JAKARTA – The president director of bankrupt Indonesian textile giant Sritex has been arrested as part of a corruption investigation, Indonesia’s Attorney-General’s Office (AGO) said on May 21.
The AGO confirmed to Reuters that the arrest of Mr Iwan Kurniawan Lukminto was due to alleged irregularities related to a bank loan provided to Sritex. Local media earlier reported the loan was provided by a state bank.
Reuters sought comment from Sritex, but it did not immediately respond.
The AGO did not provide details on the case, the size of the loan or which lender provided it.
Sritex was declared bankrupt at the end of 2024 after it struggled to service its debts, which reached US$1.6 billion (S$ 2.07 billion) in June. It stopped…
