Jakarta, CNBC Indonesia – FEB UI Financial Expert, Rahmat Aryo Baskoro, said that the legal case between PT Aneka Tambang (ANTM) Tbk and Budi Said regarding the gold buying and selling fraud case could be a valuable lesson for people who want to invest.
Rahmat reminded the public to first understand at least 2L in investing, namely logical and legal. Logical at least includes whether the price is still reasonable? If it is too low, according to Rahmat, it should be suspicious.
“Legal must also be considered, because in Indonesia illegal transactions often occur because public literacy is not very high,” said Rahmat to CNBC Indonesia, Tuesday (6/2/2024).
Apart from that, Rahmat also reminded that in every investment there is always a risk, and this must also be understood.
“Don't just want to invest with big profits, but don't think about the risks,” stressed Rahmat.
On the other hand, in the Antam-Budi Said case, Rahmat said that the public has great trust in Antam. Moreover, he said, as a company, Antam is a company with business processes end to end from start to finish.
“Antam is a mining state-owned company with gold as a commodity and is in the public interest. Of course we agree that trust has become something that is very inherent in society. If there is a problem that occurs at Antam, it will not only impact Antam, but other gold producers and even the Indonesian economy,” concluded Rahmat .
Managing Partner of Fernandes Partnership, Fernandes Raja Saor, who is also Antam's attorney, warned against being led into investments that are too good to be true.
“It is important to identify licensing issues and also the costs of the company's business structure,” said Nandes.
As for the Antam case, he said that currently the State is in the right position.
“Antam does not want to follow the decision of the Supreme Court (MA) some time ago. But we are confident that the truth will find its way and the Supreme Court will apply its wisdom. Legal efforts to find the truth,” he said.
For your information, the case between Antam and Budi started when Budi Said bought thousands of kilograms of gold through Eksi Anggraeni, a person who claimed to be marketing for Antam's Surabaya branch, worth IDR 3.5 trillion.
It is known that the purchase of gold with a jumbo value was followed by Eksi Anggraeni's promise of a purchase discount of up to 20%. Of the 7,071 kilograms of gold that Eksi Anggraeni promised Budi Said, only 5,935 kilograms of gold bullion was received or according to the valid purchase invoice.
In two previous court decisions, Budi Said won at the Surabaya District Court (PN). However, Budi Said lost at the appeal level. Budi then filed an appeal to the Supreme Court.
The transaction to purchase 7 tons of Antam gold bullion itself was full of irregularities. In March 2018, Budi Said met Eksi Anggraeni at the Surabaya 01 Antam Gold Precious Metals (BELM) Boutique Office. This transaction was attended by three former Antam employees, namely Endang Kumoro, Misdianto, and Ahmad Purwanto.
Eksi Anggraeni stated that he could give a discount price to Budi Said using a pay first system and Budi could receive the gold 12 days later. However, Antam emphasized that it never provides discount prices because the gold sold is in accordance with what is published on Antam's precious metals website.
On the other hand, ANTM carries out transactions using a cash and carry system.
Then, Budi Said continued to purchase 7 tons of gold with a scheme that was allegedly as follows. Budi sent money to Antam's account at a discount. Then the former employee recorded the money transfer as an ordinary purchase (without discount) so that in the Antam system and the invoice issued used the official price.
Of course, if Budi Said pays at a discount, there is a difference in gold that is not paid. To cover the remainder, Eksi and former employees allegedly issued gold without an invoice.
Then, after 73 transactions, Budi Said only received 5,935 kg of gold (according to the invoice and official price). However, according to the 'discount price' promised by Eksi, Budi Said received 7,071 kg of gold.
“Therefore, it is suspected that the shortage of 1,136 kg is not a shortage, but rather a claim that allegedly originates from fraud,” emphasized Fernandes Raja Saor, Legal Counsel for PT Aneka Tambang Tbk, to CNBC Indonesia, Wednesday (3/1/2023).
Endang Kumoro then issued a statement letter dated November 16 2018 stating that Antam owed Budi Said 1,136 kg.
“Even though Endang Kumoro does not have the authority to issue such a letter, the letter should not have legal force,” he explained.
[Gambas:Video CNBC]
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