LPEI Corruption Case: KPK Names 5 Suspects, The Director Makes the List

Kapanlagi.com - The Corruption Eradication Commission (KPK) has just shocked the public with the announcement of a corruption case involving the Indonesian Export Financing Agency (LPEI). In a press conference held on Monday, March 3, 2025, KPK officially named five individuals as suspects in the credit facility scandal originating from the State Budget (APBN). This case highlights corrupt practices involving two LPEI directors and three executives from PT Petro Energy, one of LPEI's debtors.

Initially, this case was uncovered following the provision of credit facilities to 11 debtors, which could potentially harm the state up to Rp11.7 trillion! However, KPK has only named suspects related to the credit provided to PT Petro Energy, with total credit reaching Rp988.5 billion. The modus operandi used in this scandal is quite complex. There were credit approvals despite the debtor's financial conditions being unfit, as well as hidden fees referred to by the code "zakat money". Not only that, allegations of fictitious contracts also embellish this case.

Further investigations are still ongoing to uncover the involvement of other parties who may be implicated in this case. Summarized by Kapanlagi.com from various sources on Tuesday (3/4/2025), here is a summary of the chronology and details of the case based on information from KPK.

1. List of 5 Suspects in LPEI Corruption Case

2. Corruption Modus: Credit Granted Despite Unworthiness

Based on the investigation results of the KPK, PT Petro Energy received credit facilities from LPEI in three stages:

• October 2, 2015 – Rp297 billion
• February 19, 2016 – Rp400 billion
• September 14, 2017 – Rp200 billion

The total funds disbursed reached Rp988.5 billion, although PT Petro Energy's financial condition did not meet the requirements. The company's current ratio was only 0.86, meaning current assets were insufficient to cover short-term liabilities.

Even though there were warnings from the LPEI analysis team regarding the creditworthiness of PT Petro Energy, the board of directors still approved it. The directors continued to grant credit despite the conditions being reported from below.

3. Concealed Fee with the Code "Zakat Money"

One shocking fact in this case is the use of the term "zakat money" as a code for illegal fees given by debtors to the board of directors of LPEI.

The fees requested range from 2.5 to 5 percent of the credit value provided. Budi Sukmo explained that evidence of these transactions has also been found in electronic form as well as results from asset tracing.

From the statements obtained by the KPK from witnesses, there is indeed a term 'zakat money' given by debtors to the directors as compensation for credit approval.

4. Potential State Losses and KPK Efforts in Asset Recovery

The problematic credit case involving PT Petro Energy is not the only one. A total of 10 other debtors are also under investigation, and the entire scandal is estimated to cause state losses of up to Rp11.7 trillion!

So far, the Corruption Eradication Commission (KPK) has only named suspects related to the credit scheme provided to PT Petro Energy. Investigations into other debtors are ongoing, and there is a possibility that additional suspects will emerge in the future.

To recover the state losses, the KPK is determined to recover assets from debtors involved in illegal credit. From PT Petro Energy itself, the KPK targets asset recovery worth USD 60 million, equivalent to around Rp988 billion.

Not only that, the KPK will also conduct a thorough examination of the wealth of the suspects to ensure that no funds from corruption are hidden.

5. FAQ

1. What is LPEI and what is its function?

LPEI (Indonesia Export Financing Agency) is a government-owned financial institution tasked with providing export financing facilities to support the competitiveness of Indonesian products in the global market.

2. Why did the corruption case in LPEI occur?

Corruption in LPEI occurred due to weak oversight systems and collusion between internal officials and debtors. Loans were granted without thorough evaluation, leading to significant potential losses for the state.

3. What is meant by the code "zakat money" in this case?

"Zakat money" is a term used by the suspects as a code for illegal fees given by debtors to LPEI officials in exchange for loan approval.

4. What are the next steps for the KPK in this case?

The KPK will continue investigations into 11 other debtors, recover assets, and explore the possibility of additional suspects.

(kpl/rmt)