This year, Bakrie Life does not pay the mortgage

JAKARTA, Indonesia - If there was a survey, whichever is most fond of the company reneged on a promise, Life Insurance PT Bakrie (Bakrie Life) would be number one.

The company reneged on a promise to pay back the refund installment Diamond Investa customers associated cases of default. Throughout this year, Bakrie Life did not pay the mortgage principal to 250 customers of Rp 80 billion.

Not to mention, the remaining arrears September and December last year to Rp 28 billion, including interest payments in the month of August to December 2011 which reached USD 8 billion. The customers are forced to bite the fingers.

Freddy Koeshariono, customer representatives Diamodn Investa was disappointed over the attitude of Bakrie Life. According to him, Bakrie has violated an agreement with installment refund, as contained in the letter agreement (LCS) between the management of Bakrie Life with customers. "This letter formally signed by both parties," he said, Wednesday (21/12).

In fact, the requesting scheme in installments that just the management of Bakrie Life itself. Because do not see other opportunities, the customer accepted the offer, which is then poured in the LCS. "Ironically, they deny themselves," he said.

Lie Hendy, another customer to make sure, Bakrie Life will not complete its obligations until the end of this year. He obtained the assurance that after visiting the office of Bakrie Life.

In fact, according to LCS, should Bakrie Life early next year have paid off the remaining obligation as much as 50%. While another 50% in installments. "To date, no refund up to 30% of total customer funds," said Lie.

President Director of Bakrie Life Timoer Soetanto previously said it could only await capital injections from Bakrie Capital Indonesia (BCI) as the holding company. "We can not promise anything. Payments depend on wholesale funds business, "he stated. Surprisingly, the BCI is more willing to disburse funds to win the 2014 World Cup broadcasting rights in Brazil

Capital Market Supervisory Agency and Financial Institution Supervisory Agency (Bapepam-LK) actually requires that Bakrie Life provide periodic reports every week. The report contains, among others, the communication between the directors and the client. "With or without development, Bakrie Life shall submit reports to us," said Head of Insurance Bureau of Bapepam-LK, Isa Rachmatarwata, recently.