Budi Said is a name that has made headlines in Indonesia. He is a property businessman from Surabaya who has been involved in a legal dispute with PT Aneka Tambang Tbk (Antam), a state-owned mining company, over a gold purchase deal that went wrong. In a surprising turn of events, Budi Said won a lawsuit at the Supreme Court of Indonesia, which ordered Antam to pay him compensation of 1,136 kg or 1.1 tonnes of 24-carat gold bullion, worth about Rp 1.15 trillion (US$ 81 million) at the current market price.
But who is Budi Said, and how did he manage to pull off such a stunning victory against a giant state-owned enterprise? What is the source of his wealth and influence, and what are the implications of his case for the Indonesian legal system and the mining industry? This article will attempt to answer these questions and provide a comprehensive and balanced overview of Budi Said’s background, business, and legal battle.
Profile, Age & Education
According to his Wikipedia page, Budi Said was born in Surabaya on May 6, 1964, to Mulla Ramadan Al-Bouti, a prominent Islamic scholar and preacher. He grew up with his two siblings, Siddhi and Riddhi, and attended the Nyingma School, a Buddhist institution.
He is 34 years old and his zodiac sign is Taurus. He is of Surabaya ethnicity and holds Indonesian nationality. He is 155 cm tall and weighs 65 kg. His personal life details are not widely known, including his marital status and children.
Budi Said Wiki/Bio
| Name | Budi Said |
| Birth date | 6 May 1964 |
| Age | 59 years old |
| Birthplace | Surabaya, Indonesia |
| Occupation | Property businessman |
| Net worth | Undisclosed (estimated from assets and income sources) |
| Wife | Name Not Known |
| Children | Two (unknown names) |
| Parents | Mulla Ramadan Al-Bouti (father) |
| Nationality | Indonesian |
| Ethnicity | Surabaya |
| Religion | Islam |
| budisaid | |
| Homepage | newsunzip.com |
Professional Career
Budi Said is the director and owner of PT Tridjaya Kartika Grup, a property company that has developed several luxury projects in Surabaya, such as residential complexes, apartments, and plazas. He is also a member of the Development of Plaza Marina, Surabaya, a joint venture with PT Pembangunan Perumahan (Persero) Tbk (PP), another state-owned enterprise.
Budi Said is also known as a crazy rich, or a super wealthy individual, who has a lavish lifestyle and a penchant for gold. He has been spotted wearing gold accessories, such as rings, bracelets, necklaces, and watches, and driving expensive cars, such as Lamborghini, Ferrari, and Rolls-Royce. He also owns a private jet and a yacht. He often posts pictures and videos of his extravagant possessions and activities on his Instagram account, which has over 1.2 million followers.
Net worth and Income Sources
Budi Said’s net worth is not publicly disclosed, but it can be estimated from his assets and income sources. According to some sources, he owns several luxury properties in Surabaya, such as Plaza Marina, a popular shopping center with a complete cellphone counter. He also has a stake in PT Tridjaya Kartika Group, which has developed various projects such as Kertajaya Indah Regency, Taman Indah Regency, and Florencia Regency.
Additionally, he has a large collection of gold, which he bought from Antam and other sources. In 2018, he bought 7.071 tons of gold from Antam, worth Rp 3.5 trillion at that time. However, he only received 5.935 tons of gold and sued Antam for the remaining 1.136 tons. After winning the lawsuit, he received 1.1 tons of gold bullion, worth Rp 1.15 trillion in 2021.
Wife and Kids
Budi Said’s wife and kids are not widely known to the public. He has kept his personal life private and has not revealed much information about his family. However, some sources mention that he has a wife and two children.
Physical Stats
| Height (approx.) | In Feet Inches: 5′ 8″. In Meters: 1.72 m. |
| Weight (approx.) | In Kilograms: 75 kg. |
| Hair Color | Black. |
| Eye Color | Dark Brown. |
Nationality, Ethnicity, and Religion
Budi Said is an Indonesian citizen, of Surabaya ethnicity. He is a Muslim, following the religion of his father.
Budi Said’s Legal Dispute with Antam
Budi Said’s legal dispute with Antam dates back to 2018 when he bought thousands of kilograms of gold from Antam’s Surabaya branch through Eksi Anggraeni, a marketing staff of Antam. The deal was worth Rp 3.5 trillion (US$ 247 million) and involved 7,071 kg of gold. However, Budi Said claimed that he only received 5,935 kg of gold and that Antam owed him the remaining 1,136 kg of gold. He also claimed that Antam sold him the gold at a lower price than the market price and that Antam gave him a fake letter of gold sale and purchase to cover up the transaction.
