OJK Uncovers BEBS Stock Pump Scheme as Share Price Climbs 7,150 Per Cent

Jakarta – The Financial Services Authority (OJK) reported findings of illegal gains from insider trading in the development of a stock manipulation case involving PT Berkah Beton Sadaya Tbk (BEBS). Executive Director of Investigations in the Financial Services Sector at OJK, Daniel Bolly Hyronimus Tifaona, explained that investigators found practices of obtaining illicit gains derived from price manipulation. The price manipulation scheme was carried out by the BEBS beneficial owner, identified as ASS, who has been named as a suspect. The suspect is known to be unable to sell the shares or exit BEBS stock at this time. This is because from the outset, share ownership was recorded through a corporate and individual nominee, accounting for 98.5 percent of the total IPO shares. “Based on a REPO (Repurchase Agreement) with PT Pendanaan Efek Indonesia, the suspect ASS obtained immediate funds amounting to Rp 70 billion,” he said in a video statement received by Kompas.com, on Saturday, 7 March 2026. The rise in BEBS’s share price occurred due to inter-account trading among the accounts previously formed. Consequently, the share price that was Rp 100 at the IPO could peak at around Rp 7,250. “Several trading teams admit to obtaining very large personal gains,” he added. Nevertheless, the assets were subsequently forcibly seized back by the suspect ASS. “At the time BEBS shares reached their all-time high, the circulating value of BEBS shares was Rp 14.5 trillion, comprising 2 billion shares at Rp 7,290,” Daniel said. Daniel revealed that there was an anomaly in this event due to losses suffered by the securities firms.