Fake Letter of Credit Case

By :
Berna Merinda Febi
(12410145)

Information of the Case

It happend around July 2002 until August 2003
Opening Bank of L/C are :
Rosbank Switzerlanyd,
Dubai Bank Kenya Ltd
The Wall Street Banking Corp
Middle East Bank Kenya Ltd
Mediator Bank
American Express Bank
Standard Chartered Bank

 Total amount of the L/C : USD 166,79 million

& EUR 56,77 million (around 1,7 Trillion
Rupiah)
Beneficiary of the L/C :
11 companies under the Gramarindo
companies
2 companies under the Petindo Group
Goods exports : Quarzt sand and residue oil
Export destination : Congo and Kenya
Type of the L/C : Usance L/C

 Suspects of the Case :

Mrs Titik Pristiwanti (Director of PT. Bhinekatama Pacific)
Mrs Yudi Baso (Director of PT. Basomindo)
Mr Jeffery Baso (The owner of PT. Basomindo and PT. Trianu
Caraka Pacific )
Mrs Aprilia Widharta (Head Director of PT. Pan Kifros)
H. Ollah Abdullah Agam (Director of PT. Gramarindo Mega
Indonesia)
Adrian Pandelaki Lumowa (Director of PT. Magnetique Usaha
Esa Indonesia)
Richard Kountul (Director of PT. Metrantara)
Edy santosa (Former Head of Customer Service Overseas at
the main branch office of BNI in Kebayoran Baru, South
Jakarta)
Kusadiyuwono (Former Head of the main branch of BNI Bank
in Kebayoran Baru, South Jakarta)
Nirwan Ali (Operational Manager of BNI Bank in Kebayoran
Baru, South Jakarta)

Chronology of the Case

BNI Bank branch Kebayoran Baru (South
Jakarta), receive 156 L/C from the issuing
Bank which are : Rosbank Switzerlanyd,
Dubai Bank Kenya Ltd, The Wall Street
Banking Corp, Middle East Bank Kenya Ltd.
Because BNI Bank has not yet have
correspondance relation between most of
those issuing Bank, than they agreed to
use American Express Bank and Standard
Chartered Bank as the mediator

 Beneficiary filed the draft of export credit for

those L/C, to and approved also by BNI Bank, Pt.
Gramarindo Group receive 1,6 trillion rupiah, and
Petindo Group receive 105 billion rupiah
After some L/C due date, the opening Bank can
not paid the claim, neither to the costumers that
can not return the money of the L/C that been
disbursed
BNI Bank report the case to the Police
After the investigation , Police found that there
were no export activity

 Gramarindo Group has return 542 billion to the BNI

Bank
Around 1,2 trillion can not be return and possibility it
become the potentional loses of BNI Bank.
The final decision from the supreme court toward the
main actor of the Fake L/C which is Ollah Abdullah
Agam is 15 years imprison
Edy santoso also punish 15 years imprison and
administrative sanction as much as 300 million rupiah
Nirwan Ali punish 8 years imprison and administrative
santion as much as 300 million rupiah.