Wed, 19 Apr 2000

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)