OJK and Bareskrim raid Mirae Asset Sekuritas office; operations continue normally

JAKARTA — PT Mirae Asset Sekuritas Indonesia has responded to a search conducted by the Financial Services Authority (OJK) together with the Police’s Criminal Investigation Agency (Bareskrim) at the company’s offices in SCBD, on Wednesday, 4 March.

Mirae Asset Sekuritas Indonesia’s management said they respect the ongoing legal process and are ready to cooperate in the investigation into suspected cases in the capital market.

In a statement, the management said the visit by law enforcement officers forms part of the clarification and information-gathering process.

‘We respect and cooperate with the ongoing examination and fully support the request for data and information required,’ the Mirae Asset Sekuritas management wrote on Wednesday, 4 March.

‘We assure that the company’s operations continue normally and that service is unaffected,’ the management said.

The raid by investigators from the OJK with the support of Bareskrim Polri was carried out to collect evidence related to the case being investigated.

The investigation concerns alleged manipulation of information related to material facts in the IPO process. The case is also related to alleged failure to report the affiliate receiving fixed allotment.

In addition, investigators highlighted reports on IPO funds usage allegedly not in line with actual conditions. The suspected manipulation involved several affiliated parties.

In the early stages of the investigation, OJK found indications of fictitious transactions conducted by several parties. The transactions were allegedly aimed at influencing stock price movements in the market.

Investigators noted the involvement of several corporate entities and individuals acting as nominees. All transactions are said to have been executed by operators under the control of a particular party.

The transactions are suspected to have caused a significant rise in stock prices during a certain period. OJK assessed that the price movements did not reflect the company’s fundamentals.