Jakarta High Court Increases Sentence for "Crazy Rich" Budi Said to 16 Years in Prison for Antam Gold Corruption | Xweb Media
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Jakarta High Court Increases Sentence for “Crazy Rich” Budi Said to 16 Years in Prison for Antam Gold Corruption

endonesiecorp February 21, 2025 11:05 am . 3 min read
Image credit Ricki Putra Harahap/Beritasatu – Trial of Antam’s gold corruption case with defendant Budi Said at the Jakarta Tipikor Court on Friday (12/27/2024).

Jakarta, xweb.biz.id – The Jakarta High Court has officially increased the sentence of Budi Said, the infamous “Crazy Rich Surabaya” businessman, to 16 years in prison following his appeal. Said was found guilty of corruption related to the trading of precious gold from PT Antam Tbk.

Chief Judge Herri Swantoro announced that the harsher sentence was issued after reviewing the appeals submitted by both the public prosecutor and the defense team.

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“We have changed the previous decision from the Central Jakarta District Court, specifically concerning the length of the sentence,” Judge Swantoro said in a statement issued Friday.

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The court also upheld the imposed fine of Rp 1 billion, which is accompanied by a six-month confinement. However, in terms of the additional penalty of substitute money, the judges increased the amount to 1,136 kilograms of Antam gold, equivalent to around Rp 1.07 trillion based on the current price of gold from December 2023. This marks an increase from the original sum of 58,841 kg of Antam gold, valued at Rp 35.53 billion.

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“If the defendant fails to pay the replacement amount, his assets can be confiscated and auctioned to cover the debt. However, if he lacks sufficient assets, a 10-year prison sentence will replace the financial penalty,” the Chief Judge added.

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This decision follows a series of legal proceedings where Budi Said was initially sentenced to 15 years in prison by the Jakarta Corruption Court for his involvement in both corruption and money laundering. The charges stem from his actions related to fraudulent gold transactions that resulted in substantial state financial losses.

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Said was found guilty of accepting 58.13 kg of gold, valued at Rp 35.07 billion, from Antam without proper documentation or payment. Furthermore, there is an outstanding obligation of 1,136 kg of gold from Antam to Said, as per the Supreme Court’s ruling in June 2022.

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The court’s ruling takes into account aggravating factors, including Said’s actions that undermined government efforts to combat corruption, thus violating public trust and justice.

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Said’s case is significant not only for the corruption involved but also for the money laundering (TPPU) linked to the gold transactions. His actions led to financial harm to the state amounting to Rp 1.07 trillion, as he concealed transactions by falsely recording sales and using the proceeds to fund his business activities.

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This case serves as a stark reminder of the dangers of corruption and money laundering, as well as the commitment of the Indonesian legal system to uphold justice.

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"Crazy Rich Surabaya"16-year sentenceAntam goldBudi Saidcorruptiongold fraudIndonesian corruption caseJakarta Corruption CourtJakarta High Courtmoney launderingPT Antam Tbkreplacement money penaltySupreme Court ruling
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