JAKARTA \u2013 The Financial Services Authority has imposed an\nadministrative penalty of Rp 4.625 billion against PT Indo Pureco\nPratama Tbk for violations in the capital markets.<\/p>\n
M. Ismail Riyadi, Head of the Literacy, Financial Inclusion and\nCommunication Department at the OJK, stated that the company had\nmisrepresented the balance of assets from Initial Public Offering\nproceeds, which were allocated as advances for factory building and\nmachinery.<\/p>\n
\u201cFor the error in presenting asset balances in the form of advances\nfor factory building and machinery derived from IPO proceeds of PT Indo\nPureco Pratama Tbk,\u201d said Ismail in an official statement on Saturday,\n28 February 2026.<\/p>\n
\u201cSince these did not provide future economic benefits to be\nrecognised as assets,\u201d Ismail added.<\/p>\n
Other violations concerned the obligation to disclose information. PT\nIndo Pureco was found to have failed to convey material facts to the OJK\nand did not announce material information or facts relating to the\ncessation of operational activities.<\/p>\n
\u201c(Violation of) Article 6 in conjunction with Article 2 Paragraph (1)\nof POJK 31\/POJK.04\/2015,\u201d said Ismail.<\/p>\n
The OJK also imposed a fine on Najiburrahman Awali, Director of PT\nIndo Pureco for the period 2021 to 2023, of Rp 840 million as joint and\nseveral liability. Responsibility for the inconsistency of the factory\nbuilding and machinery advance assets from IPO funds was deemed to be\njointly borne.<\/p>\n
\u201cAdministrative penalties in the form of fines of Rp 840 million are\nimposed,\u201d Ismail stated.<\/p>\n
He was found to have violated Article 66 Paragraph 1 of Law Number 4\nof 2023 concerning the Development and Strengthening of the Financial\nSector in conjunction with Articles 21(c), (d), and (e) of POJK Number 9\nof 2023 concerning the Use of Public Accountant Services and Public\nAccounting Firms in Financial Services Activities.<\/p>\n
\u201cMr Ben Ardi did not apply public accountant professional standards\nin the implementation of audit services for the 2021 and 2022 annual\nfinancial reports of PT Indo Pureco Pratama Tbk,\u201d he said.<\/p>\n
The auditor of the 2023 annual financial report, Rizki Damir Mustika,\nwas also fined Rp 265 million for similar reasons.<\/p>\n
The Public Accounting Firm Jamaludin, Ardi, Sukimto and Partners was\npenalised Rp 525 million.<\/p>\n
\u201c(Because it) did not apply quality control standards in the\nimplementation of audit services for the 2021, 2022, and 2023 annual\nfinancial reports of PT Indo Pureco Pratama Tbk,\u201d Ismail emphasised.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/ippe-penalised-rp-4-6-billion-for-misrepresenting-ipo-assets-1772286923", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }