Jakarta. Six former executives of state-owned mining company Antam (IDX: ANTM) have been charged with corruption, allegedly causing a loss of Rp3.31 trillion ($203.19 million) to the state. The charges relate to mismanagement and fraudulent activities involving 109 tons of gold from Antam between 2010 and 2022.

During a corruption trial at the Jakarta Anti-Corruption Court on Monday, prosecutor Syamsul Bahri Siregar revealed that the accused individuals were involved in illegal activities that led to financial gain for themselves or other parties, ultimately harming the state’s economy.

The defendants include former Vice Presidents of Antam’s Precious Metal Processing and Refining Business Unit (UBPP LM), including Tutik Kustiningsih (2008–2011), Herman (2011–2013), Dody Martimbang (2013–2017), and Abdul Hadi Aviciena (2017–2019). They are joined by former General Managers, Muhammad Abi Anwar (2019–2020) and Iwan Dahlan (2021–2022).

The prosecution stated that the defendants were accused of colluding with seven private-sector individuals who acted as clients for gold refining and smelting services. The private-sector defendants include Lindawati Efendi, Suryadi Lukmantara, Suryadi Jonathan, James Tamponawas, Ho Kioen Tjay, Djudju Tanuwidjaja, and Gluria Asih Rahayu.

According to the indictment, the scandal began when the Antam executives, from 2010 to 2022, formed partnerships with third parties—including individuals, gold shops, and companies—that were not part of Antam’s official contracts. These collaborations involved refining and smelting gold, but were not part of the company’s core business operations.

The prosecution stated that these partnerships were conducted without proper business or legal analysis, risk assessments, or approval from Antam’s Board of Directors. Furthermore, due diligence and Know Your Customer (KYC) protocols were not followed, making it impossible to determine the origin or legality of the gold being refined. This lack of oversight raised concerns about the potential ties to illegal mining, human rights violations, money laundering, or even terrorism financing.

The accused executives allegedly facilitated these transactions by bypassing standard procedures, only requiring clients to show basic identification and proof of affiliation with Antam’s refining services. As a result, the origins of the gold remained unclear, potentially breaching legal and ethical standards.

The financial repercussions of the scandal were significant, with the state suffering losses totaling Rp3.31 trillion. The private sector individuals involved were found to have illegally profited from the scheme, with Lindawati Efendi earning Rp616.94 billion, Suryadi Lukmantara gaining Rp444.93 billion, and Suryadi Jonathan accumulating Rp343.41 billion, among other illegal profits.