OJK Imposes Rp5.6 Billion Fine in POSA IPO Case

Jakarta — Indonesia’s Financial Services Authority (OJK) has imposed administrative sanctions totalling Rp5.625 billion against several parties involved in the initial public offering (IPO) of PT Bliss Properti Indonesia Tbk (POSA).

“The OJK will continue to enforce the law firmly and create a deterrent effect for wrongdoers in the capital markets sector so that Indonesia’s capital market can operate in an orderly, fair, and efficient manner, as well as with integrity,” said M Ismail Riyadi, Head of the OJK’s Department of Financial Literacy, Inclusion and Communications, in a statement in Jakarta on Saturday.

PT POSA was fined Rp2.7 billion for violating Law Number 8 of 1995 concerning Capital Markets (UUPM). The company presented receivables from related party PT Bintang Baja Hitam totalling Rp31.25 billion in its 2019 Annual Financial Statements (LKT). Additionally, PT POSA recorded advance payments to PT Ardha Nusa Utama totalling Rp116.7 billion in its mid-year financial statements (LKTT) from 2019 to 2023. However, these receivables and advance payments were deemed not to provide future economic benefits and therefore did not meet the criteria to be recognised as assets of PT POSA.

The OJK stated that the funds originated from the IPO proceeds, which subsequently flowed to Benny Tjokrosaputro in the amount of Rp126.6 billion and to PT Ardha Nusa Utama in the amount of Rp116.7 billion. PT Ardha Nusa Utama is led by Ibrahim Hasybi as Director, who also serves as a member of the Audit Committee of PT Hanson International Tbk, a company also controlled by Benny Tjokrosaputro.

The OJK has prohibited Benny Tjokrosaputro, as the controlling shareholder of PT POSA, from serving as a commissioner, director, or officer of any capital markets company for life effective from 13 March 2026. Tjokrosaputro was found to be the party responsible for PT POSA’s violations of the Capital Markets Law.

The OJK also imposed sanctions on parties responsible for errors in the presentation of PT POSA’s financial statements. Gracianus Johardy Lambert and Astried Damayanti, as Directors of PT POSA in 2019, were jointly fined Rp110 million. Gracianus Johardy Lambert, Basuki Widjaja, and Eko Heru Prasetyo, as Directors of PT POSA for 2020–2023, were jointly fined Rp1.95 billion.

The OJK prohibited Gracianus Johardy Lambert, as Chief Executive Officer of POSA for 2019–2023, from conducting capital markets activities for five years from the date of the sanction.

Two public accountants also received sanctions. AP Patricia, who was a partner at KAP Kanaka Puradiredja, Suhartono at the time of engagement, was fined Rp150 million. AP Helli Isharyanto Budi Susetyo, as a partner at Kantor Akuntan Publik Kanaka Puradiredja, Suhartono, was also fined Rp150 million.

PT Nonghyup Korindo Sekuritas Indonesia (PT NH Korindo Sekuritas Indonesia) was fined Rp525 million and subject to administrative sanctions including a one-year suspension of its business licence effective from the date of the sanction. The OJK found that during the POSA IPO process, PT NH Korindo Sekuritas Indonesia improperly allocated shares to Kahar Anwar, Francis Indarto, and Yenny Sutanto, who were nominees of Benny Tjokrosaputro as controlling shareholder of PT POSA. Share allocations were also made to Agung Tobing, another Tjokrosaputro nominee, without accompanying original share subscription forms.

Additionally, PT NH Korindo Sekuritas Indonesia failed to conduct adequate customer due diligence procedures for these allocated share investors, including verification of beneficial owners and sources of funds.

Amir Suhendro Samirin, who served as Director of PT NH Korindo Sekuritas Indonesia in 2019, was fined Rp40 million and prohibited from conducting capital markets activities for one year effective from the date of the sanction. The sanction was imposed because Amir was found not to have managed the securities firm with adequate care and responsibility in the firm’s interests.