Bakrie Life says it can not guarantee whether it will return its customers’ investments.
“We are trying to figure this out as quickly as possible,” Bakrie Life director Timoer Susan said Sunday, as quoted by tempointeraktif.com.
Previously, the company failed to return funds invested in its life insurance-based Diamond Investa investment product, Rp 360 billion (US$39.96 million).
The management later promised to return its customers’ principal investments plus interest.
The company said it would begin to make repayments in March, with 25 percent returned in 2010, another 25 percent in 2011 and the remainder in 2012. It was scheduled to make four installments a year, in March, June, September and December.
However, so far the company has only paid two installments of customers’ principal investments, in March and June. Bakrie Life still has a debt of Rp 290 billion.
Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) chairman Fuad Rahmany said his office had urged Bakrie Life stakeholder Bakrie Capital to inject funds into the ailing company so it could pay its obligations to customers, but said he could not force it to do so.
Fuad only suggested customers file a lawsuit against the firm.
“If not, legally speaking, no one can force shareholders to pay. Bapepam has been stagnant,” he said. The action of violating a promise, Fuad said, could be prosecuted in a criminal or civil liability case.
According to Bapepam’s insurance company division chief, Isa Rachmatawarta, PT Asuransi Jiwa Bakrie (trading as Bakrie Life) had satisfied the necessary criteria for the agency to revoke its business license. However, until last week the agency had not done so.
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