JAKARTA - An Indonesian graft court has sentenced businessman Benny Tjokrosaputro to life in prison for a stock manipulation scheme that helped trigger losses of more than US$1 billion at state insurer Asuransi Jiwasraya, state news agency Antara said.
Tjokrosaputro, who had made international headlines with a US$1 billion lawsuit he once filed against Goldman Sachs, was ordered to pay compensation of 6 trillion rupiah at his sentencing on Monday, the agency added. He made arrangements with Jiwasraya executives to invest in stocks and then used gains to buy properties and foreign currencies, the agency said, citing court documents.
Tjokrosaputro could not be reached for comment. In a statement, his lawyer, Muchtar Arifin, dismissed as baseless the accusation that his client had controlled share prices owned by other people, and added that the businessman planned to appeal.
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