OJK imposes trillions of rupiah in fines on Indonesian market violators

The Indonesian Financial Services Authority (OJK) has issued administrative sanctions totaling trillions of rupiah against dozens of issuers, securities firms, and individuals for capital market violations. These infractions include issues related to stock trading, initial public offerings (IPOs), and unauthorized investment advisory practices.

Among the most significant penalties, PT Sinar Mas Tunggal, the controlling shareholder of PT Dian Swastatika Sentosa Tbk (DSSA), was fined Rp 1.5 trillion. PT Sinarmas Sekuritas also received a Rp 1.4 billion fine, and a securities underwriter's license was suspended for one year. Other securities firms, including PT BCA Sekuritas, PT Trimegah Sekuritas Indonesia Tbk, and PT Aldiracita Sekuritas, were each fined Rp 1.4 billion, while RHB Sekuritas was fined Rp 700 million.

In the case of PT Barito Renewables Energy Tbk (BREN), Anbo Holdings Ltd was fined Rp 500 billion. OJK reported that investigations into the BREN IPO revealed misleading actions during stock ordering, where parties related to the company's controllers obscured their identities to obtain large share allocations, leading to concentrated ownership and limited market circulation.

Additional penalties were issued regarding PT Petrindo Jaya Kreasi Tbk (CUAN), where Tigonis Capital Pte. Ltd. was fined Rp 100 billion. Other sanctioned entities include PT MD Pictures Tbk (FILM), PT Kioson Komersial Indonesia Tbk (KIOS), and PT Impack Pratama Industri Tbk (IMPC).