Statutory Managers claimed that Bumiputera Rescue has

been approved by Policy Holders

" If our rights or claims were not paid, we may be angry. We
questioned what is the legal standing of Mr.Jaka (complainant) ? On
behalf of policyholder? BPA has agreed with the FSA's decision."

Tuesday 27/12/2016, 12.21 PM

Martha Ruth Thertina
Statutory Manager (Interim Management Board appointed by FSA) in Asuransi Jiwa Bersama
/AJB Bumiputera (Bumiputera Joint Life Insurance) for Human Resources, General Affairs and
Communication, Adhie Massardi, ensure that there is no abuse of authority in restructuring
AJB Bumiputera. This assertion related to police report of Mr.Jaka Irwanta, as the policyholder
to the police on charges of abuse of authority by the Chief Executive of Non-Bank Financial
Institution Supervision FSA (Financial Services Authority), Mr.Firdaus Djaelani.

Mr. Adhie explained that FSA and statutory manager board perform restructurization upon
approval of BPA/Badan Perwakilan Anggota ( Members Representative Board). BPA
consisted of 11 people representing the owner or policyholders spreading throughout Indonesia.
"BPA has agreed with FSA's decision," said Mr. Adhie to Katadata on Monday evening (26/12).

Due to abovementioned reason, Adhie said that transfer of assets from AJB Bumiputera to PT
Asuransi Jiwa Bumiputera which is a business unit that has been acquired by PT Evergreen
Invesco Tbk. was not an abuse of authority. The move is constituting part of restructuring the
company and the management efforts to ensure policyholder claims are paid on-time.

"Assets sale, transfer of assets performed by statutory managers in order to meet the claim of
policyholders," said Adhie. So far, he confirmed that any default never occurred. It was in
accordance with statutory management commitment, payment of claims should not be
postponed unless there are any unresolved administrative issues.

(See also: Financial Condition of AJB Bumiputera is Getting Worse)

Due to payment of claims going on smoothly then Adhie also questioned the reason of Mr.
Jaka filed police report to the police. "If we do not pay the claims then be angry," he said.
Furthermore, Adhie also questioned the legal position of Mr. Jaka in filing such report. "We
are questioning what is the legal standing of Mr. Jaka (complainant) ? On behalf of
policyholder ? BPA has agreed with FSA's decision, "he said.

The plan, statutory managers will hold a press conference to explain the restructuring scheme
on AJB Bumiputera to public tomorrow, on Wednesday (28/12). However, Adhie emphasized
that this step is not to respond on Mr.Jaka accusation.

"This is our accountability, describes the progress, yesterday (the scheme) is not yet final and
now it is ready," he said. (See also: Parliament Will Summon FSA To Discuss the Noisy of
Bumiputera Rescue)

As reported earlier, Jaka Irwanta reported Chief Executive of Non-Bank Financial Institution
Supervision from FSA, Firdaus Djaelani to the police for alleged abuse of authority. Jaka
accused Firdaus decision to appoint statutory management board into AJB Bumiputera has
violated the law. As well as statutory manager move to transfer company assets to any other
party.

"Many things are ignored. It's a crime, "said Jaka to Katadata, on Thursday (22/12). (See also:
Bumiputera Take-Over, FSA Commissioner was reported to the Police).
Finance

Bumiputera Take Over, FSA

Commissioner was Reported to the
Police
Have policyholders ever been informed, is there any consultation?
Transferring assets to other party is theft, said Bumiputera
policyholder, Mr.Jaka Irwanta.

Chief Executive of Non-Bank Financial Institution Supervision in FSA, Firdaus Djaelani.

Saturday, 24/12/2016, 08.00 AM

Martha Ruth Thertina
FSA (Financial Service Authorities) steps to take over management of Joint Life Insurance
(Asuransi Jiwa Bersama/AJB) Bumiputera has been challenged by policyholder. Last
Wednesday (21/12), Chief Executive of Non-Bank Financial Institution Supervision from FSA,
Firdaus Djaelani, officially being reported to the Police.
Policyholder AJB Bumiputera, Jaka Irwanta, has reported Mr. Firdaus on the alleged abuse of
authority. Jaka considers Firdaus decision to appoint the statutory manager AJB Bumiputera
and transferring the assets of the company to the other party has broken the law.

"Many things are being violated. It's a crime, "said Jaka to Katadata, on Thursday evening
(22/12). (Read also: Long List of Wrong Investment Eroding Investment Fund of Bumiputera)

He also suspected that the decision for statutory manager was not done by Board of
Commissioners Meeting in FSA. This information was found from the appointment letter of
statutory manager. In the letter, according to Jaka, there is not any meeting that decides the
appointment of the statutory manager.

Besides, the letter was signed by Mr.Firdaus only "So we reported that pursuant to (Article)
421 (Indonesian Criminal Acts), as an abuse of authority," he said.

However, that is not the only Jakas allegation. Restructuring measures that was taken by FSA
and statutory managers has ignored some legislation, from the Basic Constitution 1945 and the
Articles of Association of AJB Bumiputera. (See also: Finance Commission in DPR (Indonesian
Parliament) Rejects Bailout Opportunities for Bumiputera).

Jaka Irwanta reported FSA Commissioner, Mr.Firdaus Djaelani to the Police. (Doc. Jaka Irwanta)
He explained that the Bumiputera is the one and only entity operating in accordance with Article
33 of Basic Constitution 1945 regarding cooperative. If AJB Bumiputera became insolvent then
there is no longer any business entity operating under the provision.

In addition, Mr. Jaka also reminded about the role of Bumiputera in Indonesia development.
"The founders of this country are the founders of Bumiputera. What we do will not be enough
as an appreciation to Bumiputera "he said.

He also highlighted the legal basis used by Firdaus and statutory managers in handling the
Bumiputera. The legal basis in question is Act No. 21 of 2011 concerning FSA and Act. Number
40 of 2014 in regard of Insurance. (See also: FSA Steps to Take Over Bumiputera Was Justified
as Against the Law).

Those two legislation were used to measure the health of Bumiputera and decides statutory
manager. In fact, the health of Bumiputera cannot be measured by the insurance legislation. Due
to the establishment of Bumiputera was not as a limited liability company but a cooperative
(mutual), therefore necessitating different way to measure its health. "Bumiputera does not
sick," he said. (See also: Financial Condition of AJB Bumiputera Is Getting Worse.)

However regulation regarding mutual insurance has not yet been issued, though it was mandated
either by the former insurance law and the latest one. "If there is no legal protection on it, and
there is no binding rules, so it is a wrong target, "said Jaka. This statement refers to Acts No. 12
on the establishment of legislation.

Finally, the FSA also considered as violating Articles of Association of AJB Bumiputera.
According to Jaka, since 2014, FSA was the one who appointed member of board of directors
and commissioners in AJB Bumiputera. Such appointment determination is also forced to
Members Representative Body (BPA), which is representing the policyholders or Bumiputera
owner.

To the police, Jaka also reported that Bumiputera assets transfer on the last October 22, one day
after the appointment of the statutory manager. The assets transfer was done without any
knowledge of the policyholders who are the owner of Bumiputera.
"Have the policyholders ever been informed, being consulted ? Transferring assets of other
people is theft he said. According to information he acquired, all assets are now held by the
notary public.

Jakas suspicion that prospective investors who intend to acquire Bumiputera are also not aware
that the assets being sold by FSA and statutory manager are owned by someone else. "So the
new issue that they are (potential investors) being lied," he said. (See also: Rights Issue
Postponed, There is New Scenario To Rescue the Bumiputera).

According to him, the police have promised to process the case seriously. "Due to the case is
unique, almost the same as the case of Century (Bank). Director of Crime Division (Police
Office) said, this would be an extraordinary case, it must be treated seriously, "said Jaka.

Unfortunately, Mr. Firdaus cannot say anything on this issues. "I am still doing Umrah," he
informed Katadata by short messaging service, on Friday (23/12).