Alleged Criminal Offences in the Capital Market, OJK Raids Securities Firm Identified as MA

Jakarta, VIVA – The Financial Services Authority (OJK) conducted a raid at the offices of a securities firm identified as MA alias PT MASI, located in the Sudirman Central Business District, Jakarta, on Wednesday, 4 March 2026. In its press release, OJK explained that the raid is part of the law enforcement process for alleged criminal acts in the capital market. ‘This action is a firm move by OJK to safeguard integrity, transparency, and public trust in Indonesia’s capital market,’ as quoted from the OJK press release, Wednesday, 4 March 2026. The raid carried out by the OJK Investigations Team was conducted to develop the investigation into alleged manipulation of material facts, which violates Section 104 in conjunction with Section 90 subsidiarily Section 107 of Law No. 8 of 1995 on the Capital Market. This relates to the failure to report the affiliate recipients of fixed allotment in an initial public offering (IPO), and the submission of IPO fund-use reports that did not reflect actual conditions. ‘The alleged manipulation of reports and information is believed to involve the securities party,’ wrote OJK. Additionally, the investigators found suspected fictitious transactions as regulated in Section 104 in conjunction with Section 91 of Law No. 8 of 1995 on the Capital Market, consisting of inter-affiliate transactions involving seven corporate entities and 58 individual nominee entities, executed by six operators under the suspect’s control. ‘The sequence of transactions is alleged to have caused the BEBS share price on the regular market to rise significantly, by around 7,150 percent,’ wrote OJK. The suspected capital-market offences occurred between 2020 and 2022 and are alleged to involve Mr. ASS as the beneficial owner of PT BEBS, Mr. MWK as the former Director of Investment Banking at PT MASI, and the corporation PT MASI, with the modus operandi of insider trading, IPO manipulation, and fictitious transactions. In handling the case, OJK investigators have questioned 25 witnesses from PT MASI, PT BEBS, banks, nominee entities, and other related parties. OJK emphasises that in handling offences in the financial services sector, OJK continually coordinates and collaborates with the District Court and the PPNS Korwas Bareskrim Polri.