The Antam Gold Scandal: How Did Budi Said Purchase 3.5 Trillion Rupiah Worth of Gold at a Discount?

rasyiqi By rasyiqi - Writer, Digital Marketer
4 Min Read
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Let’s embark on this journey with a wise quote, “Gold is gold, but character is diamond.” Now, we’re going to delve into a tale involving both, but not in the way we might expect.

There’s a story circulating in the Indonesian business world, a drama involving gold, money, and character. Our main character is Budi Said, a property conglomerate from Surabaya.

Budi, who once soared high after winning a lawsuit against Antam, is now behind bars.

Budi Said, like a Phoenix, once soared high in the Indonesian economic sky. However, like a Phoenix burnt to ashes, Budi Said is now trapped behind bars due to a gold trading fraud case at Antam.

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This story begins from March 2018 to November 2018, when Budi Said, along with several others, is suspected of being involved in a conspiracy that harmed Antam.

They are suspected of orchestrating gold trading transactions by setting prices below the official rate, claiming it to be a discount for bulk purchases of gold bars.

With his cunning, Budi Said purchased 7,071 tons of gold worth 3.5 trillion Rupiah. However, Budi Said only received 5,935 tons of gold because Antam claimed to have only delivered gold bars at the official price listed on the company’s official website.

Feeling deceived, Budi Said demanded the shortage of gold bars weighing 1,136 tons. He sent a letter to the management of Antam Branch in Surabaya.

However, the letter was never responded to. So, Budi Said sent letters to Antam Headquarters in Jakarta. Nevertheless, Antam headquarters stated that they had never sold gold at a discounted price.

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With an undying spirit, Budi Said sued at the District Court (PN) Surabaya, initially lost at the High Court (PT) level, filed an appeal at the Supreme Court (MA), and won. However, this victory turned out to be just the beginning of Budi Said’s adventure.

The Attorney General’s Office (Kejagung) designated Budi Said as a suspect in the gold trading fraud case at Antam.

Budi Said, who was initially in a favorable position for winning a lawsuit of 1.1 tons of gold bars against Antam from the District Court (PN) Surabaya to the Cassation and Review (PK) levels at the Supreme Court (MA), now turned into a suspect and was directly detained by the Attorney General’s Office (Kejagung) in a separate case.

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This story serves as a reminder to us all that truth and justice always prevail above all else. While gold may shine, character is the true diamond.

And as we know, a diamond is the hardest stone, which cannot be broken or shaped by anything other than another diamond.

So, let’s learn from Budi Said’s story. Let’s strive to be diamonds in a world full of gold. Because in the end, our character is what truly defines us.

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