Latest news with #AGO
Globe and Mail
a day ago
- Business
- Globe and Mail
Assured Guaranty Ltd. to Report Second Quarter 2025 Financial Results on August 7, 2025
Assured Guaranty Ltd. (NYSE:AGO) (the Company) today announced that it will issue its financial results press release for the second quarter ended June 30, 2025 after 4:00 p.m. Eastern Time (5:00 p.m. Atlantic Time) on Thursday, August 7, 2025. The press release and Assured Guaranty Ltd.'s Financial Supplement for June 30, 2025 will be available in the Investor Information section of the Company's website located at The Company will host a conference call for investors at 8:00 a.m. Eastern Time (9:00 a.m. Atlantic Time) on Friday, August 8, 2025. The conference call will be available via live webcast in the Investor Information section of the Company's website at or by dialing 1-833-470-1428 (in the U.S.) or 1-404-975-4839 (International); the access code is 849840. A replay of the conference call will be available approximately three hours after the call ends. The webcast replay will be available for 90 days in the Investor Information section of the Company's website at and the telephone replay will be available for 30 days by dialing 1-866-813-9403 (in the U.S.) or 1-929-458-6194 (International); the access code is 130320. About Assured Guaranty Ltd. Assured Guaranty Ltd. is a publicly traded (NYSE: AGO), Bermuda-based holding company. Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and non-U.S. public finance, infrastructure and structured finance markets. Assured Guaranty also participates in the asset management business through its ownership interest in Sound Point Capital Management, LP and certain of its investment management affiliates. More information on Assured Guaranty Ltd. and its subsidiaries can be found at
The Star
3 days ago
- Politics
- The Star
Indonesian authorities track Pertamina suspect Riza Chalid to Malaysia
JAKARTA: The Immigration and Corrections Ministry has revealed that the last-known whereabouts of Muhammad Riza Chalid, a key suspect in the high-profile corruption case involving state-owned oil and gas giant Pertamina, was traced to Malaysia. The ministry said last week that Riza departed Indonesia on Feb 6 for Malaysia and had not returned since. 'Based on the information we have, he is still in Malaysia to date,' deputy immigration minister Silmy Karim told reporters on Monday (July 21), as quoted by Antara. Acting immigration director general Yuldi Yusman previously said his office was coordinating with its Malaysian office and had 'communicated with the Malaysian Immigration Department and the Royal Malaysia Police to locate Riza'. He added that Riza had entered Singapore in August 2024 on a visitor visa. Also last week, in response to media reports speculating about his whereabouts shortly after he was declared a suspect in the Pertamina case, the Ministry of Foreign Affairs Singapore announced that Riza was not in the island state and 'had not entered Singapore for quite some time'. Separately, Attorney General's Office (AGO) spokesperson Anang Supriatna said investigators had been aware that immigration authorities had tracked Riza to Malaysia. 'We are currently looking into it to verify the details while continuing [our] efforts to bring Riza in for questioning," Anang told The Jakarta Post on Saturday. He added that the AGO would send a summons to Riza's registered address in Indonesia this week. If Riza failed to respond to multiple summonses, however, investigators might consider taking firmer action to compel him to appear for questioning, Anang said, without providing details on potential measures. Legal experts have meanwhile suggested that Indonesia could declare Riza a fugitive and submit a Red Notice request to Interpol to kick off an international manhunt, as well as initiate extradition proceedings. The Extradition Law contains provisions on the involuntary return of fugitives involved in high criminal offences in Indonesia, such as corruption. The law is ratified in bilateral treaties with several countries, particularly neighbouring nations with high cross-border mobility, including Malaysia, the Philippines, Singapore and Australia. Dubbed the 'godfather of oil' for his influence in the industry, the AGO named Riza as a suspect on July 11 for allegedly conspiring with executives of Pertamina and its subsidiaries to manipulate a leasing agreement for a fuel terminal in Merak, Banten, even though the oil and gas giant had no need of additional storage. As the beneficial owner of private fuel terminal and logistics companies PT Tangki Merak and PT Orbit Terminal Merak, Riza is also accused of profiting from the inflated terminal leasing agreement with Pertamina. The 17 other suspects, which include current and former senior executives of Pertamina and its subsidiaries as well as private companies such as Riza's son Kerry Adrianto, are already in the AGO's custody in connection with the case, which has incurred an estimated Rp 286 trillion (US$17 billion) in state losses. The AGO's initial investigation into the Pertamina corruption case centered on fraudulent schemes related to fuel import deals from 2018 to 2023 and the procurement of lower-octane subsidised gasoline for resale as a more expensive brand. The scandal has caused public trust in the state oil and gas holding company to plummet as fears rose among consumers nationwide that they might have been tricked into paying premium prices for low-quality fuel. - The Jakarta Post/ANN
The Star
12-07-2025
- Business
- The Star
Indonesian oil tycoon Riza Chalid named suspect in Pertamina corruption case
