OJK Imposes Rp96.33 Billion in Fines on 'Naughty' Issuers

The Financial Services Authority (OJK) has carried out administrative sanction handling with a total fine of Rp96.33 billion from the beginning of the year until 31 March 2026. Hasan detailed that this amount was imposed on no fewer than 233 parties in Indonesia’s capital market. Of the total, Rp29.3 billion relates to market manipulation cases. “And of course, we will continue this step, we will persist, we will implement it, and it will become an important part of our efforts to continuously foster market discipline, market integrity, good market conduct, and ultimately we hope to restore confidence in our capital market, especially from our investors,” explained Hasan during a media doorstop at the Indonesia Stock Exchange Main Hall, Jakarta, on Thursday (2/4/2026). Lately, OJK has been diligent in enforcing regulations in the capital market, concerning several issuers listed on the exchange. Most recently, OJK imposed sanctions on the textile issuer PT Sejahtera Bintang Abadi Textile Tbk (SBAT) and related parties for violations of affiliate transaction regulations and conflicts of interest in the capital market. For these violations, OJK fined Tan Heng Lok Rp45 million and banned him from serving as a member of the board of commissioners, directors, or company officers in the capital market sector for five years. Meanwhile, SBAT received an administrative sanction in the form of a written warning. Previously, OJK had also issued sanctions and law enforcement against PT Multi Makmur Lemindo Tbk (PIPA) and PT Repower Asia Indonesia Tbk (REAL) for violations in the capital market sector, both through criminal and administrative mechanisms. Deputy Commissioner for Licensing and Supervision of Capital Market Investment Management and Securities Institutions, Eddy Manindo, explained that for issuer PIPA, OJK found material errors in the presentation of the 2023 financial statements, particularly regarding the recognition of assets from IPO funds without adequate evidence and results. For this violation, PIPA was fined Rp1.85 billion. In addition, he stated that PIPA’s Board of Directors was deemed responsible for the errors in presenting the 2023 annual financial statements. Therefore, PIPA’s 2023 Board of Directors was jointly fined Rp3.36 billion. He further explained that PIPA’s 2023 President Director was also subject to additional sanctions, namely a ban from activities in the capital market for 5 years. Next, for the auditor of the 2023 annual financial statements who failed to apply adequate professional audit standards, that public accounting firm was subject to administrative sanctions. Meanwhile, for PT Repower Asia Indonesia Tbk (REAL), OJK found violations because the issuer used IPO proceeds for material transactions without fulfilling material transaction procedures. This violation resulted in REAL being fined Rp925 million. Additionally, REAL’s 2024 President Director was fined Rp240 million for failing to manage with principles of prudence. On the other hand, OJK also found serious non-compliance in the underwriting process, particularly related to the Customer Due Diligence (CDD) process and the accuracy of share subscription and underwriting information, as well as the determination of firm underwriting. This violation was imposed on PT UOB Kay Hian Sekuritas, which was fined Rp250 million. It was also subjected to a one-year suspension of its business licence as an underwriter of securities and a special order to improve documents and procedures. OJK also imposed a fine of Rp30 million on its responsible director.