OJK Sanctions SBAT, Tan Heng Lok Banned from Capital Market Management for Five Years
JAKARTA — The Financial Services Authority (OJK) has imposed sanctions on the parties involved in the affiliate transaction case at PT Sejahtera Bintang Abadi Textile Tbk (SBAT). The sanctions were issued following the regulator’s discovery of violations concerning affiliate transaction and material transaction provisions involving the company.
Sanctions were imposed not only on the company but also on SBAT’s controller, Tan Heng Lok. The OJK issued a written warning to the company, whilst Tan Heng Lok was fined Rp 45 million and banned from serving as a management officer in capital market companies for five years.
“The sanctions were imposed on 13 March 2026 as evidence of the OJK’s commitment to strengthening supervision and law enforcement to protect the integrity and public confidence in the Indonesian Capital Market,” said M. Ismail Riyadi, Head of the OJK’s Department of Financial Literacy, Inclusion and Communication, in a written statement on Saturday (14/3/2026).
The OJK explained that the sanctions were imposed after discovering violations of provisions concerning affiliate transactions and material transactions involving the company. The company failed to implement conflict-of-interest transaction procedures regarding the reduction of interest rates in an addendum to a credit agreement executed on 8 July 2020.
The transaction involved affiliated companies, namely PT Mitra Buana Korporindo and PT Celestia Sinergi Indonesia. Additionally, as the company’s controller, Tan Heng Lok was also subject to administrative sanctions comprising a fine of Rp 45 million and a prohibition from serving as a Board Member, Board of Directors member, or management officer in capital market companies for five years.
The OJK determined that Tan Heng Lok benefited from the transaction which had a conflict of interest, as he was also the controller of the companies involved in the transaction.
“The imposition of administrative sanctions and/or prohibition on PT Sejahtera Bintang Abadi Textile Tbk and related parties represents a firm step by the OJK in enforcing the law against violators to protect public confidence in the Indonesian Capital Market industry,” said Ismail.
The OJK stated it would continue to conduct firm law enforcement to provide a deterrent effect for violators in the capital market sector. Through this approach, the authority hopes the Indonesian capital market can operate in an orderly, fair, efficient and integrity-based manner.
The OJK also noted that the total administrative fines imposed for violations of capital market provisions related to PT Bliss Properti Indonesia Tbk amounted to Rp 5.625 billion. In that case, the OJK imposed various sanctions on several parties, including the company, management, public accountants, and securities companies involved in the IPO process. POSA was fined Rp 2.7 billion for violating the financial reporting provisions for public companies as set out in Article 69 Paragraph (1) of Law Number 8 of 1995 on Capital Markets.