OJK Uncovers Issues Behind BREN IPO, Imposes Rp500 Billion Fine
Jakarta, CNBC Indonesia — The Financial Services Authority (OJK) has imposed sanctions on parties that violated capital-market rules, including Energy Tbk (BREN), owned by conglomerate Prajogo Pangestu.
“As a follow-up to the sanctions, OJK delivered the sanction letters directly to the parties in violation,” the authority said in a statement on Wednesday (21 October 2026).
The handover was attended by Khoirul Muttaqien, Deputy Commissioner for Supervision of Issuers, Securities Transactions, Special Investigations, Derivative Finance and Carbon Exchanges. Also present was a police official representing the National Police’s Criminal Investigation Agency: Commissioner Suhasto, Director of Special Economic Crimes.
The police official’s attendance reflected close coordination between OJK and the National Police in law enforcement, particularly in relation to criminal offences in the capital market.
According to OJK’s official statement, administrative sanctions in the case of the initial public offering of PT Barito Renewables Energy Tbk (BREN) included a Rp500 billion fine against AH Ltd.
The fine was imposed for violations related to obscuring information about the parties placing orders for BREN shares, contrary to Article 107 of the Capital Market Law, as amended by Article 22 point 48 of the P2SK Law.
In its investigation into BREN shares, OJK also found conduct intended to mislead in the share-ordering process. Parties connected to the company’s controller received very large share allocations while concealing their identities.
This resulted in BREN shares becoming concentrated among a particular group, leaving a limited number of shares available on the market.
“OJK stresses that these sanctions form part of its ongoing efforts to strengthen the integrity of Indonesia’s capital market and reinforce law enforcement that is firm, consistent, effective and proportionate,” the authority said.
The measures are intended to ensure orderly, fair and efficient securities trading, increase investor confidence and deter parties from breaching the rules.
OJK said it would continue to strengthen supervision and enforcement against capital-market violations to protect the market’s credibility and competitiveness, create an ecosystem with integrity and provide investors with optimal protection.