Alleged Corruption Case Involving PT Timah: How Has Its Stock Performed?

The Attorney General's Office (Kejagung) is investigating an alleged corruption case involving the tin trade management in the Mining Business License (IUP) area of PT Timah Tbk from 2015 to 2022. To date, 16 individuals have been named as suspects.

Most recently, Harvey Moeis, husband of actress Sandra Dewi, was named a suspect on Wednesday, March 27, 2024, as reported by *Katadata*.

Kuntadi, Director of Investigation at the Attorney General's Office for Special Criminal Acts (Jampidsus), stated that Harvey was named a suspect for alleged involvement in the corruption case involving Helena Lim, a wealthy individual from Pantai Indah Kapuk, who was previously also named a suspect.

Harvey is suspected of engaging in discussions with the then-CEO of PT Timah, Rizal Pahlevi, from 2018 to 2019. Rizal has also been previously named a suspect.

(Read *Katadata*: [Facts of PT Timah Corruption, Involving Harvey Moeis and Causing Rp271 Trillion in State Losses](https://katadata.co.id/berita/nasional/660a480134825/fakta-korupsi-pt-timah-seret-harvey-moeis-dan-rugikan-negara-rp271-t))

According to Kuntadi, during these meetings, Harvey requested Rizal to accommodate illegal tin mining in PT Timah's IUP area. After several meetings, an agreement was reached for cooperation in managing tin processing equipment in the area.

Harvey also instructed smelter owners to provide profits to him and other suspects. As a result of this agreement, Harvey subsequently received Corporate Social Responsibility (CSR) funds through PT QSE, facilitated by Helena Lim.

Environmental damage from this case is estimated at Rp271.06 trillion. This calculation was developed by Professor Bambang Hero Saharjo of the IPB Forestry Faculty, an expert in forest forensics.

(Read also: [Price of Rolls-Royce Ghost, Sandra Dewi's Car Confiscated in the Tin Case](https://databoks.katadata.co.id/datapublish/2024/04/02/harga-rolls-royce-ghost-mobil-sandra-dewi-yang-disita-dalam-kasus-timah))

The case is still under investigation. What is the impact on the movement of PT Timah Tbk (TINS) shares?

Based on data compiled from Yahoo Finance, at the time Harvey was named a suspect, the share price briefly dropped slightly to Rp805 per share on Wednesday, March 27, 2024. The previous day, the TINS share price was Rp810.

In the following days, the TINS share price fluctuated. As of Tuesday, April 2, 2024, the share price has surged to Rp925 per share. This is the highest value since the beginning of the year (year-to-date), which was in the range of Rp540-600 per share in January-February.

The TINS share price has only increased significantly since March 2024, as shown in the graph.

(Read also: [BBCA Became the Most Sold Stock by Foreign Investors Before the End of March 2024](https://databoks.katadata.co.id/datapublish/2024/03/27/bbca-jadi-saham-paling-banyak-dilepas-asing-jelang-akhir-maret-2024))