Bapepam suspends 3 securities firms
Bapepam suspends 3 securities firms
JAKARTA (JP): The Capital Market Supervisory Agency (Bapepam)
has suspended the operations of three securities firms and
revoked two stock brokers' licenses.
Agency chairman I Gede Putu Ary Suta said yesterday that the
three firms should correct their faults before resuming
operations.
"Whatever the reasons, they must rehabilitate themselves first
before going on with their next plans," Putu said in response to
questions about a securities firm's plan to acquire one of the
penalized companies.
PT Perdana Cipta Finance had reportedly planned to acquire PT
Putrajuang Sekupindo, whose operations were suspended on Oct. 29.
The agency's legal bureau chief, I Nyoman Tjager, said on
Tuesday that Putrajuang Sekupindo was suspended after providing
Bapepam with inaccurate reports on its adjusted net working
capital.
Tjager said the company had not kept lists of investors and
failed to maintain records about its investors' orders and
financial positions. The company also lacked surveillance systems
and procedures for monitoring the activities of its stock brokers
and broker assistants, he said.
In addition to Putrajuang Sekupindo, Bapepam has suspended the
licenses of PT Tunas Perdana Securindo and PT Transpacific
Securindo.
The violations of Tunas Perdana and Transpacific are similar
to those of Putrajuang Sekupindo. The two companies used
unlicensed stock brokers and even their president directors
engaged in stock broking activities without appropriate licenses.
Bapepam has also repealed the operating licenses of two stock
brokers, Muhammad Nur and Bistok L. Tobing.
Nur was found to be conducting transactions in the name of his
customers and investors without their orders or consent. Bapepam
also found he took profits from trading activities conducted
under his customers' names.
Tobing's license was suspended for conducting transactions
which were not recorded in his securities company's book keeping.
He was also accused of not forwarding fee payments from
transactions to the company. (alo/rid)