Thousands of people in Indonesia alone refused to pay their debt towards their banks because they claimed that the "Debt-Burden Liberation Certificate" they were holding issued by Swissindo and Mr Sino would liberate Indonesian people from any debt. (link)
The United Nations reported Swissindo as a scam (link).
Their leader SUGIHARTONO alias SINO SUGIHARTO NOTO NEGORO was arrested in August 2018 (link) and sentenced in January 2019 to 3 years and 10 months of jail for falsifying financial letters (criminal case number 421/Pid.B/2018/PN Sbr).
Mr Sino Sugiharto Noto Negoro (left)
The Swissindo group calls itself a "sovereign organisation with its own combined collateral...of Gold and Platinum." and Mr Sino is mentioned among other titles as the M1 and "the 681st King in an unbroken line of Indonesia servant-kings called “King of Kings”". (link)
There is no such title as "King of Kings" in respect of the Collateral Accounts. Mr Sino appears to have a very big ego and was, for whatever reason, clearly over glorifying himself without any basis whatsoever. Such jokers always enter the stage in a dramatic manner and then start to postulate in such a way that makes the joker appear to be the saviour and a person of great importance. Of course some people will believe him because their lives are in such a mess that money is their God and they cannot face the reality of life. Mr Sino, and those around him, are nothing more than frauds, insane fools and conmen, all joining the ranks of many others who know very little about the Collateral Accounts, how it is all set up and how it works. This is not the first "King of Kings" we have come across, there is also one person in the Philippines who claims the same position, is as arrogant as anyone can possibly be, and nothing or no one else is right or true, only what he believes is the truth. They all have an excellent and vivid imagination and they would do well writing fairy tale books for children.
Swissindo and Mr Sino went as far as creating a so called "voucher M1 master bond" as a life basic income for all.
Mr Sino used to hold Gold Bullion Certificates of which most are the certificates formerly held by President Soekarno, but he could not use them at all, because he needed all the other parts. Anyhow, he is not even mentioned in Soekarno’s 5 personal volumes of the records of the Collateral Accounts held by Soekarno under Custodianship rules; so Mr Sino is effectively a nobody. The certificates he held are possibly what he has stolen, or, certificates that have been passed to him by others.
The certificates are always held many miles away from the physical asset, so certificates which Mr Sino was holding are not relevant because the physical for those certificates will not be in Indonesia, or anywhere that he can get at it. All assets and accounts are listed on screens but more to the point there is a full and accurate register of the assets and the locations. None of the stolen assets evaporate into thin air. They are there somewhere and will ultimately be recovered.
Swissindo is a scam, a very elaborate scam which most Indonesians would never be able to put together in a lifetime. One needs collaborators which means a highly dubious and crooked bank, some exceptional lawyers, and strong and high level connections into an already dubious and crooked financial system to be able to manipulate the system for your own means.
The Collateral Accounts are not, and never have been, linked to any one country, politics, religion, or anything else. They are completely independent to ensure that no one, or no party, has, or exercises any power, undue influence, duress over said accounts.