Indonesia Financial Services Authority (OJK) imposed administrative sanctions and written orders for capital market rule breaches involving PT Indo Pureco Pratama Tbk (IPPE) and parties linked to PT Tianrong Chemical Industry Tbk, formerly PT Tridomain Performance Materials Tbk (TDPM). The measures include fines on issuers, directors, auditors and the IPO underwriter, a one-year suspension of underwriting activities for PT KGI Sekuritas Indonesia, and individual prohibitions from conducting capital market activities; OJK put TDPM-related fines at IDR 6.21 billion. For IPPE, sanctions address misstatements in the 2021–2023 annual financial statements and failures to submit and announce material information, including the cessation of operations. IPPE was fined IDR 4.625 billion and its 2021–2023 directors, Syahmenan and Kemas Najiburrahman Awali, were fined IDR 840 million jointly. Auditors Ben Ardi and Rizki Damir Mustika were each fined IDR 265 million, while public accounting firm Jamaludin, Ardi, Sukimto dan Rekan was fined IDR 525 million, for failures to apply professional auditing standards and quality controls. In relation to the IPPE IPO, underwriter PT KGI Sekuritas Indonesia was fined IDR 3.4 billion and had its underwriting business activities frozen for one year from the sanction letter, with underwriting for registration statements submitted before the sanction letter still permitted; the breaches cited include inadequate customer due diligence and improper fixed allotments to investors affiliated with an employee. KGI’s president director, Antony, was fined IDR 650 million and barred from capital market activities for 18 months from the sanction letter. For TDPM, OJK fined the 2020 board of directors IDR 435 million jointly for misstatements in the 2020 annual financial statements, including items relating to related-party loans and unsupported fixed-asset additions, and fined auditors Roy Tamara and Abror IDR 40 million each for not applying auditing standards in audits where fixed-asset additions were materially misstated. Further sanctions covered failures to consolidate subsidiaries EBCI and ENG in TDPM’s 2021 annual financial statements, deficiencies in affiliated and material transaction procedures (including a 28 June 2023 debt transfer agreement and changes to a loan facility of USD 10,110,539 secured by receivables of USD 48,474,733), omissions in controller and beneficial ownership disclosure in annual reports, and failures to hold annual general meetings for financial years 2023 and 2024. Individual controlling shareholder Hadiran Sridjaja was fined IDR 1.63 billion and prohibited from capital market activities for five years from 27 February 2026 for concealing beneficial ownership information.

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