Lifetime Blacklist from Indonesia's Capital Market: Profile of Benny Tjokro

Jakarta — The Financial Services Authority (OJK) has blacklisted Benny Tjokrosaputro, commonly known as Bentjok, from serving as board commissioner, director, or executive of any capital market company for life.

This sanction relates to Bentjok’s involvement in fraudulent IPO fund embezzlement at the Indonesian Stock Exchange. He was implicated in investment cases involving state-owned enterprises Jiwasraya and Asabri, with total state losses approaching Rp40 trillion. Bentjok received a lifetime prison sentence in the Jiwasraya case and an acquittal in the Asabri case, despite the public prosecutor requesting the death penalty.

This sanction marks the end of Bentjok’s career as the “stock market deity” in Indonesia’s domestic equity markets.

Previously, Bentjok ranked among Indonesia’s wealthiest individuals. Forbes included him in its list of Indonesia’s 50 richest people in 2018, ranking him 43rd with an estimated net worth of US$670 million, approximately Rp9.8 trillion at the time.

Bentjok became notorious for stock manipulation, particularly through PT Hanson Internasional Tbk. (MYRX). However, his legal troubles predated his major convictions. In 1997, he was caught manipulating the share price of Bank Pikko (now known as J Trust Indonesia Bank) through cornering practices. His method involved short selling without actually owning shares, then profiting when prices fell. He conducted these transactions through 13 separate accounts via PT Multi Prakarsa Investama Securities under the directorship of Pendi Tjandra. Bentjok and Tjandra were ordered to pay Rp1 billion in illicit profits to the state treasury.

Additionally, Bentjok’s companies, Manly Unitama Finance and Hanson Industri Utama (now Hanson International), faced OJK sanctions for failing to disclose information related to ongoing transactions.

Bentjok now serves a lifetime prison sentence following his conviction for corruption and money laundering at state-owned insurance company PT Jiwasraya, causing state losses of Rp16.08 trillion. He has been ordered to pay Rp6.07 trillion in restitution, with asset seizure to follow if payment is not made within one month of the sentence becoming final.

In the Asabri case, Bentjok received an acquittal as he was already serving the maximum penalty from the Jiwasraya conviction. However, he was ordered to pay Rp5.73 trillion in restitution for the Asabri case.