Jakarta. The Corruption Eradication Commission (KPK) on Wednesday detained Antonius Kosasih, the former CEO of state pension fund manager Taspen, over allegations of fraudulent investments that caused significant financial losses to the state.

Antonius is accused of directing Taspen into questionable investments between 2016 and March 2024, resulting in an estimated loss of Rp 200 billion ($12.3 million), according to KPK Investigation Director Asep Guntur.

During his tenure as Taspen’s investment director, Antonius recommended an investment of Rp 1 trillion ($61.6 million) in a mutual fund managed by Insight Investments Management (IIM). The CEO of IIM, Ekiawan Heri Primaryanto, has also been named a suspect in the case but has not yet been detained.

“Taspen’s Rp 1 trillion investment in the mutual fund managed by IIM caused a state loss of at least Rp 200 billion,” Asep said during a press conference.

KPK investigators revealed that Insight Investments Management misappropriated at least Rp 78 billion from Taspen’s investment. Additionally, affiliates linked to both suspects reportedly benefited financially from the fraudulent transactions, further exacerbating the state’s losses.

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