Attorney General's Office spokesperson Harli Siregar (left) and the Office of the Assistant Attorney General for Extraordinary Crimes investigation director Abdul Qohar (right) address journalists during a press briefing about the suspect naming in the fuel import corruption case at the AGO headquarters in Jakarta on July 10, 2025. - Antara via The Jakarta Post/ANN JAKARTA: The Attorney General's Office (AGO) has named oil tycoon Muhammad Riza Chalid a suspect in a corruption case pertaining to fuel imports at subsidiaries of state-owned oil and gas giant Pertamina that incurred trillions in state losses. Investigators at the Office of the Assistant Attorney General for Extraordinary Crimes (Jampidsus) found enough evidence to name the businessman a suspect amid their investigation into the case in which seven suspects were arrested in February. Among the suspects previously arrested by the AGO was Riza's son Kerry Adrianto, a beneficial owner of a private oil and gas shipping company. Riza, identified as the beneficial owner of PT Tangki Merak and PT Orbit Terminal Merak (OTM), allegedly agreed on a deal with Pertamina to lease the Merak fuel terminal in Banten at a time when the state oil and gas company did not require additional storage. He allegedly did so by intervening in Pertamina's governance policy, scrapped the Merak fuel terminal's asset ownership scheme in the contract and inflated its value, AGO spokesperson Harli Siregar said during a press briefing on Thursday (July 10). Investigators suspect that Riza conspired with then Pertamina supply and distribution vice president Alfian Nasution and marketing and trading director Hanung Budya and OTM president director Gading Ramadhan Joedo; the latter has been in AGO custody since February. Riza, Alfian and Hanung were among nine suspects named by the AGO on Thursday for allegedly causing state losses of up to Rp 285 trillion (US$17 billion) through irregularities in fuel trade planning and procurement, product compensation schemes and the below-market sale of non-subsidised diesel to private and state-owned enterprises. The estimated state losses were raised from a previous Rp 196 trillion when the AGO made the first wave of arrests in February. All suspects were arrested on Thursday, except for Riza who remains at large. AGO investigators believe that he is currently residing in Singapore. 'Riza failed to respond to three summonses for interrogation, but we have been coordinating with our representatives in Singapore to locate and bring him in,' Jampidsus investigation director Abdul Qohar said in Thursday's televised press briefing. Should Riza be found to reside in Singapore, the AGO may utilise a treaty between the city state and Indonesia that grants extradition for various offences, including corruption, money laundering and bribery, according to the laws of both countries and safeguards provided in the agreement. Indonesian authorities have used the treaty in an attempt to secure the return of Paulus Tannos, a businessman who was named a suspect in another high-profile graft case involving e-ID procurement. But the effort has yet to bear fruit, as Tannos has challenged Indonesia's extradition request in a Singaporean court. The AGO said that it had been looking into Riza's potential involvement in the Pertamina graft case since it arrested his son Kerry in February. The initial investigation revealed that the illicit scheme allegedly involved the procurement of lower-octane subsidised gasoline to be sold fraudulently at a higher price. The Pertamina case was not the first scandal to hit Riza, a longtime player in the country's oil trade who was known as the 'gasoline godfather' for his domination of the oil import business. He was previously linked to a case in 2008 involving the import of 600,000 barrels of mixed crude oil sold by his company Global Energy Resource to Petral, a trading firm owned by Pertamina. The case allegedly caused the state energy firm to lose some Rp 65 billion, but the investigation was later dropped by the police after they claimed no state losses had been incurred. The businessman later found himself at the center of another scandal in 2015. At that time, he and then-House of Representatives speaker Setya Novanto of the Golkar Party sought shares and projects from gold miner PT Freeport Indonesia in exchange for using his supposed influence over then-president Joko 'Jokowi' Widodo to secure a contract extension for the company. There was no formal criminal investigation into Riza or Setya in that scandal, which became known by the public as "papa minta saham" (daddy wants shares). Energy watchdog Centre of Energy and Resources Indonesia (CERI) lauded the AGO for naming Riza a suspect in the Pertamina corruption case and expressed the hope that investigators can successfully arrest him. 'Wherever he is now, we believe authorities will bring him in to hold him accountable,' CERI executive director Yusri Usman said in a statement on Friday, while conveying the hope that the AGO could expand the investigation to other suspects. The fuel import case has been seen as a test for President Prabowo Subianto, who has vowed that his government will not tolerate corruption and has threatened hefty prison sentences for offenders. When the AGO named nine suspects in the case in February, analysts urged the President to take direct action to dismantle the deeply entrenched corruption in the country's oil and gas business. - The Jakarta Post/ANN
Business Times
11-07-2025
- Business
- Business Times
Indonesia detains Trafigura employee in 285 trillion rupiah graft case
