Government's Firm Action Against Stock Manipulation Seen to Strengthen Market Stability
Govt’s Firm Action Against Stock Manipulation Seen to Strengthen Market Stability
09 Mar 2026 11:54 WIB
Voice of Indonesia
RRI.CO.ID, Jakarta - The Indonesian Financial Services Authority (OJK) conducted an unannounced inspection of PT Mirae Asset Sekuritas Indonesia (MASI) offices in connection with allegations of insider trading and market manipulation.
The joint investigation with the Indonesian Police Criminal Investigation Agency (Bareskrim) revealed unusual stock-trading activities between 2020 and 2022.
Financial sector analyst and consultant Elvi Diana said the move was necessary to maintain the stability of the Jakarta Composite Index (JCI) at the Indonesia Stock Exchange (IDX) and to eradicate illegal gain practices.
“Therefore, adequate support from the government and the House of Representatives’ Commission XI is crucial in eradicating these practices thoroughly and decisively, including transparency of information to the public,” Elvi said in Jakarta on Monday, March 9, 2026, as quoted by Antara.
She emphasized the urgency of reforming capital market oversight to detect potential stock price manipulation early. “The capital market requires strong oversight that is transparent and beyond any influence. Without it, investor confidence could easily be undermined,” she stated.
OJK Executive Director of Financial Services Sector Investigations, Inspector General Daniel Bolly Hyronimus Tifaona, explained that investigators found allegations of manipulation of material information in the initial public offering (IPO) process. These included the failure to report affiliated parties receiving fixed allotments and the issuance of IPO fund utilization reports that did not reflect actual conditions.
Investigators also identified fictitious transactions that allegedly caused the share price of PT Berkah Beton Sadaya Tbk (BEBS) to surge by around 7,150 percent on the regular market. Based on these insider trading practices, the estimated value of illegal profits was IDR 14.5 trillion (approx. USD 853.49 million).
In this case, investigators named two individuals as suspects: ASS, the beneficial owner of BEBS, and MWK, the former Director of Investment Banking at PT Mirae Asset Sekuritas Indonesia. ***