Indonesia's Financial Services Authority (OJK) imposed administrative sanctions and corrective orders in three capital market cases involving stock manipulation, misleading financial statements and unauthorized client transactions. The measures include repayment of unlawful gains, fines, account closures and activity bans lasting up to 10 years. An investigation into trading in PT Panorama Sentrawisata Tbk shares between Sept. 6, 2022, and May 29, 2023, identified manipulation involving 20 client accounts and communications aimed at maintaining share price movements. The transactions created a false impression of trading activity and distorted price formation. OJK ordered Satrijanto Tirtawisata to repay IDR 5,073,291,914 in unlawful gains and barred Melani and Upita Amalia from activities in capital markets, financial derivatives and carbon exchanges for five years each. Securities firms were also ordered to close identified accounts. Three directors of PT Bintang Oto Global Tbk were each fined IDR 825 million, totaling IDR 2.475 billion, for signing misleading financial statements for 2017-2020. The statements recorded advance payments that did not reflect the actual use of initial public offering proceeds. In the separate client account case, former securities broker representative Lianiwati received a 10-year ban from activities in capital markets, financial derivatives and carbon exchanges for falsifying client portfolio reports and selling shares without client instructions.
Indonesia's Financial Services Authority imposes sanctions for stock manipulation, misleading reporting and client account misuse
Indonesia's Financial Services Authority (OJK) imposed penalties in three cases involving stock manipulation, misleading financial reporting and unauthorized client trades. It ordered repayment of IDR 5,073,291,914 in unlawful gains from Panorama Sentrawisata share trading and fined three Bintang Oto Global directors IDR 2.475 billion in total. Two participants in the manipulation case received five-year activity bans, while former securities broker representative Lianiwati was barred for 10 years for falsifying portfolio reports and selling shares without client instructions.