The funds are intended to ensure financial security for retirees after years of service.
Judges said Ekiawan used a complex “layering” investment strategy involving several securities firms − PT Sinarmas Sekuritas, PT Pacific Sekuritas Indonesia, and PT Valbury Sekuritas Indonesia − and five mutual funds managed by IIM, indicating careful planning and intent.
Both defendants were convicted under Article 2(1) in conjunction with Article 18 of Law No. 31/1999 on the Eradication of Corruption Crimes, as amended by Law No. 20/2001, and Article 55(1) of the Criminal Code.
According to the indictment, Kosasih personally benefited by more than Rp28.4 billion and various foreign currencies, while Ekiawan gained US$242,390. Several corporations, including PT Insight Investment Management, PT Pacific Sekuritas Indonesia, PT KB Valbury Sekuritas Indonesia, and PT Tiga Pilar Sejahtera Food, also allegedly profited from the fake investment scheme.
The court noted no voluntary restitution from either defendant. Both were, however, granted leniency for good behavior during trial and for having family dependents.
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