OJK Freezes KGI Sekuritas License Following Indo Pureco IPO Case

Jakarta—The Financial Services Authority (OJK) has imposed sanctions on PT KGI Sekuritas Indonesia in relation to the execution of the initial public offering (IPO) of PT Indo Pureco Pratama Tbk (IPPE).

“With respect to the initial public offering of PT Indo Pureco Pratama Tbk, the OJK has imposed administrative sanctions and/or issued written directives,” said M. Ismail Riyadi, head of the OJK’s department of financial literacy, inclusion and communications, in an official statement on Monday, 2 March 2026.

PT KGI Sekuritas Indonesia has been subject to administrative sanctions consisting of a fine of 3.4 billion rupiah and a suspension of underwriting activities for one year from the date the sanction is issued.

Underwriting activities on registration statements previously submitted to the OJK and conducted before the sanction order is issued may continue to be performed.

PT KGI Sekuritas Indonesia incurred these administrative sanctions for violating Article 17 of OJK Regulation Number 23/POJK.01/2019 concerning amendments to OJK Regulation Number 12/POJK.01/2017 on the implementation of anti-money laundering and terrorism financing prevention programmes in the financial services sector.

Specifically, PT KGI Sekuritas Indonesia failed to conduct adequate customer due diligence procedures on Elwill Wahyuni, Irma Novianti, Rachmawati and Bonaventura Jarum, whose financial capability profiles as stated in their share account opening forms did not correspond with the volume of share orders in the initial public offering of PT Indo Pureco Pratama Tbk.

Based on fund flow records from the IPO on 2 December 2021, Peter Rulan Isman transferred 39.976 billion rupiah to Susaedi Munif, and an additional 2 billion rupiah on 3 December 2021. Furthermore, Susaedi Munif received 20 billion rupiah from Neneng Sukarsih on 3 December 2021, bringing the total funds received by Susaedi Munif to 61.967 billion rupiah.

Subsequently, on 2 December 2021, Susaedi Munif distributed funds to Irma Novianti and Bonaventura Jarum, and on 3 December 2021 to Rachmawati and Elwill Wahyuni, totalling 61.967 billion rupiah.

“All of these funds were deposited by Irma Novianti, Bonaventura Jarum, Rachmawati and Elwill Wahyuni with PT KGI Sekuritas Indonesia on 2 and 3 December 2021 for the purpose of placing orders for shares in the initial public offering of PT Indo Pureco Pratama Tbk,” the statement continued.

Additionally, the sanctions were also imposed pursuant to Section 3(a)(3) of Regulation IX.A.7 regarding the ordering and allocation of securities in public offerings. PT KGI Sekuritas Indonesia allocated shares in the initial public offering of PT Indo Pureco Pratama Tbk to Elwill Wahyuni, Irma Novianti and Bonaventura Jarum, all of whom held affiliate relationships with employees of PT KGI Sekuritas Indonesia.