Jakarta. The Corruption Eradication Commission (KPK) has named metal-processing company Loco Montrado as a corporate suspect in a corruption case involving state-owned miner Aneka Tambang (Antam), officials confirmed on Tuesday.

The case, linked to a gold refinery partnership between the two companies, is estimated to have caused Rp 100 billion ($6 million) in state losses.

KPK spokesperson Budi Prasetyo said on Tuesday that Loco Montrado was designated as a corporate suspect in August, alongside its president director Siman Bahar and former Antam executive Dody Martimbang.

Dody, who once served as General Manager of Antam’s Precious Metals Processing and Refining Business Unit, has already been sentenced to six and a half years in prison. He was found guilty of initiating the gold refinery collaboration with Loco Montrado in 2017 without conducting proper financial, technical, or capability assessments -- actions that led to substantial financial losses for Antam.

According to KPK investigators, the partnership was approved without consultation with Antam’s research, business development, and risk management divisions, violating internal corporate procedures.

Loco Montrado’s president director, Siman Bahar, was initially named a suspect early in the investigation but later won a pretrial motion that overturned his suspect status. However, on June 6, 2023, the KPK reinstated Siman as a corruption suspect after obtaining new evidence.

Add as a preferred source on Google +