Indonesia's Financial Services Authority (OJK) has searched PT MASI’s office in Jakarta’s Sudirman Central Business District as part of a law enforcement process into suspected capital market crimes. The case relates to alleged manipulation of material facts information around an initial public offering and suspected sham transactions that allegedly drove a sharp increase in BEBS shares. The search forms part of an expanded investigation into suspected violations of Indonesia’s Capital Market Law (Law No. 8 of 1995), including failure to report an affiliated party receiving a fixed allotment in an IPO and the submission of an IPO use-of-proceeds report that did not match actual conditions, with the suspected manipulation involving a securities party. Investigators also identified suspected sham transactions involving affiliated-party trades across seven corporate entities and 58 nominee individuals, executed by six operators under the control of a suspect, which allegedly increased the BEBS share price in the regular market by around 7,150%. The suspected offences occurred between 2020 and 2022 and are alleged to involve ASS (beneficial owner of PT BEBS), MWK (former Investment Banking Director of PT MASI), and PT MASI as a corporate party, with alleged modes including insider trading, IPO manipulation, and sham transactions. OJK investigators have examined 25 witnesses from PT MASI, PT BEBS, banking parties, nominees, and other related parties, and are coordinating with the district court and the National Police’s criminal investigation oversight for civil servant investigators (Korwas PPNS Bareskrim Polri).

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