Alleged Stock Price Manipulation: OJK Raids Securities Firm Office in SCBD

Jakarta — The Financial Services Authority (OJK) conducted a search of the PT MASI office located in the Sudirman Central Business District. The move is part of law enforcement actions in relation to alleged criminal acts in the capital market. The raid was carried out by OJK’s Investigation Team in the context of developing the investigation into alleged manipulation of material facts. The alleged violations refer to Article 104 read together with Article 90, subsidiarily Article 107 of Law No. 8 of 1995 on the Capital Market. The case relates to alleged failure to report by a related party receiving fixed allotment in an initial public offering (IPO), and the submission of IPO fund usage reports that do not reflect actual conditions. The alleged manipulation of reports and information is said to involve the securities firm. Additionally, OJK investigators found suspected fictitious transactions as regulated in Article 104 read together with Article 91 of Law No. 8 of 1995 on the Capital Market. The alleged transactions were related to related-party transactions involving seven corporate entities and 58 individual nominee entities. The series of transactions is said to have been executed by six operators under the control of the suspect. The transactions are alleged to have caused the price of PT BEBS shares on the regular market to rise significantly, by around 7,150 percent. “These alleged capital market crimes occurred between 2020 and 2022 and are suspected 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 insider trading, IPO manipulation, and fictitious transactions,” said the Executive Director of Financial Services Investigation of OJK, Daniel Bolly Hyronimus Tifaona, as quoted from a press release, Wednesday, 4 March 2026. In handling the case, OJK investigators have examined 25 witnesses. The witnesses come from PT MASI, PT BEBS, the banking sector, nominees, and other related parties. OJK notes that in handling crimes in the financial services sector, the agency coordinates and cooperates with the District Court and Korwas PPNS Bareskrim Polri. Law enforcement is conducted consistently and sustainably as part of a commitment to maintaining the integrity of the financial services sector and protecting the interests of investors and the public.