Mirae Involved in BEBS Stock Manipulation as Office Raided by OJK and Bareskrim Polri

Jakarta – PT Mirae Asset Sekuritas Indonesia (MASI) has confirmed that its offices were searched by the Financial Services Authority (OJK) and the Criminal Investigation Agency of the Indonesian Police (Bareskrim Polri) on Wednesday, 4 March 2026. The securities firm said it was cooperative with the search.

MASI said that, as part of the ongoing legal process, it welcomed the visit by OJK and Bareskrim Polri for clarification and information gathering. The company therefore welcomed the presence of the two authorities.

‘This process is a continuation of the development of investigations into a matter that has been ongoing for some time. The company respects and cooperates with the ongoing inspection and fully supports requests for data and information required,’ MASI said in an official statement to reporters in Jakarta on Wednesday, 4 March 2026.

MASI assured that the company’s operations continued normally. They also guaranteed that shareholder services were not affected by the search.

Earlier, OJK stated that it had conducted a search of MASI’s offices located in the Sudirman Central Business District (SCBD), Kebayoran Baru, South Jakarta, on Wednesday. The search related to suspected crimes in the capital market.

‘This is part of the law-enforcement process regarding alleged crimes in the capital market. This action is a firm measure by OJK to guard the integrity, transparency, and public trust in Indonesia’s capital market industry,’ OJK said.

OJK investigators conducted the search as a follow-up or development of investigations into alleged manipulation of material information facts in breach of Article 104 in conjunction with Article 90 subsidiarily Article 107 of Law No. 8 of 1995 on the Capital Market. It related to the non-disclosure by an affiliated party receiving fixed allotment in an initial public offering (IPO) and the submission of IPO fund-use reports not reflecting actual conditions.

‘The alleged manipulation of reports and information is suspected to involve the securities sector,’ OJK said. In addition, OJK investigators found suspected dummy transactions as regulated under Article 104 in conjunction with Article 91 of Law No. 8 of 1995 on the Capital Market.

These transactions involved related-party dealings among seven corporate entities and 58 individual nominee entities, executed by six operators under the control of the suspect. The sequence of transactions allegedly caused the share price of PT Berkah Beton Sadaya Tbk (BEBS) on the regular market to rise significantly, by around 7,150 percent.

‘The suspected capital-market crimes occurred between 2020 and 2022 and are suspected to involve Mr. ASS as the beneficial owner of BEBS, Mr. MWK as former director of Investment Banking at PT MASI, and the corporation PT MASI, with insider trading, IPO manipulation, and dummy transactions,’ OJK explained.

In handling the case, OJK investigators have examined 25 witnesses from MASI, BEBS, banks, nominees, and other related parties. OJK emphasised that in handling crimes in the financial services sector, they collaborate with the district court and the PPNS unit of Bareskrim Polri.

‘Law enforcement is carried out consistently and sustainably as part of OJK’s commitment to safeguarding the integrity of the financial services sector, protecting investors’ and the public’s interests, and ensuring confidence in the national financial system remains intact,’ OJK said.