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Jakarta. After failing to meet an earlier deadline, insurance company Asuransi Jiwa Bakrie told its frustrated former clients on Friday that their long wait for repayment of misused investment funds would continue indefinitely.

A nine-hour meeting between company representatives and customers failed to yield any sort of concrete offers by the company. “In the meeting the customers urged Bakrie Life to fulfill their promise and pay the installment they missed, because for most of the customers the money is used for everyday living,” said Yoseph, one of the clients who attended.

Timoer Sutanto, president director of the company, also known as Bakrie Life, said during a break in the meeting that the insurer was simply unable to raise the money needed to pay its former customers.

“We told them to be patient because currently we do not have the funds to pay them,” he said. “Our majority shareholder, Bakrie Capital Indonesia, has not been able to inject any money because they have had difficulties raising funds. This is not like finding money for [investment] projects, which banks love to fund.”

Timoer said Bakrie Life, controlled by the family of Aburizal Bakrie, one of Indonesia’s richest and most powerful men, was still committed to repaying its former investors. “We are still committed but we ask the customers to be patient. It will take time,” he said.

The customers have been waiting for nearly two years. Bakrie Life still owes up to Rp 290 billion ($32 million) to its customers who invested in its Diamond Investa product, Timoer said.

Bakrie Life created the product in 2005. According to the prospectus, 90 percent of investors’ money would be invested in bonds, and it promised returns of up to 13 percent annually. After the stock market crash of late 2008, Bakrie Life suspended interest payments and refused to return the initial investments to the customers, about 600 in total. It was later revealed that 80 percent of the money was in equities, about half of which was in Bakrie Group stocks.

In October 2009, Timoer said Bakrie Life would repay the investors in stages, with all of the money being paid by January 2012. Bakrie Life made one payment to some customers in March, but failed to make a scheduled remittance by the end of June.

Yoseph said the customers on Friday asked Bakrie Life to deposit some form of collateral with them, whether stocks, bonds or real estate.

Meanwhile, the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) told the Jakarta Globe last week that the Bakrie Life clients were on their own.

“The customers must deal directly with the company because it is now a civil case. They can hire lawyers and go to court. We have done our part by intermediating between them,” said Fuad Rahmany, head of the regulator.

“What else should we do? Should Bapepam give back their money?” he said. “It’s ridiculous. You were tricked by this company and now Bapepam has to pay for it?”