Summarecon Shares Plunge 7% After CEO Detained in KPK Graft Probe
Jakarta. The Corruption Eradication Commission (KPK) has detained the president director of property developer Summarecon Agung (SMRA), Adrianto Pitojo Adhi, as part of a sting operation involving 17 people over the processing of land-use rights in Bogor, West Java.
Summarecon, one of Indonesia's largest listed property developers, shares fell as much as 7% to Rp308 during Tuesday’s trading session following news of Adrianto’s detention.
KPK spokesman Budi Prasetyo confirmed Tuesday that Adrianto was among those detained in the operation, which began Monday in the Greater Jakarta area.
“The person concerned is one of the parties secured in connection with the series of events in the sting operation,” Budi said in a statement.
Adrianto was being questioned at the KPK’s headquarters in South Jakarta along with the other 16 people. The anti-graft agency has 24 hours to determine their legal status.
Those detained also include Lampri, director general for land and spatial control at the Agrarian Affairs and Spatial Planning Ministry; Sontang Coin Manurung, head of the Bogor Land Office; and Tardi, head of the Tangerang City Land Office.
Golkar Party politician Fadh A Rafiq, representatives of Summarecon, former Kebumen deputy regent Arif Sugiyanto and several other people were also detained.
“In this sting operation, the team secured a total of 17 people,” Budi said.
The operation is linked to the processing of land-use rights, including building rights, in Bogor Regency, as well as other alleged payments, according to the KPK.
Investigators also seized cash worth hundreds of billions of rupiah in rupiah and foreign currencies. The money was stored in 20 suitcases, boxes and containers.
Budi said the KPK was still counting the seized cash and would provide details of the case, including the alleged offenses and the roles of those involved, at a subsequent press conference.
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