OJK and Police Raid Securities Firm MA

OJK and Police Raid Securities Firm MA

The Financial Services Authority (OJK) together with the Police raided the offices of a securities firm identified by the initials MA in connection with alleged offences in the capital market.

The raid was conducted at the Treasury Tower building in the SCBD area, South Jakarta, on Wednesday, 4 March. According to CNNIndonesia.com, around a dozen OJK investigators were seen carrying several boxes containing evidence from the raid.

Executive Director for Investigation of the Financial Services Sector, OJK, Inspector General Daniel Bolly Hyronimus Tifaona, said the raid was conducted by investigators as part of developing the case into manipulation of initial public offerings or IPO.

In addition, investigators also suspect that there were fictitious stock transactions carried out by MA’s securities firm.

“The sequence of transactions is suspected to have caused BEBS shares in the regular market to rise significantly, by around 7,150 percent,” he said.