Indonesia's Financial Services Authority (OJK) has handed over suspect SAS to the Boyolali District Prosecutor's Office in Central Java in a capital markets crime case alleging manipulation and false price formation in PT Sriwahana Adityakarta Tbk (SWAT) shares. The handover took place on 28 January 2026 and follows a 13 January 2026 Phase II transfer of three other suspects and evidence, with transfers conducted in stages under applicable legal procedures. The alleged conduct occurred in June to July 2018 on the Indonesia Stock Exchange’s regular market, where suspects are accused of conspiring to trade SWAT shares through nominee securities accounts across nine securities companies to create a misleading impression of SWAT’s share price and influence public investment decisions. OJK has identified four suspects: SAS (SWAT president director), CKN and SB (general manager and finance employee at PT Sri Rejeki Isman Tbk), and H (entrepreneur); the scheme is described as engineering SWAT’s initial public offering allocation using nominee securities and bank accounts, including accounts of employees and shell companies, and then trading in the secondary market. OJK reported 60,121 matched trades (around 10.0%), a volume of 639,778,200 shares (14.7%), and a transaction value of IDR 230,892,423,600 (13.3%), with trading patterns including trade domination, matched trades, buy-initiator activity to raise prices, and buying market impact between 8 June and 5 July 2018; the case is being pursued under Articles 91 and/or 92 in conjunction with Article 104 of Law No. 8 of 1995 on Capital Markets.

Original source View in tracker