OJK sanctions parties for capital market violations in Indonesia

The Indonesian Financial Services Authority (OJK) has imposed administrative sanctions and fines following several capital market violations. In one case, OJK uncovered market manipulation involving PT Panorama Sentrawisata Tbk (PANR) stock between September 2022 and May 2023. Satrijanto Tirtawisata, Melani, and Upita Amalia were found to have used 20 interconnected client accounts to create a misleading impression of market activity, generating approximately Rp 5.07 billion in illegal profits.

In a separate matter, OJK fined three directors of PT Bintang Oto Global Tbk (BOGA) for presenting misleading financial reports between 2017 and 2020. The directors, identified as Arif Andi Wihatmanto, Yayan Heryanto, and Hendricus A. Hormein, were penalized for incorrect recording of down payments.

Additionally, OJK has issued fines totaling Rp 15.3 billion to 11 securities companies for administrative violations. These include nine firms involved in the trading of PT Dian Swastatika Sentosa Tbk (DSSA) shares and two firms, PT Henan Putihrai Sekuritas and PT BRI Danareksa Sekuritas, related to the initial public offering of PT Petrindo Jaya Kreasi Tbk (CUAN).