Mirae Asset Sekuritas Office Raided by OJK and Police, Here Is the Full Explanation

Jakarta, CNBC Indonesia – The Financial Services Authority (OJK) and the Indonesian National Police (POLRI) have conducted a search of the offices of a securities company identified as PT Mirae Asset Sekuritas Indonesia (MASI), located in Treasury Tower in the Sudirman Central Business District, Jakarta. The search, conducted on Wednesday 4 March 2026, was part of law enforcement proceedings into suspected crimes in the capital markets. The search by OJK investigators was conducted to develop the investigation into alleged manipulation of material information related to the non-disclosure of an affiliated party receiving a fixed allotment in the initial public offering (IPO) and the submission of IPO fund utilisation reports not aligned with actual conditions. The action violates Article 104 in conjunction with Article 90 subsidiarily Article 107 of Law No. 8 of 1995 on the Capital Markets. The OJK investigators also uncovered suspected fictitious transactions as defined in Article 104 in conjunction with Article 91 of Law No. 8 of 1995 on the Capital Markets, comprising related-party transactions involving seven corporate entities and 58 individual nominee entities, executed by six operators under the control of the suspect, allegedly causing BEBS’s share price to rise in the regular market by around 7,150%. The alleged manipulation of reports and information is believed to involve the securities firm. The suspected capital-market crime occurred between 2020 and 2022 and is alleged to involve Mr. ASS as the beneficial owner of BEBS, Mr. MWK as former Director of Investment Banking at PT MASI, and PT MASI itself, using a modus operandi of insider trading, IPO manipulation, and fictitious transactions. The sequence of transactions is alleged to have caused BEBS’s share price in the regular market to rise by about 7,150 percent. Investigator Daniel Bolly Hyronimus Tifaona of the Financial Services Sector Investigation Team said the total profit from these illegal activities is estimated at around Rp 14.5 trillion. ‘There were about 2 billion shares at a price around Rp 7,000 or thereabout. The total came to Rp14–14.5 trillion, which we have frozen. Trading is not allowed for now,’ he said at a press conference, quoted Thursday (5 March 2026). He explained the case spans the period from 2021 to 2023. For information, PT Berkah Beton Sadaya Tbk (BEBS), controlled by Asep Sulaeman Sabanda (ASS), officially listed on the IDX on 10 March 2021 after offering 2 billion shares at Rp 100 per share, raising Rp 200 billion in the IPO. PT Mirae Asset Sekuritas Indonesia (MASI) was the sole underwriter for this IPO. Shortly after the IPO, BEBS’s share price surged, prompting the company to perform a 1:5 stock split. At its peak BEBS shares reached Rp 1,490 per share, equivalent to Rp 7,450 per share prior to the stock split. In other words, if the IPO shares (2 billion before the stock split / 10 billion after the stock split) had been held at the peak price (Rp 7,450 per share pre-split vs Rp 1,490 per share post-split), the total profit would have reached around Rp 14.7 trillion after deducting the initial IPO capital of Rp 200 billion. The OJK emphasised that in handling crimes in the financial services sector, OJK consistently coordinates and cooperates with the District Court and the Korwas PPNS Bareskrim Polri. Law enforcement is conducted consistently and on an ongoing basis as part of OJK’s commitment to safeguarding the integrity of the financial services sector, protecting the interests of investors and the public, and ensuring continued confidence in the national financial system.