Former OJK Officials Ignored MSCI, Prabowo Considers Legal Action
President Prabowo Subianto is considering legal action against several former officials of Indonesia’s financial regulatory authorities. The reason, he stated, is that these officials failed to respond to several letters sent by global index provider Morgan Stanley Capital International (MSCI).
Prabowo made this statement during an exclusive interview with international media Bloomberg at his private residence in Hambalang, West Java, over the past weekend.
The president deemed the disregard of MSCI’s efforts to communicate regarding improvements to Indonesia’s capital market as administrative negligence by the officials. “I think there is, I will say, a clear administrative mistake. Clear dereliction of duty,” Prabowo said, as quoted in Bloomberg’s report.
According to Prabowo, MSCI had written three or four letters that were not answered by officials of the financial regulatory authority. “Can you imagine that? It is absurd. It is truly foolish. I am thinking of pursuing litigation,” Prabowo said. “I mean, someone writes a letter to you, you must respond. Immediately,” Prabowo added.
Earlier on Tuesday, 10 February 2026, the President’s Special Envoy for Energy and Environment Hashim Djojohadikusumo revealed President Prabowo’s anger during the China Conference Southeast Asia event. Prabowo’s anger was related to the collapse of the Composite Stock Price Index (IHSG) at the Indonesian Stock Exchange, which was triggered by MSCI’s decision to delay rebalancing Indonesian shares.
Hashim said the Prabowo administration was angry at the capital market authorities because the letter sent by MSCI did not receive a response. “What really made the government very angry, angry at its own officials, is that MSCI has sent four letters,” he said.
Because four letters had already been sent, according to Hashim, MSCI’s announcement should not have come as a surprise to the public. “People are saying it was surprising. It should not have been,” he said.
In a Tempo report titled “Dasco-Sjafrie Behind the Mass Resignation of BEI-OJK Officials” published on 8 February 2026, Defence Minister Sjafrie Sjamsoeddin was suspected of proposing sanctions, including criminal penalties, against the leadership of the Indonesian Stock Exchange and the Financial Services Authority.
The sanctions would serve as accountability for their tolerance of stock manipulation practices. Tempo reported that Sjafrie put forward the idea to Prabowo in the early days following the emergence of the MSCI report.
On the other hand, the proposal was rejected by Deputy Chairman of the House of Representatives Sufmi Dasco Ahmad. At that time, Dasco, who had just returned from pilgrimage, directly contacted State Secretary Minister Prasetyo Hadi.
Officials aware of this stated that Dasco believed the situation would become more chaotic if legal action was taken amidst volatile market conditions. Dasco proposed a middle path: the resignation of BEI and OJK leaders as a form of accountability. This option was ultimately adopted by Prabowo.