Here's How BEBS Stock Manipulation and Pumping Actions Were Carried Out
Jakarta, CNBC Indonesia - Executive Director of the Financial Services Sector Investigation at the Financial Services Authority (OJK), Irjen Daniel Bolly Hyronimus Tifaona, explained developments in the BEBS stock manipulation case involving PT Berkah Beton Sadaya Tbk (BEBS). The case remains under investigation with two suspects, ASS (Asep Sulaeman Sabanda or Sultan Subang) and MWK. ‘For the individual suspects, ASS and MWK, the case has been in the process of case-file preparation and will be forwarded to the Attorney General’s Office after the Eid al-Fitr holiday. For the corporate respondents, escalation will be conducted after a case conference by the Indonesian National Police Headquarters, the Attorney General’s Office, and internal OJK,’ he told CNBC Indonesia, quoted on Saturday (7 March 2026).
Daniel said investigators found illicit gains arising from the price manipulation scheme created by the suspects’ trading team. Specifically, with regard to the first point, the gains by ASS have not fully materialised and have not exited BEBS shares. ‘However, the exact value is not yet known as it remains under audit. From the outset, share ownership by nominees, both individual and corporate, amounted to 98.5% of all IPO shares,’ he stated.
According to him, based on reports to PT Pendataan Efek Indonesia, suspect ASS obtained fresh funds amounting to Rp 70 billion. Moreover, the trading team formed by ASS used dozens of nominee accounts to conduct buy-sell transactions with their own accounts to push the IPO price from Rp 100 to a peak of Rp 7,250. It has also been acknowledged that the trading team earned very large personal gains of Rp 25 billion (AF) and Rp 3 billion (AI). However, those assets were forcibly reclaimed by ASS.
‘That when BEBS’s price reached an all-time high, the circulating BEBS shares’ valuation (from the IPO alone) was Rp 14.5 trillion. This comprises 2 billion IPO shares at Rp 7,250. We note there is an anomaly in that securities losses occurred due to financing bottlenecks or default on payments because of a trading limit by PT MA (Mirae) to ASS and other nominees,’ Daniel explained.
Moreover, PT MA provided a trading-limit facility beyond normal thresholds, resulting in customer debt outstanding of Rp 600 billion. According to Daniel, this limit enabled ASS to freely pump BEBS shares. Ultimately, the suspect ASS did not finance the transactions with billions of trading to PT MA.
‘Separately, PT MA must finance transactions to PT KPEI; fictitious IPO funds, IPO proceeds of Rp 190 billion, which should have been used in accordance with the prospectus for purposes such as buying land and heavy equipment, were merely used to bridge loans at Bank V, thus the purchases were engineered,’ Daniel concluded.
For information, the ultimate beneficial owner or controller of construction issuer Berkah Beton Sadaya (BEBS), Asep Sulaeman Sabanda, has been named a suspect in BEBS stock price manipulation. The figure widely known as Sultan Subang became a suspect alongside one of Mirae Asset Sekuritas Indonesia’s directors. The alleged capital markets offence occurred between 2020 and 2022 and is believed to involve Asep as the beneficial owner of PT BEBS and MWK as the former Director of Investment Banking at Mirae, and Mirae as a corporation, with insider trading, IPO manipulation, and fictitious transactions. The sequence of transactions is suspected to have caused BEBS stock prices on the regular market to surge significantly by about 7,150 percent.