Benny Tjokro Banned from Capital Markets Activity for Life

JAKARTA — The Financial Services Authority (OJK) has imposed a lifetime ban on Benny Tjokrosaputro from engaging in capital markets activities following violations discovered in the initial public offering (IPO) process of PT Bliss Properti Indonesia Tbk.

The sanctions take effect from 13 March 2026.

“Benny Tjokrosaputro, as controller of PT Bliss Properti Indonesia Tbk, is prohibited from serving as Board Commissioner, Director, or officer of any capital markets company for life, effective from the date of the decision on 13 March 2026,” the OJK stated in an official announcement on Saturday (14 March 2026).

The case centres on improper recording of receivables from related parties. These receivables totalled Rp 31.25 billion to PT Bintang Baja Hitam, as recorded in the 2019 annual financial report.

The company also recorded advance payments to PT Ardha Nusa Utama totalling Rp 116.7 billion across financial statements from 2019 to 2023.

The OJK determined that these receivables and advance payments would provide no future economic benefit. This assessment rendered the recorded amounts unsuitable for recognition as assets.

The funds in question originated from the proceeds of PT Bliss Properti Indonesia Tbk’s initial public offering.

The OJK identified fund flows totalling Rp 126.6 billion to Benny Tjokrosaputro. Additional funds of Rp 116.7 billion were transferred to PT Ardha Nusa Utama.