Panama's Pandora's Box

The international stir caused by the Panama Papers enlivened the WhatsApp discussion group of the Retirement Fund Association. The clamor increased after the association members discovered that the owner of a company in which they placed investment funds had set up a shell company in the British Virgin Islands. This news was a boon to the team investigating non-performing investment funds.

It has been nearly seven years since Arpeni Pratama Ocean Line and Berlian Laju Tanker failed to pay their debt-based securities (bonds) purchased by tens of members of the Retirement Funds Association. The upheaval caused by the Panama Papers led the members of this association to search for the owners of Arpeni and Berlian cited in those documents. "The discussion became lively because we were discussing the Panama Papers as well," said Ferry Agustono, CEO of Dana Pensiun ASDP Indonesia, one of the association's officials, last week.