JSX probes 29 firms for wrongdoing

JSX probes 29 firms for wrongdoing

JAKARTA (JP): Twenty-nine companies listed on the Jakarta
Stock Exchange have been investigated for price manipulation and
insider trading during the period from October last year to
February this year.

The Jakarta Stock Exchange's monthly report said the
investigation into 11 of the companies was closed after no proof
was found they were involved in wrongdoing.

The companies were PT Primarindo, PT Mandiri Intifinance, PT
Branta Mulya, PT Argha Karya, PT Wicaksana Overseas, PT AHAP
Insurance, PT Bumi Modern, PT Securities, PT Lippo Land
Development, PT Lippo Cikarang and PT Lippo Life, which is now
called Lippo e-Net.

JSX reinstated the investigation into the latter firm because
new indications of both market manipulation and insider trading
were found immediately after the previous investigation ended in
mid-January.

Under the current operating system, JSX could automatically
halt the trading of a company's shares when the fluctuations of
its price in single transactions exceeded the exchange's maximum
limit.

The JSX then conducts an investigation to determine if there
was market manipulation or insider trading.

The report identified companies which were still under
investigation as PT Nipress, PT Ciptojaya Kontrireksa, PT
Bimantara Citra, PT Jaya Pari Steel, PT Kedaung Setia Industri,
PT Langgeng Makmur, PT Tunas Ridean, PT Delta Djakarta, PT Zebra
Nusantara, PT Samudera, PT Siantar Top, PT Unggul Indah Corp., PT
Sucaco, PT Transindo Multi Prima, PT Concord Benefit Enterprises,
PT Citra Tubindo, PT Maskapai Reasuransi Indonesia and PT
Indocement Tunggal Perkasa.(udi)