Benny Tjokrosaputro Receives Lifetime Ban from Financial Services Authority; Barred from Indonesia's Capital Market
Indonesia’s Financial Services Authority (OJK) has imposed a strict sanction on corrupt businessman Benny Tjokrosaputro, banning him from capital market activities in Indonesia for life.
The sanction became official on 13 March 2026 after the regulator identified serious violations including financial statement manipulation and misappropriation of funds from the initial public offering (IPO) of PT Bliss Properti Indonesia Tbk (POSA).
“The sanction was imposed on 13 March 2026 as evidence of the OJK’s commitment to strengthening supervision and law enforcement to protect the integrity and public confidence in Indonesia’s Capital Market,” the OJK stated in an official statement released on Monday (16 March 2026).
Manipulation of POSA IPO Funds
In the POSA IPO case, the OJK levied a fine of Rp2.7 billion against the company for violating financial reporting presentation and disclosure requirements.
The regulator discovered that receivables from related parties and advance payments that had no future economic benefit were nonetheless recorded as assets in annual financial statements.
The funds originated from IPO proceeds and were found to have flowed to affiliated parties, including the company’s controlling shareholder. This practice was deemed inconsistent with accounting principles and information disclosure requirements in the capital market.
The OJK’s findings also indicated serious corporate governance deficiencies throughout the 2019-2023 financial reporting period.
History of Jiwasraya and Asabri Cases
Benny Tjokrosaputro’s name has long been associated with major corruption cases in the financial sector.
He was implicated in the investment scandal at PT Asuransi Jiwasraya and PT Asabri (Persero), which caused state losses approaching Rp40 trillion.
In the Jiwasraya case, Benny received a life sentence in 2020 after being convicted of corruption and money laundering related to the management of the company’s investment funds.
Along with five other defendants, he was found responsible for causing approximately Rp16 trillion in state losses.