OJK Raids Mirae Over BEBS Share Case, Alleged Rp14.5 Trillion Profit
Jakarta, CNBC Indonesia - The Financial Services Authority (OJK) and the Indonesian Police (POLRI) conducted a search at the offices of a securities firm with the initials PT Mirae Asset Sekuritas Indonesia (MASI), located at Treasury Tower in the Sudirman Central Business District, Jakarta, on Wednesday 4 March 2026, as part of enforcement proceedings into suspected criminal acts in the securities market.
The searches conducted by the OJK Investigation Team were aimed at developing the inquiry into alleged manipulation of material information relating to the non-disclosure of a related party recipient of fixed allotment in the initial public offering (IPO), and the reporting of IPO proceeds not aligned with actual conditions. The suspected manipulation and information may involve the securities firm.
The alleged market abuse occurred during 2020 to 2022 and is believed to involve Mr. ASS as the beneficial owner of PT BEBS, Mr. MWK as former Director of Investment Banking at PT MASI, and the MASI corporation itself, with alleged modus operandi of insider trading, IPO manipulation, and fictitious transactions.
The sequence of transactions is alleged to have caused BEBS stock in the regular market to rise significantly by around 7,150 percent.
Investigator Daniel Bolly Hyronimus Tifaona of the Financial Services Sector Investigation Team disclosed that total gains from these illegal activities are estimated at around Rp 14.5 trillion.
‘There are about 2 billion shares at around Rp 7,000 per share; in total around Rp 14-14.5 trillion, which we have frozen. They are not allowed to be traded,’ Bolly said at a press conference on Wednesday 4 March 2026.
He explains that the case spans 2021 to 2023.
For background, PT Berkah Beton Sadaya Tbk (BEBS), controlled by Asep Sulaeman Sabanda (ASS), officially listed on the Indonesian Stock Exchange (BEI) on 10 March 2021 by offering 2 billion shares at Rp100 per share, raising Rp200 billion in IPO proceeds. PT Mirae Asset Sekuritas Indonesia (MASI) was the sole underwriter for the IPO.
Shortly after the IPO, BEBS’s price surged so high that the company opted for a 1:5 stock split. At its peak, the BEBS price reached Rp1,490 per share (equivalent to Rp7,450 per share after the stock split). In other words, if the IPO shares (2 billion before the stock split/10 billion after the stock split) had remained at the peak price (Rp7,450 before the split or Rp1,490 after the split), total profits could have reached about Rp14.7 trillion after deducting the initial IPO capital of Rp200 billion.