March 12, 2025 | 09:02 pm
TEMPO.CO, Jakarta - Recent social media posts claimed that state losses in PT Antam's alleged corruption case reached Rp5.9 quadrillion (Rp5,900 trillion) and that 109 tons of fake gold were in circulation. The Attorney General’s Office (AGO), which has been investigating the case since May 2024 and has named six suspects, denied these figures.
The AGO refuted the Rp5.9 quadrillion claim, reiterating that previous estimates put the state’s losses at Rp1 trillion. “We never reported such a figure in the Antam case,” said AGO spokesperson Harli Siregar on March 11, as Antara reported.
Additionally, the AGO addressed social media claims that 109 tons of fake gold were circulating. It clarified that the gold bearing PT Antam’s stamp was not counterfeit but illegally sourced.
“The gold sold was genuine, but it was obtained through illegal means,” Harli explained. According to regulations, stamped gold must be verified before distribution. However, in this case, illegal gold was mixed with legitimate supplies, affecting Antam’s stock and causing an oversupply that impacted market prices.
“So, the 109 tons of gold in this case is real,” he confirmed.
The AGO is currently handling two cases linked to PT Antam. First is the suspected corruption in the management of gold commodities from 2010 to 2022, currently being tried at the Jakarta Corruption Court. The second is the sale of Antam gold at below-official prices, involving businessman Budi Said.
The 109-Ton Gold Case
After a year-long investigation starting in 2023, the AGO uncovered corruption in PT Antam’s gold trade, which allegedly persisted for 12 years, involving 109 tons of gold. The suspects allegedly mixed illicit gold with Antam’s legitimate products. “This illegal gold trade has significantly depleted Antam’s reserves, causing multiplied losses,” said Kuntadi, Director of Investigations at the AGO’s Special Crimes Division.
The six suspects, all former general managers of Antam’s Precious Metals Processing and Refining Business Unit (UBPP), served from 2010 to 2022: TK (2010–2011), DM (2011–2012), HM (2013–2017), AH (2017–2019), MAA (2019–2021), and ID (2021–2022). The AGO alleges they facilitated the processing of private gold into Antam-stamped bars and distributed them illegally.
PT Antam has assured the public that all Antam-branded gold in circulation is genuine and meets purity standards. Corporate Secretary Syarif Faisal Alkadrie emphasized that all Antam gold carries official certification and is refined at Indonesia’s only LBMA-certified plant.
“This ensures that all Antam-branded gold circulating in the market is authentic and meets purity standards,” he said.
Regarding the 109 tons of gold under investigation, Syarif explained that the issue lies in the unauthorized use of Antam’s brand.
“The gold itself is genuine and was produced at Antam’s facilities, but its branding was misused,” he clarified.
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