ASIATODAY.ID, JAKARTA – Indonesia’s Asabri corruption scandal has once again entangled prominent figures in the country’s investment and financial sectors.
In its first trial session at the Jakarta Corruption Court on Friday, August 29, 2025, prosecutors read charges against ten investment management firms accused of causing state losses amounting to IDR 22.78 trillion (approx. USD 1.4 billion).
One of the biggest names under scrutiny is PT Recapital Asset Management (RAM), founded by Rosan Perkasa Roeslani, now CEO of Danantara Indonesia and Indonesia’s Minister of Investment and Head of BKPM, with Sandiaga Salahuddin Uno listed as a minority shareholder.
The Indictment Against Recapital
According to the indictment, Recapital allegedly engaged in unlawful practices together with Asabri executives between 2012 and 2019. Through its product, Recapital Equity Mutual Fund, the company is accused of enriching itself by unlawfully collecting IDR 16.65 billion (USD 1.05 million) in management fees.
The Audit Board of Indonesia (BPK) further concluded that Recapital’s actions caused state losses of up to IDR 300 billion (USD 19 million).
Other Investment Firms Also Implicated
Recapital is not alone. Several other asset managers were also indicted for reaping unlawful profits from problematic investment schemes with Asabri, including:
Victoria Investment Management – accused of receiving IDR 16.13 billion in fees through the Victoria Jupiter Mixed Fund, with state losses reaching IDR 300 billion.
Pool Advista Asset Management – allegedly enriched itself through four mutual fund products, collecting IDR 8.08 billion in unlawful fees.
Oso Investment Management, Millenium Capital Management, Asia Raya Kapital, Maybank Asset Management, Corfina Capital, Aurora Asset Management, and Insight Investments Management were also named as defendants.
Rosan Roeslani’s Link to Recapital
According to Indonesia’s Ministry of Law and Human Rights corporate registry, Recapital Asset Management is a subsidiary of Recapital Advisors, controlled by PT Tripillar Guna Perkasa. Rosan Roeslani is listed as the ultimate beneficial owner, while Sandiaga Uno holds a minor stake.
Rosan currently serves as CEO of Danantara (Daya Anagata Nusantara), a state-owned strategic asset management entity, and has held the position of Minister of Investment and Head of BKPM since October 2024. This dual role has fueled intense public scrutiny of the case.
Recapital’s Official Response
Responding to the indictment, Recapital Asset Management President Director Alvin Pattisahusiwa stated the company would fully comply with the legal process.
“Recapital Asset Management is fully committed to undergoing the legal proceedings professionally, while upholding principles of good corporate governance,” he told on Tuesday, September 2, 2025.
The Asabri Mega Scandal
The Asabri case is not new. Previously, high-profile business figures Heru Hidayat and Benny Tjokrosaputro were convicted for their role in the scandal.
Prosecutors argue that the schemes shared a similar pattern: manipulated investment management designed to enrich private entities while pushing the entire financial risk onto Asabri.
With state losses totaling IDR 22.78 trillion (USD 1.4 billion), the Asabri scandal has become one of the largest capital market corruption cases in Indonesia’s history. (AT Network)
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