Disgraced Banker Robert Tantular Gets Nine Years in Jail for Embezzlement

Jakarta Globe, Nivell Rayda, May 10, 2010

The Supreme Court on Monday whacked an additional four years on the five-year jail term imposed on banker Robert Tantular.

The former majority shareholder of PT Bank Century — since renamed Bank Mutiara — was convicted of issuing $220 million in fraudulent loans and misusing depositors’ money.

The Supreme Court also ordered Tantular to pay Rp 100 billion ($11 million) in fines or face an additional eight months in prison.

Supreme Court Judge Mansur Kartayasa, who presided over the case, said the decision to increase Tantular’s sentenced was based on the fact that the defendant had “damaged the public’s trust toward the national banking system and created losses to the customers and the state.”

The Jakarta High Court in January sentenced Robert to five years in prison and Rp 50 billion in fines. The High Court argued that Tantular had only violated banking laws by interfering in the bank’s operations and put the blame on the management for charges of embezzlement.

Judge Mansur said that Robert was found guilty of all three charges of banking crime, embezzlement and fraud. “The defendant has violated a combination of several criminal offenses,” he said.