An Indonesian businessman was found guilty and fined 5.7tln rupiah or US$371.7mln for unethically trading stocks at insurance firm Asabri.
Prosecutors pressed for the death penalty for Benny Tjokrosaputro, but judges - led by Ignatius Eko Purwanto- decided on a fine instead.
The court said the state could seize any assets if he didn’t pay the fine.
Tjokrosaputro, accused of controlling Asabri’s investments between 2012 and 2019, purposely purchased overinflated stocks that later decreased in value.
The 53-year-old was found guilty yesterday of trading these stocks in return for personal gain for himself and business associates.
Tjokrosaputro garnered interest when he attempted to sue Goldman Sachs (NYSE:GS) for US$1bln in 2018, a case he lost at the Supreme Court.
He is currently serving a life sentence for a 2020 case involving him losing hundreds of millions when working at insurer Asuransi Jiwasraya.
Asabri, which provides insurance for civil servants, the police, and the military, has not reported positive numbers since 2020.
The case is now being referred to as one of the worst cases of corruption in Southeast Asia as concerns about regulation in the industry grow.
Indonesia passed a law meaning policyholders of a firm will be protected should an insurer goes bankrupt.