After IPO Scandal, PIPA Plans Rights Issue Fundraising

PT Multi Makmur Lemindo Tbk (PIPA) is planning a capital increase by granting pre-emptive rights (PMHMETD), or a rights issue. The plan has received shareholder approval through an Extraordinary General Meeting of Shareholders (RUPSLB).

President Director of PT Multi Makmur Lemindo Tbk, Firrisky Ardi Nurtomo, expressed appreciation for the support and trust given by shareholders towards the company’s strategic move. This corporate action is expected to strengthen the company’s capital structure and support future business development plans.

‘Management will follow up on this approval carefully, measurably, and in accordance with applicable regulations. Our focus is on strengthening the capital structure, improving the quality of corporate management, and opening up better opportunities for the company’s future business growth,’ Firrisky said in an official statement on Friday (26/6/2026).

For context, PIPA has been hit with layered sanctions by the Financial Services Authority (OJK), affecting the board of directors and the auditor. The harshest sanction was imposed on the company’s president director, who was banned from activities in the capital market sector for five years.

The OJK stated that the sanctions were determined based on the results of an examination of the presentation of the Annual Financial Report as of 31 December 2023. The regulator found recognition of assets originating from the use of IPO funds that was not supported by adequate transaction evidence, thus violating capital market regulations and applicable accounting standards.

For these violations, the OJK imposed an administrative fine of Rp1.85 billion on the company. In addition, four directors of PT Multi Makmur Lemindo Tbk for the 2023 period were jointly and severally fined Rp3.36 billion. The four sanctioned directors are Junaedi as President Director, Imanuel Kevin Mayola, Hendri Saputra, and Airlangga. The OJK assessed that these directors were responsible for the misstatement of the company’s financial report.

Furthermore, the OJK issued a Written Order in the form of a five-year ban on activities in the capital market sector to Junaedi as President Director during the reporting period. This ban was given because the individual was deemed to have violated the principle of directors’ responsibility for financial reports as stipulated in capital market regulations.

Not only management, but the auditor was also implicated. The OJK suspended the Registered Certificate (STTD) of Agung Dwi Pramono from KAP Andi Ruswandi Wisnu dan Rekan, who at the time of the violation was a partner at KAP Budiandru dan Rekan, for two years, following findings that the auditor did not adequately apply public accountant professional standards in the audit process of the 2023 annual financial report.

The OJK emphasised that this series of sanctions is part of law enforcement to maintain the integrity and credibility of the capital market, particularly in the supervision of post-IPO issuers. The regulator also stressed the importance of accountability in the use of IPO funds, the quality of financial reports, and the active role of directors and auditors in maintaining investor confidence.