Hotman Paris Says Lukminto 'Taken Down' After Danareksa Failed to Control Sritex

The legal team for the former executives of PT Sritex, led by prominent lawyer Hotman Paris Hutapea, has strongly asserted that political motivations are at play in the ongoing corruption case. Iwan Setiawan Lukminto and Iwan Kurniawan Lukminto, the former commissioners and directors of the textile giant, are facing severe charges, including corruption and money laundering, which have resulted in a state loss of Rp1.3 trillion. The prosecution is seeking 16 years imprisonment, a Rp1 billion fine, and the return of Rp677 billion each for the brothers.

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Actually, there are political elements to this. At that time, the central government wanted Danareksa to KSO to take over the company's operations to save the employees.

Hotman Paris contends that the legal proceedings intensified only after PT Danareksa's attempt to acquire Sritex through an operational cooperation scheme (KSO) failed. He alleges that the central government initially favored Danareksa taking over Sritex's operations to safeguard the company's employees. However, this plan reportedly faltered when the Lukminto brothers were unable to meet a substantial deposit requirement of Rp600 billion demanded by the government for the KSO agreement.

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They couldn't afford it. They were given assets, but then asked for more collateral.

"It's because of that, the deal for Sritex to be taken over was canceled. That's when there was anger, and they were immediately 'taken down'," Hotman Paris stated, implying that the subsequent legal actions were a direct consequence of this failed business deal and a perceived "anger" from higher authorities. This perspective frames the legal battle not merely as a fight against corruption, but as a consequence of political and business power plays, a narrative that resonates within certain circles in Indonesia where such allegations are not uncommon.

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It's because of that, the deal for Sritex to be taken over was canceled. That's when there was anger, and they were immediately 'taken down'.