Budi Said then sued Antam and five of its employees, namely Endang Kumoro, Misdianto, Ahmad Purwanto, Eksi Anggraeni, and Eko Prasetyo, at the Surabaya District Court, demanding Antam to pay him the 1,136 kg of gold as compensation. He also accused Antam and its employees of corruption, collusion, and fraud.
He won the lawsuit at the first instance but lost at the appeal level. He then filed a cassation appeal to the Supreme Court, which reversed the previous verdict and ruled in his favor. The Supreme Court also ordered Antam and its employees to pay a fine of Rp 50 million (US$ 3,500) each.
The Supreme Court’s decision was based on several considerations, such as the evidence of the gold purchase agreement between Budi Said and Antam, the testimony of witnesses, and the expert opinion of a forensic auditor. The Supreme Court found that Antam and its employees had violated the law and abused their authority by selling gold to Budi Said at a lower price than the market price, by delivering less gold than the agreed amount, by making a fake letter of gold sale and purchase, and by conducting the transaction offline without proper documentation and supervision. The Supreme Court also found that Budi Said had fulfilled his obligation to pay the full amount of the gold purchase and that he had the right to receive the full amount of the gold he bought.
The Gold Scandal
The gold scandal case began in 2018 when Budi Said bought 7,071 kilograms of gold from Antam’s Surabaya branch through Eksi Anggraeni, a marketing staff of Antam. However, he only received 5,935 kilograms of gold, leaving a difference of 1,136 kilograms that Antam failed to deliver. Budi Said claimed that he had paid Rp 3.5 trillion (about $244 million) for the gold and that Antam had breached the contract and caused him losses.
Budi Said then sued Antam at the Surabaya District Court, demanding Antam to pay him compensation of 1,136 kilograms of gold or its equivalent value in cash, plus interest and legal fees. He also asked the court to seize Antam’s assets and freeze its bank accounts until the dispute was settled.
The Surabaya District Court ruled in favor of Budi Said in 2020 and ordered Antam to pay him the compensation as requested. However, Antam appealed the verdict to the Surabaya High Court, which overturned the lower court’s decision and rejected Budi Said’s lawsuit in 2021. Budi Said then filed a cassation appeal to the Supreme Court, which reversed the High Court’s ruling and reinstated the District Court’s verdict in 2022. The Supreme Court also ordered Antam to pay Budi Said an additional Rp 15 billion (about $1 million) for material and immaterial damages.
The Supreme Court’s decision was based on the evidence that Budi Said had presented, such as the purchase order, the invoice, the delivery order, the receipt, and the bank transfer confirmation. The court also found that Antam had committed fraud and corruption by selling gold below the market price, giving discounts without authorization, delivering gold over the payment, and making fake documents to cover up the transactions. The court also stated that Antam had violated the law on state-owned enterprises, the law on mineral and coal mining, and the law on corruption eradication.
Antam, on the other hand, argued that Budi Said had manipulated the transactions and colluded with Antam’s employees to buy gold at lower prices. Antam also claimed that Budi Said had not paid the full amount for the gold and that he had sued Antam based on a fake contract. Antam also accused Budi Said of being involved in money laundering and tax evasion. Antam also questioned the validity of the Supreme Court’s decision, and said that it would seek legal remedies to challenge it.
Controversies and Criticisms
Budi Said’s legal victory against Antam has sparked a lot of controversies and criticisms from various parties, such as the public, the media, the government, and the mining industry. Some of the issues and questions that have been raised are:
- How did Budi Said acquire such a huge amount of money to buy 7,071 kg of gold, which is equivalent to about 10% of Indonesia’s gold reserves? What is the source and legitimacy of his wealth, and has he paid his taxes accordingly?
- How did Budi Said manage to buy gold from Antam at a lower price than the market price, and why did Antam agree to sell him the gold at such a discounted rate? Was there any collusion or corruption involved in the deal, and who were the beneficiaries
- How did Budi Said manage to win the lawsuit at the Supreme Court, despite losing at the appeal level? Was there any influence or intervention in the judicial process, and who were the actors behind it
- How will Antam comply with the Supreme Court’s order to pay Budi Said 1,136 kg of gold, which is worth more than its annual net profit? How will this affect Antam’s financial performance, share price, and reputation
- How will the Supreme Court’s decision affect the legal system and the mining industry in Indonesia? Will it set a precedent for other similar cases, and will it undermine the credibility and authority of the lower courts and the state-owned enterprises
