Following Sanctions from OJK, UOB Kay Hian Sekuritas Changes Name
PT UOB Kay Hian Sekuritas has officially changed its name to PT Kay Hian Sekuritas. This follows sanctions, including a business suspension, imposed by the Indonesian Financial Services Authority (OJK) on the securities company.
The name change is detailed in announcement Peng-00015/BEI.ANG/02-2026. The change was approved by the Ministry of Law and Human Rights on November 20, 2025, and by the Indonesian Financial Services Authority (OJK) on February 13, 2026.
“With this name change, we would like to inform you that the Letter of Approval for Membership in the Exchange number SPAB-5/JATS/BEJ.I.1/V/1995 and the Letter of Registration for Participants number STDP-126/BEI.ANG/11-2009, as well as all Letters of Approval (licenses) issued by PT Bursa Efek Indonesia, remain valid,” as stated in the information disclosure from the Indonesia Stock Exchange (BEI), Thursday (February 26, 2026).
Previously, PT UOB Kay Hian Sekuritas had its license as an Underwriter suspended by the Indonesian Financial Services Authority (OJK) for one year, starting January 6, 2026.
The sanction was given because UOB Kay Hian Sekuritas was found to have violated Customer Due Diligence (CDD) procedures and used inaccurate information in the share allocation process for PT Repower Asia Indonesia Tbk (REAL).
However, OJK stated that all underwriting activities that had been carried out before the date the sanction letter was issued are still allowed to continue. This was conveyed by the Head of the Financial Literacy, Inclusion, and Communication Department of OJK, M. Ismail Riyadi, in an official statement.
In its examination, OJK found that UOB Kay Hian Sekuritas did not adequately implement customer due diligence (CDD) procedures on UOB Kay Hian Pte. Ltd., which acted as an intermediary for eight investors or referral clients as beneficial owners. These eight parties received guaranteed allocations in the REAL IPO.
The beneficial owners in question include Adhitya Iqbal Lazuardi, Fahmi El Haq, Faiz Fikry, Faris Elhaq Sukrisman, Muhamad Abdul Ghofur, Muhammad Arum Sulistyo, Satria Utama, and Zulkarnain.
Based on official correspondence from UOB Kay Hian Pte. Ltd. to UOB Kay Hian Sekuritas, OJK obtained the fact that the funding for the share orders by the eight investors came from UOB Kay Hian Credit Pte. Ltd..
In addition, bank account opening documents at PT Bank UOB Indonesia in October 2019 showed that all of the investors listed their job status as employees of PT Repower Asia Indonesia Tbk.
OJK assessed that UOB Kay Hian Sekuritas should have realized the inconsistency of the information provided by UOB Kay Hian Pte. Ltd. in the Share Subscription and Allocation Form (FPPS), especially in statement number 5, which was answered with “No,” even though it was deemed not to reflect the actual condition.
In addition to imposing sanctions on the corporation, OJK also imposed individual penalties on Yacinta Fabiana Tjang, Director of UOB Kay Hian Sekuritas from December 2018 to February 2020. She was fined Rp30 million and prohibited from being active in the capital market for three years.
Meanwhile, UOB Kay Hian Pte. Ltd. was also subject to an administrative fine of Rp125 million for allegedly using inaccurate information for the purpose of guaranteed allocation in the REAL IPO.
Outside of the underwriting matter, OJK also imposed sanctions related to violations of provisions on material transactions involving the use of funds from the IPO. OJK imposed a fine of Rp925 million on PT Repower Asia Indonesia Tbk for the transaction of purchasing land in Tangerang from M. Andy Arslan Djunaid on February 16, 2024.
The value of the transaction was recorded as exceeding 20% of the company’s equity as of December 31, 2023, and was included in the planned use of funds as stated in the IPO prospectus. However, OJK assessed that the company did not implement material transaction procedures in accordance with applicable provisions.