Title:
THE JIWASRAYA AND ASABRI SCANDAL: A DESCRIPTION ANALYSIS & PREVENTION SOLUTIONS FROM INVESTMENT POLITICAL ECONOMIC PERSPECTIVE

Authors:
Sutrisno, Bagus Panuntun, Fikri Irfan Adristi, Indonesia

Abstract:

In early 2020 and 2021, three cases of financial scandals that have shaken the public are emerging, namely the case of the financial scandal of PT. Asuransi Jiwasraya (Persero) and PT. Asabri (Persero). This study aims to dissect, examine, and analyze prevention solutions from the three cases of financial scandals. This research is a qualitative research with a descriptive approach. The research data is taken from the Directory of Decisions of the Supreme Court of the Republic of Indonesia and several other relevant sources. The data analysis technique used in this study is the Miles and Huberman Model Data Analysis Technique. The financial scandal case of PT. Asuransi Jiwasraya (Persero) and PT. Asabri (Persero) is a financial scandal case in the form of collusive/corruptive behavior; fraud; pump and dump behavior (asset price manipulation); and temporary window dressing. A solution is needed to prevent cases of financial/corruption scandals with the main scheme through pump and dump behavior (asset price manipulation). Solutions to prevent corruption in State Institutions and State-Owned Enterprises include the establishment of new technical legal instruments regarding relations with third parties and prevention of malicious collaboration (can be benchmarked from The Lobbying Disclosure Act of 1995 in the United States). Meanwhile, prevention of pump and dump behavior (asset price manipulation) includes limiting predatory short sales on assets because they are excessive, especially “naked” short selling.