OJK Bans Benny Tjokro from Capital Markets for Life
Indonesia’s Financial Services Authority (OJK) has imposed a lifetime ban on Benny Tjokrosaputro, also known as Bentjok, from serving as board member, director, or officer in any capital markets company.
The decision stems from Tjokro’s involvement in an IPO fund embezzlement scheme at the Indonesia Stock Exchange. He was implicated in the investment fraud case involving state-owned enterprises Jiwasraya and Asabri, which resulted in combined state losses of nearly 40 trillion rupiah. Tjokro was sentenced to life imprisonment in the Jiwasraya case and acquitted in the Asabri case, despite the prosecutor seeking capital punishment.
The OJK imposed the sanctions on 13 March 2026, citing a violation of Article 69(1) of the Capital Markets Law by PT Bliss Properti Indonesia Tbk, of which Tjokro was the controlling party. The action demonstrates the OJK’s commitment to strengthening capital markets oversight and enforcement to maintain the integrity and public confidence in Indonesia’s capital markets.
The sanctions were issued because PT Bliss Properti Indonesia Tbk recorded receivables from related parties to PT Bintang Baja Hitam totalling 31.25 billion rupiah and advance payments to PT Ardha Nusa Utama totalling 116.7 billion rupiah in its 2019 annual financial statements and subsequent filings through 2023.
These transactions ultimately provided no economic benefit for recognition as assets of PT Bliss Properti Indonesia Tbk, as the receivables and advance payments originated from IPO proceeds that were diverted to Benny Tjokrosaputro (126.6 billion rupiah) and PT Ardha Nusa Utama (116.7 billion rupiah).
Ibrahim Hasybi, director of PT Ardha Nusa Utama, also served as audit committee member of PT Hanson International Tbk, another company controlled by Tjokrosaputro.
Additional sanctions were imposed on multiple parties. Gracianus Johardy Lambert and Astried Damayanti, directors of PT Bliss Properti Indonesia Tbk in 2019, were jointly fined 110 million rupiah. Gracianus Johardy Lambert, Basuki Widjaja, and Eko Heru Prasetyo, directors from 2020 to 2023, were jointly fined 1.95 billion rupiah. Gracianus Johardy Lambert, as chief director from 2019 to 2023, was banned from capital markets activities for five years.
Public accountant Patricia, a partner at Kanaka Puradiredja, Suhartono accounting firm during the audit of 2019 and 2020 financial statements, was fined 150 million rupiah for failure to fully apply professional standards. Similarly, accountant Helli Isharyanto Budi Susetyo, also a partner at the same firm, was fined 150 million rupiah for insufficient application of standards during the 2021 audit.
PT Nonghyup Korindo Sekuritas Indonesia and Amir Suhendro Samirin, its director in 2019, also received sanctions. The total fines imposed for all violations relating to PT Bliss Properti Indonesia Tbk amounted to 5.625 billion rupiah.