OJK Raids PT MASI Office Over Alleged Capital Market Offences

OJK Raids PT MASI Office in the Sudirman Central Business District, Jakarta, on Wednesday, 4 March, as part of a law enforcement process into suspected offences in the capital market. This action represents a firm step by OJK to uphold integrity, transparency, and public trust in Indonesia’s capital market industry. The raid, carried out by the OJK Investigation Team, is part of the development of the investigation into suspected manipulation of material information that breaches Article 104 in conjunction with Article 90, subsidiarily Article 107, of Law No. 8 of 1995 on the Capital Market, relating to the non-disclosure of affiliates receiving fixed allotments in the initial public offering (IPO) and the reporting of IPO fund usage not reflecting actual conditions. The alleged manipulation of information is thought to involve a securities firm. In addition, investigators uncovered suspected fictitious transactions under Article 104 in conjunction with Article 91 of Law No. 8 of 1995 on the Capital Market, consisting of related-party transactions involving seven corporate entities and 58 individual nominee entities, executed by six operators under the control of the suspect. The sequence of transactions is alleged to have caused BEBS share prices in the regular market to rise by an estimated 7,150 percent. The alleged capital market offences occurred between 2020 and 2022 and are said to involve ASS as the beneficial owner of PT BEBS, MWK as the former Director of Investment Banking at PT MASI, and the corporate entity PT MASI, with modus operandi including insider trading, IPO manipulation, and fictitious transactions. During the investigation, OJK investigators questioned 25 witnesses from PT MASI, PT BEBS, banking institutions, nominees, and other related parties. OJK emphasises that in handling capital market offences, it co-ordinates with the District Court and the Korwas PPNS unit of Bareskrim Polri. Law enforcement is conducted consistently and on an ongoing basis as part of OJK’s commitment to maintaining the integrity of the financial services sector, protecting investors and the public, and ensuring confidence in the national financial system remains intact.