Bapepam sanctions 10 securities companies

Bapepam sanctions 10 securities companies

JAKARTA (JP): The Capital Market Supervisory Agency (Bapepam)
said on Friday it had sanctioned ten investment management firms
for violating capital market regulations.

Bapepam said in a press statement that nine of the investment
firms had their operations suspended, while one had their license
revoked by the capital market watchdog.

Of the nine firms suspended, eight -- PT Bintang Nusantara
Securities, PT Finan Corpindo Nusa, PT Merrill Lynch Indonesia,
PT OCBC Sikap Securities, PT PDFCI Securities, PT Pranata
Securities, PT Primarindo Securities and PT UOBB Securities --
were ordered to cease operations for six months.

The ninth company, PT Orientama Inti Asset Management, was
ordered to halt operations for three months.

Should the firms fail to meet the requirements of the
regulation within the suspension period, Bapepam will consider
revoking their licenses, Detik.Com quoted the statement as
saying.

Bapepam revoked the license of PT Amstell Securities, while PT
Morgan Grenfell Astra Investment had returned its business
license to the agency following the firm's liquidation. (iwa)