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Bapepam has also repealed the operating licenses of two stock brokers, Muhammad Nur and Bistok L. Tobing.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)