Indonesia | Ex-Garuda CEO named as suspect in corruption case

Emirsyah Satar

Indonesia’s anti-corruption agency named Emirsyah Satar, a former chief executive officer of state-owned PT Garuda Indonesia, as a suspect in an international bribery case.

The agency, also known as KPK, is investigating the bribery case linked to parties in several countries in Asia and Europe, spokesman Febri Diansyah said in a text message. The agency was expected to announce more details about the case in a press conference, he said.

The corruption case is related more to individual actions and not Garuda’s activities as a company, the airline said in a statement. Garuda is fully cooperating with KPK in its investigation, it said. Satar wasn’t immediately available for a comment on his mobile.

Satar served as the chief executive of Garuda for a decade through 2014, overseeing a debt restructuring and an initial public offering that allowed it to expand its fleet to 134 aircraft. He’s currently the chairman of Lippo Group’s MatahariMall.com, or PT Global ECommerce Indonesia.

Garuda slid 1.7 percent to 348 rupiah as of 3:32 p.m. in Jakarta, while shares of PT Matahari Department Store, which holds about 10 percent stake in MatahariMall.com, rose 1.2 percent to 14,875 rupiah. Bloomberg