OJK investigating 32 capital market cases involving corporations and influencers

Jakarta (ANTARA) - The Financial Services Authority (OJK) is conducting further examinations into 32 capital market cases involving corporate actors, individuals, and social media influencers.

“The total number of cases still under examination is 32,” said Acting Chief Executive for Capital Markets, Derivatives Finance, and Carbon Exchange Supervision at the OJK, Hasan Fawzi, when speaking to the media at Bank Indonesia’s headquarters in Jakarta on Monday (23/2).

Hasan explained that the 32 cases involve varying indications, ranging from the dissemination of inaccurate information or outright fraud, artificial price creation or irregular trading, to market price manipulation.

He stressed that all cases must be thoroughly investigated to establish possible violations of the Capital Markets Act and the Financial Sector Development and Strengthening Act (P2SK).

The authority will trace all parties involved in buy and sell transactions that contributed to the formation of the prices in question.

From this process, the OJK will reconstruct the connection between trading activity and the parties initially suspected of committing violations.

Hasan emphasised that the process requires time as it involves in-depth examinations and comparison of transaction data.

Furthermore, should criminal elements be identified, cases may be escalated to the investigation stage.

In such instances, the investigation will proceed in accordance with prevailing mechanisms, potentially leading to the transfer of case files to the prosecution service for further legal proceedings.

“Criminal matters will be handled by the OJK, with another department conducting the investigation and preparing the case files if criminal violation elements can be proven. Only then will we transfer them to the prosecution service,” Hasan explained.

The regulations will not only apply to the capital markets sector but will also cover other financial services sectors, including crypto assets and digital finance.

Hasan said the rules are targeted for issuance in the first semester of this year. They will contain provisions that explicitly define permissible and prohibited actions for the relevant parties.

“Our hope is that once the OJK Regulation is issued, the OJK will have even greater authority to enforce these provisions. We expect every party disseminating information or influencers to comply with and adhere to the norms set out in the regulation,” Hasan said.

The OJK concluded that BVN was found to have violated Article 90 of the Capital Markets Act as amended by Article 22 point 33 of the P2SK Act, Article 91 of the Capital Markets Act as amended by Article 22 point 34 of the P2SK Act, and Article 92 of the Capital Markets Act as amended by Article 22 point 35 of the P2SK Act.

These violations occurred in connection with the trading of shares in PT Agro Yasa Lestari Tbk (AYLS) during the period of 1-27 September 2021 and 8 November-29 December 2021, PT MD Pictures Tbk (FILM) during the period of 12 January-27 December 2021, and PT Bintang Samudera Mandiri Lines Tbk (BSML) during the period of 8 March-17 June 2022.

Additionally, the OJK imposed administrative sanctions in the form of fines on three parties in relation to the trading of shares in PT Impack Pratama Industri Tbk (IMPC) during the period of January-April 2016.