Jakarta. The Attorney General’s Office has named eight new suspects in a corruption case involving loans to textile company Sri Rejeki Isman (Sritex) and its subsidiaries, following an internal case review by prosecutors.

“The investigation has named eight individuals as suspects,” said Nurcahyo Jungkung Madyo, Director of Investigation at the Deputy Attorney General for Special Crimes, during a press conference in Jakarta on Tuesday.

Each suspect is alleged to have played a specific role in the disbursement of fraudulent loans to Sritex, which prosecutors say has caused state losses of more than Rp 1 trillion (around $63 million), with the final figure still being audited by the Supreme Audit Agency (BPK).

Among those named is AMS, Sritex’s finance director from 2006 to 2023, who allegedly signed credit applications using fake invoices at Bank DKI Jakarta and misused the disbursed funds. 

“The loan funds were not used as intended. They were supposed to be for working capital but were instead used to pay off medium-term note (MTN) debts,” Nurcahyo said.

BFW, who served as Director of MSME Credit and Finance at Bank DKI Jakarta from 2019 to 2022, is accused of approving the loan without considering Sritex’s outstanding MTN obligations and of failing to conduct proper credit assessments.

PS, the bank’s former Director of Technology and Operations from 2015 to 2021, is accused of similar failings, allegedly approving the loan with only general collateral, despite Sritex not being categorized as a prime debtor.

YR, the President Director of Bank BJB from 2019 to March 2025, is accused of approving an additional Rp 350 billion loan to Sritex despite being aware that Sritex did not report an existing Rp 200 billion loan in its financial statements.

BR, Senior Executive Vice President at Bank BJB from 2019 to 2023, allegedly approved a Rp 200 billion working capital loan without following the banking principles of 5C (character, capacity, capital, collateral, and condition).

SP, President Director of Bank Jateng from 2014 to 2023, and PJ, the bank’s former Director of Corporate and Commercial Business from 2017 to 2020, are accused of approving loans to Sritex despite knowing the company’s liabilities exceeded its assets, making the loans high-risk.

SD, Head of the Corporate and Commercial Business Division at Bank Jateng from 2018 to 2020, allegedly signed off on Sritex’s loan analysis memorandum without directly verifying the company’s audited financial statements, relying solely on presented data.

In May, the AGO announced Iwan Setiawan Lukminto, former CEO of Sritex, as a suspect in the same case.

Two senior bankers  --Dicky Syahbandinata, former head of the commercial division at West Java and Banten Bank (BJB), and Zainuddin Mappa, former CEO of Bank DKI-- were also detained as suspects following questioning at the AGO.

Once a dominant player in the textile industry, Sritex made headlines in October 2023 when a court declared the company bankrupt. The manufacturer, which had operated for 58 years, officially ceased operations in March 2025, leaving over 11,000 workers jobless despite Iwan’s previous attempts to secure a government bailout.