Indonesia’s Financial Services Authority (OJK) has completed its investigation into alleged fictitious or misleading transactions in the trading of PT Sriwahana Adityakarta Tbk (SWAT) shares and has transferred the case file to the public prosecutor. The file has been declared complete (P-21), and OJK has handed over the suspects and evidence to the Boyolali District Prosecutor’s Office. The alleged offences relate to June to July 2018, when suspects are accused of colluding to trade SWAT shares using nominee securities accounts through nine securities companies, creating a false impression of SWAT’s share price in the regular market. OJK cited 60,121 matched transactions (around 10.0%), trading volume of 639,778,200 shares (14.7%), and transaction value of IDR 230,892,423,600 (13.3%), with patterns including trade dominance, matched trades, buy initiation to raise prices, and buying market impact between 8 June and 5 July 2018. OJK concluded the conduct falls under Articles 91 and/or 92 in conjunction with Article 104 of Law No. 8 of 1995 on Capital Markets, carrying potential penalties of up to 10 years’ imprisonment and fines up to IDR 15,000,000,000.
OJK 2026-01-15
Indonesia’s Financial Services Authority hands over SWAT stock manipulation suspects and evidence to prosecutors
Indonesia’s Financial Services Authority (OJK) concluded its investigation into alleged fictitious transactions involving PT Sriwahana Adityakarta Tbk (SWAT) shares, transferring the case file to the Boyolali District Prosecutor’s Office. The offences, occurring between June and July 2018, involved collusion to manipulate SWAT’s share price, violating Articles 91 and/or 92 of Law No. 8 of 1995 on Capital Markets, with potential penalties of up to 10 years’ imprisonment and fines up to IDR 15 billion.