Jakarta \u2014 Indonesia\u2019s Financial Services Authority (OJK) has imposed\nadministrative sanctions totalling Rp5.625 billion against several\nparties involved in the initial public offering (IPO) of PT Bliss\nProperti Indonesia Tbk (POSA).<\/p>\n
\u201cThe OJK will continue to enforce the law firmly and create a\ndeterrent effect for wrongdoers in the capital markets sector so that\nIndonesia\u2019s capital market can operate in an orderly, fair, and\nefficient manner, as well as with integrity,\u201d said M Ismail Riyadi, Head\nof the OJK\u2019s Department of Financial Literacy, Inclusion and\nCommunications, in a statement in Jakarta on Saturday.<\/p>\n
PT POSA was fined Rp2.7 billion for violating Law Number 8 of 1995\nconcerning Capital Markets (UUPM). The company presented receivables\nfrom related party PT Bintang Baja Hitam totalling Rp31.25 billion in\nits 2019 Annual Financial Statements (LKT). Additionally, PT POSA\nrecorded advance payments to PT Ardha Nusa Utama totalling Rp116.7\nbillion in its mid-year financial statements (LKTT) from 2019 to 2023.\nHowever, these receivables and advance payments were deemed not to\nprovide future economic benefits and therefore did not meet the criteria\nto be recognised as assets of PT POSA.<\/p>\n
The OJK stated that the funds originated from the IPO proceeds, which\nsubsequently flowed to Benny Tjokrosaputro in the amount of Rp126.6\nbillion and to PT Ardha Nusa Utama in the amount of Rp116.7 billion. PT\nArdha Nusa Utama is led by Ibrahim Hasybi as Director, who also serves\nas a member of the Audit Committee of PT Hanson International Tbk, a\ncompany also controlled by Benny Tjokrosaputro.<\/p>\n
The OJK has prohibited Benny Tjokrosaputro, as the controlling\nshareholder of PT POSA, from serving as a commissioner, director, or\nofficer of any capital markets company for life effective from 13 March\n2026. Tjokrosaputro was found to be the party responsible for PT POSA\u2019s\nviolations of the Capital Markets Law.<\/p>\n
The OJK also imposed sanctions on parties responsible for errors in\nthe presentation of PT POSA\u2019s financial statements. Gracianus Johardy\nLambert and Astried Damayanti, as Directors of PT POSA in 2019, were\njointly fined Rp110 million. Gracianus Johardy Lambert, Basuki Widjaja,\nand Eko Heru Prasetyo, as Directors of PT POSA for 2020\u20132023, were\njointly fined Rp1.95 billion.<\/p>\n
The OJK prohibited Gracianus Johardy Lambert, as Chief Executive\nOfficer of POSA for 2019\u20132023, from conducting capital markets\nactivities for five years from the date of the sanction.<\/p>\n
Two public accountants also received sanctions. AP Patricia, who was\na partner at KAP Kanaka Puradiredja, Suhartono at the time of\nengagement, was fined Rp150 million. AP Helli Isharyanto Budi Susetyo,\nas a partner at Kantor Akuntan Publik Kanaka Puradiredja, Suhartono, was\nalso fined Rp150 million.<\/p>\n
PT Nonghyup Korindo Sekuritas Indonesia (PT NH Korindo Sekuritas\nIndonesia) was fined Rp525 million and subject to administrative\nsanctions including a one-year suspension of its business licence\neffective from the date of the sanction. The OJK found that during the\nPOSA IPO process, PT NH Korindo Sekuritas Indonesia improperly allocated\nshares to Kahar Anwar, Francis Indarto, and Yenny Sutanto, who were\nnominees of Benny Tjokrosaputro as controlling shareholder of PT POSA.\nShare allocations were also made to Agung Tobing, another Tjokrosaputro\nnominee, without accompanying original share subscription forms.<\/p>\n
Additionally, PT NH Korindo Sekuritas Indonesia failed to conduct\nadequate customer due diligence procedures for these allocated share\ninvestors, including verification of beneficial owners and sources of\nfunds.<\/p>\n
Amir Suhendro Samirin, who served as Director of PT NH Korindo\nSekuritas Indonesia in 2019, was fined Rp40 million and prohibited from\nconducting capital markets activities for one year effective from the\ndate of the sanction. The sanction was imposed because Amir was found\nnot to have managed the securities firm with adequate care and\nresponsibility in the firm\u2019s interests.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/ojk-imposes-rp5-6-billion-fine-in-posa-ipo-case-1773503700", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }