Antam Ordered to Pay 1.1 Tons of Gold to Surabaya Conglomerate: Supreme Court Verdict

Antam Ordered to Pay 1.1 Tons of Gold to Surabaya Conglomerate: Supreme Court Verdict

JAKARTA, – PT Aneka Tambang Tbk (ANTM) or Antam must pay compensation for gold bullion of 1,136 kilograms or 1.1 tonnes to a conglomerate from Surabaya, Budi Said.

This follows the Supreme Court (MA) rejecting the Judicial Review (PK) proposed by Antam, thereby strengthening the cassation decision previously submitted by Budi Said that Antam must replace 1.1 tonnes of gold.

Regarding this matter, Corporate Secretary Division Head of PT Aneka Tambang Tbk, Syarif Faisal Alkadrie, said that the lawsuit had no impact on the company’s operational, legal activities and business continuity.

He ensured that the company had sufficient financial capacity to face the lawsuit.

“Antam has a solid financial position which is reflected in the position of cash and cash equivalents at the end of the first six months of 2023,” he said in an information disclosure, quoted Monday (25/9/2023).

Also read: Who is Budi Said who defeated Antam in the lawsuit over 1.1 tonnes of gold?

Apart from that, this issue also does not have a material impact on the company’s consolidated financial statements, because Antam has recorded a provision in its previous financial statements for the lawsuit in accordance with PSAK 57.

Recording provisions also applies the principles of good corporate governance.

Antam ensures that financial management and recording are carried out in a prudent, accountable and transparent manner by paying attention to compliance with applicable financial accounting standards.

“The company ensures that all business processes run normally by always paying attention to good governance and providing optimal service for customers,” said Faisal.

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The Supreme Court’s decision to reject Antam’s PK against Budi Said is set for September 12 2023.

Also read: Complete Chronology of Antam Sentenced to Pay 1.1 Tons of Gold to Surabaya Conglomerate

This case began when Budi Said bought 7,071 kilograms of gold through Eksi Anggraeni as marketing from Antam’s Surabaya branch for IDR 3.5 trillion in 2018. However, of the agreed total, the gold bullion that Budi Said received was only 5,935 kilograms.

Meanwhile, the difference of 1,136 kilograms of Antam gold was never received by Budi Said. In fact, according to Budi Said’s confession, the money for the gold purchase had been handed over to Antam.

Budi Said also felt that he had been cheated, so the matter continued by taking legal action, which ended in Antam losing Budi Said’s lawsuit and having to send the missing gold.

Also read: Supreme Court Rejects PK, Antam Must Replace 1.1 Tons of Gold Worth IDR 1.15 T to Surabaya Conglomerate

However, on another occasion Faisal stated that the company had carried out its rights and obligations for all buying and selling transactions in accordance with the applicable regulations.

The company has delivered all goods according to the quantity paid by the plaintiff to the authorized party with reference to the official prices in effect at that time.

“The plaintiff’s accusations were made by individuals who acted outside their authority and did not comply with company regulations,” said Faisal to, Monday (18/9/2023).

Also read: Antam Opens Up About Having to Compensate 1.1 Tons of Gold to Surabaya Conglomerate

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2023-09-25 14:00:00
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