Indonesia's Financial Services Authority (OJK) imposed administrative sanctions and written orders on PT Repower Asia Indonesia Tbk, PT Multi Makmur Lemindo Tbk and related parties following examinations into material transactions, IPO-related conduct and the presentation and audit of annual financial statements. In the Repower Asia case, the issuer was fined IDR 925 million for failing to follow material transaction procedures for a land sale and purchase in Tangerang on 16 February 2024, financed using IPO proceeds and valued at more than 20% of equity as at 31 December 2023. Its 2024 President Director, Aulia Firdaus, was fined IDR 240 million for failing to exercise due care in managing the company, contributing to the breach. In connection with the IPO, OJK sanctioned PT UOB Kay Hian Sekuritas with an IDR 250 million fine, a one-year freeze of its underwriter business licence (with ongoing underwriting mandates unaffected), and a written order to update a 2001 securities account opening form for UOB Kay Hian Pte. Ltd. within 10 working days. The measures related to failures to meet customer due diligence requirements under AML/CFT rules and the use of inaccurate information for guaranteed allocation to eight referral clients represented by UOB Kay Hian Pte. Ltd.; a former director of PT UOB Kay Hian Sekuritas, Yacinta Fabiana Tjang, was fined IDR 30 million and banned from capital markets activities for three years, while UOB Kay Hian Pte. Ltd. was fined IDR 125 million. In the Multi Makmur Lemindo case, OJK fined the issuer IDR 1.85 billion for recognising assets derived from IPO proceeds in its annual financial statements as at 31 December 2023 without adequate transaction evidence. Four directors for the 2023 period were fined jointly and severally IDR 3.36 billion for responsibility over the misstatement, and the 2023 President Director, Junaedi, received a five-year ban from capital markets activities. OJK also froze for two years the registered status (STTD) of the audit partner responsible for the 2023 audit, Agung Dwi Pramono, citing failures to apply applicable professional auditing standards.
OJK 2026-02-07
Indonesia's Financial Services Authority imposes fines, licence freezes and market bans over Repower Asia and Multi Makmur Lemindo capital markets breaches
Indonesia's Financial Services Authority (OJK) imposed sanctions on PT Repower Asia Indonesia Tbk and PT Multi Makmur Lemindo Tbk for violations related to material transactions and financial statement presentations. Sanctions included fines, business licence freezes, and bans from capital markets activities, with specific penalties for directors and audit partners for failing to adhere to professional standards and due diligence requirements.