Sritex Executive Sentenced to 12 Years in Prison for Banking Fraud and Money Laundering
The Semarang Corruption Court has sentenced Iwan Kurniawan, CEO of textile giant Sritex, to 12 years in prison for money laundering and misuse of banking credit facilities. The ruling highlights a massive state loss of 1.35 trillion IDR, with the court ordering significant restitution. His brother, Iwan Setiawan, received a 14-year sentence in the same case.
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