[JAKARTA] Indonesia has detained an employee of Trafigura Group along with seven other suspects in a case involving oil procurement by state-owned Pertamina, widening one of the nation's largest corruption investigations in recent decades. The Indonesian attorney general's office (AGO) said late Thursday (Jul 11) that it had held eight suspects, and was pursuing another believed to be overseas. They have been accused of alleged irregularities in oil purchases between 2018 and 2023, including actions related to export and import, vessel and terminal leasing, and product compensation arrangements. The suspects include an employee of commodity trader Trafigura Group who was a business development manager during the period in question. There are also two individuals linked to other private companies, as well as six people who were executives at Pertamina and its subsidiaries at the time, prosecutors said. The AGO identified them only by their initials and job titles. A spokesperson for Trafigura said that an employee of its Indonesian subsidiary had been cooperating with Indonesian authorities before being named a suspect in the case. The company is providing legal representation while awaiting further details about the allegations. A spokesperson for Pertamina said in a text message that the firm would respect the ongoing legal process and cooperate with authorities. Suspects have not been officially charged. The AGO can hold suspects for an initial detention period of 20 days, after which it must file charges, seek an extension or release those held. Abdul Qohar, a director at the AGO, said at a press briefing that prosecutors estimated state losses from the graft identified in the case at around 285 trillion rupiah (S$22.5 billion). This is up from the 193 trillion rupiah reported in February, after taking into consideration the broader impact on the economy. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The high-profile investigation represents a credibility test for President Prabowo Subianto, who has pledged to crack down on corruption in the country's sprawling state-owned enterprises. South-east Asia's largest economy ranks 99th out of 180 countries in Transparency International's 2024 Corruption Perceptions Index. AGO spokesperson Harli Siregar said authorities have detained over a dozen executives from Pertamina, its subsidiaries, and trading companies since February as part of a broader probe that has included the questioning of more than 250 witnesses. Prosecutors alleged that detainees had encouraged refineries to import crude and oil products at marked-up prices via opaque trading arrangements. In May, investigators also asked a number of several Singapore-based oil traders to meet in the city-state for questioning. The island is a storage hub for refined oil products, making it a vital link in the fuel supply chain. Qohar said the AGO was working with Indonesian legal representatives overseas to track down the final suspect, with a focus on Singapore. 'We've received information that the individual is there,' he said. 'We're taking all necessary steps to locate and bring him back.' BLOOMBERG
Business Times
11-07-2025
- Business
- Business Times
Indonesia detains Trafigura employee in US$17 billion graft case
[JAKARTA] Indonesia has detained an employee of Trafigura Group along with seven other suspects in a case involving oil procurement by state-owned PT Pertamina, widening one of the nation's largest corruption investigations in recent decades. The Indonesian attorney general's office (AGO) said late Thursday (Jul 11) that it had held eight suspects, and was pursuing another believed to be overseas. They have been accused of alleged irregularities in oil purchases between 2018 and 2023, including actions related to export and import, vessel and terminal leasing, and product compensation arrangements. The suspects include an employee of commodity trader Trafigura Group who was a business development manager during the period in question, as well as two individuals linked to other private companies and six people who were executives at Pertamina and subsidiaries at the time, prosecutors said. The attorney general's office identified them only by their initials and job titles. A spokesperson for Trafigura said that an employee of its Indonesian subsidiary had been cooperating with Indonesian authorities before being named a suspect in the case. The company is providing legal representation while awaiting further details about the allegations. A spokesperson for Pertamina said in text message that the firm would respect the ongoing legal process and cooperate with authorities. Suspects have not been officially charged. The AGO can hold suspects for an initial detention period of 20 days, after which it must file charges, seek an extension or release those held. Prosecutors estimated state losses from the graft identified in the case at around 285 trillion rupiah (S$22.5 billion), up from 193 trillion rupiah reported around detentions in February, after taking into consideration the broader impact on the economy, Abdul Qohar, a director at the AGO, said at a press briefing. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The high-profile investigation represents a credibility test for President Prabowo Subianto, who has pledged to crack down on corruption in the country's sprawling state-owned enterprises. South-east Asia's largest economy ranks 99th out of 180 countries in Transparency International's 2024 Corruption Perceptions Index. Authorities have now detained more than a dozen executives from Pertamina, its subsidiaries, and trading companies since February as part of a broader probe that has included the questioning of more than 250 witnesses, AGO spokesperson Harli Siregar said. Prosecutors in February alleged detainees had encouraged refineries to import crude and oil products at marked-up prices via opaque trading arrangements. In May, investigators also asked a number of several Singapore-based oil traders to meet in the city-state for questioning. The island is a storage hub for refined oil products, making it a vital link in the fuel supply chain. Qohar said the attorney general's office was working with Indonesian legal representatives overseas to track down the final suspect, with a focus on neighbouring Singapore. 'We've received information that the individual is there,' he said. 'We're taking all necessary steps to locate and bring him back.' BLOOMBERG
