KGI Sekuritas President Director Resigns Over IPPE IPO Case

Jakarta, CNBC Indonesia - PT KGI Sekuritas Indonesia has announced that Antony has resigned from his post as President Director effective 4 March 2026, in connection with the case surrounding the execution of the initial public offering of PT Indo Pureco Pratama Tbk (IPPE). Citing information disclosures from the Indonesia Stock Exchange (BEI), KGI Sekuritas Indonesia has also appointed other directors who will take effect from 4 March 2026. ‘On the same day that Mr. Antony submitted his resignation as President Director (i.e. 4 March 2026), Mr. Robby Winindo was appointed as Director responsible for the structured warrant,’ the management wrote on Friday (6 March 2026). In addition, PT KGI Sekuritas Indonesia has appointed officers responsible for Risk Management, Marketing, and Conflict of Interest Management for the Structured Warrant that has been issued. The firm has appointed Glory as Head of Risk Management. Also, Robby Winindo, who serves as Director for the Equity Trading, Fixed Income, and Equity Derivatives division, is also responsible for marketing. For information, PT KGI Sekuritas Indonesia has been subjected to administrative sanctions comprising a Rp 3.4 billion fine and a one-year suspension of business activities as a securities underwriter, with the sanction taking effect from the date of the sanction letter. However, underwriting activities relating to the registration statement already submitted to the OJK prior to the sanction letter may continue. PT KGI Sekuritas Indonesia received these sanctions for violating Article 17 POJK No. 23/POJK.01/2019 on the amendments to OJK Regulation No. 12/POJK.01/2017 concerning the implementation of the Anti-Money Laundering and Counter-Terrorism Financing Programme in the Financial Services Sector. PT KGI Sekuritas Indonesia did not conduct adequate Customer Due Diligence (CDD) procedures for Elwill Wahyuni, Irma Novianti, Rachmawati, and Bonaventura Jarum, as the profiles of their financial capabilities in the account opening forms did not match the size of the IPO orders for PT Indo Pureco Pratama Tbk. Based on the fund flow facts for the IPO on 2 December 2021, Peter Rulan Isman provided funds to Susaedi Munif amounting to Rp39,976,000,000, and on 3 December 2021 Rp2 billion. Additionally, Susaedi Munif also received funds from Neneng Sukarsih on 3 December 2021 amounting to Rp20 billion, bringing Munif’s total funds to Rp61,967,000,000. Subsequently on 2 December 2021 Munif channelled funds to Irma Novianti, Bonaventura Jarum, Rachmawati, and Elwill Wahyuni on 3 December 2021, totalling Rp61,967,000,000. ‘All of these funds were placed by Irma Novianti, Bonaventura Jarum, Rachmawati, and Elwill Wahyuni with PT KGI Sekuritas Indonesia on 2 and 3 December 2021 for the purpose of placing orders for shares in the IPO of PT Indo Pureco Pratama Tbk,’ it said. The sanctions also cite Regulation IX.A.7, item 3(a), regarding the Orders and Allotment of Securities in a Public Offering, as the reason for granting firm allotment to the IPO of PT Indo Pureco Pratama Tbk to Elwill Wahyuni, Irma Novianti, and Bonaventura Jarum. These three investors are, indeed, affiliated with employees of PT KGI Sekuritas Indonesia.