Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  KOREA EXCHANGE  >  Hana Financial Group Inc    A086790   KR7086790003


News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Hana Financial : Indonesia prosecutors suspects fraud behind insurer's financial woes

share with twitter share with LinkedIn share with facebook
share via e-mail
12/18/2019 | 07:15am EST

Indonesian prosecutors believe they have found evidence of fraud at troubled state life insurer Jiwasraya, the lead prosecutor for the case said on Wednesday, after the insurer failed to pay more than 17,700 maturing policies.

Jiwasraya's customers, who claim to be owed 16.42 trillion rupiah ($1.17 billion) for maturing bancassurance savings plans, have been pressing authorities including the government and members of parliament to find a solution to the case.

"This is a big case with a very wide scope," lead prosecutor Adi Toegarisman told a news conference, saying his team had interviewed at least 89 witnesses and there were links to 13 companies.

His team identified individuals suspected to be involved in fraud and he said he expected to name them in due course, citing a requirement to compile evidence for at least three months before filing charges.

Attorney General Sanitiar Burhanuddin told the same news conference that prosecutors had found Jiwasraya's former management had put nearly its entire portfolio in the stock market and mutual funds in assets with poor returns.

This was likely to have resulted in potential state losses of 13.7 trillion rupiah, he said, without explaining how the figure was calculated.

Asked for comment, Jiwasraya President Director Hexana Tri Sasongko told Reuters in a text message: "We respect the legal process and direct all matters related to this (investigation) to shareholders and law enforcement officials."

Hundreds of Jiwasraya customers have lobbied a parliamentary commission overseeing state-owned enterprises (SOE) to resolve the situation, including some South Koreans who bought the product from the Indonesian banking unit of Hana Financial Group.

Lee Kang Hyun, a vice president of Samsung Electronics Indonesia, told a hearing he represented some 470 Koreans who had lost their money. He said appeals to regulators in South Korea and Indonesia had not worked so far.

"We bought it because it offered a very high interest rate. And it was offered by Jiwasraya, which is state owned," Lee said, explaining their reason for investing in the savings plan.

Indonesia's finance ministry has already said it does not intend to bail out Jiwasraya, while the SOE ministry said it was looking to sell shares to investors to raise money.

President Joko Widodo said in a statement Jiwasraya's problems were not easy to solve, but the government had drawn up some plans, promising things would be resolved.

(Reporting by Tabita Diela and Maikel Jefriando; Writing by Gayatri Suroyo; Editing by Ed Davies and Emelia Sithole-Matarise)

share with twitter share with LinkedIn share with facebook
share via e-mail
02/04HANA FINANCIAL : 4Q Net Profit Rose 7.4% on Year
2019HANA FINANCIAL GROUP INC : Ex-dividend day for final dividend
2019HANA FINANCIAL : Indonesia prosecutors suspects fraud behind insurer's financial..
2019HANA FINANCIAL : 3Q Net Profit Surged 41% on Year
2019HANA FINANCIAL : DPW Holdings Shares Up 14% on Reorg Plan for CBCS
2019South Korea to probe interest rate derivatives sales
2019HANA FINANCIAL : 2Q Net Profit Rose 3.4% on Year
2019South Korea's Hana Bank to buy 15% stake in Vietnam's BIDV for around $850 mi..
2019HANA FINANCIAL GROUP INC : Ex-dividend day for interim dividend
2019HANA FINANCIAL : KEB Hana deploys robot for key tasks
More news
Financials (KRW)
Sales 2019 7 823 B
EBIT 2019 3 748 B
Net income 2019 2 452 B
Debt 2019 -
Yield 2019 6,32%
P/E ratio 2019 4,07x
P/E ratio 2020 4,31x
Capi. / Sales2019 1 268x
Capi. / Sales2020 1 242x
Capitalization 9 923 B
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 45 253,57  KRW
Last Close Price 33 050,00  KRW
Spread / Highest target 60,4%
Spread / Average Target 36,9%
Spread / Lowest Target -3,18%
EPS Revisions
Jung-Tai Kim Co-Chairman & Chief Executive Officer
Seong-Bok Yoon Co-Chairman
Seung-Yeol Lee Vice President-Group Finance
Won-Goo Park Independent Director
Young-Joo Ham Vice Chairman & Executive Vice President
Sector and Competitors