NACC clears PTT executives in Indonesian palm oil case, but investigation continues into next phase
The NACC clears 17 senior PTT and PTTGE executives of wrongdoing in the palm oil investment case, but further investigation into later executives continues.
The National Anti-Corruption Commission (NACC) on Tuesday ruled that no wrongdoing was found among senior executives from PTT Public Company Limited and PTT Green Energy Company Limited (PTTGE) in relation to the palm oil plantation investment project in Indonesia. In total, 17 individuals were cleared, including:
- Nipit Isarankura, former acting managing director of PTTGE
- Prasert Bunsampan, former CEO and President of PTT
- Several former senior executives and private sector individuals
The NACC clarified that no evidence was found to prove that the first group of accused individuals benefited from or engaged in corrupt practices. The losses from the project were attributed to the management decisions of a subsequent group of executives, not the accused parties in this case. Consequently, the charges against them were dropped in both criminal and disciplinary terms.
The case's origin
On February 18, 2023, PTT filed a complaint with the NACC regarding former executives of PTTGE and their involvement in the palm oil project in Indonesia. The NACC appointed an investigation committee, which underwent several changes over the course of 12 years to thoroughly gather facts. The result of the investigation revealed that the actions of the initial management team did not meet the legal criteria for criminal offences.
Next phase of the investigation
Although the investigation into the first management team has concluded, the NACC is continuing its investigation into the second phase of the case. This phase focuses on executives who are accused of selling five project assets at below-market prices and below government valuation, actions which may constitute violations of the Criminal Code, specifically Section 157 (misconduct by public officials) and Section 200 (mismanagement of state assets).
These actions are believed to have caused significant financial losses to both PTT and PTTGE.
This ruling marks the conclusion of the investigation into the first group of executives involved in the Indonesian palm oil project. However, the investigation into the second phase will ultimately determine if any individuals are held accountable for the substantial losses caused to the organisation.
