Prajogo Pangestu’s CUAN Responds After OJK Sanctions

Jakarta, CNBC Indonesia — Conglomerate Prajogo Pangestu’s listed company, PT Petrindo Jaya Kreasi Tbk (CUAN), has responded to the impact of sanctions imposed by the Financial Services Authority (OJK) on its financial condition and operations.

CUAN management said the sanctions were not expected to have a material adverse effect on the company’s financial condition, operating performance or business continuity.

“The fines are not imposed directly on the Company, but may be imposed on certain parties involved in the Company’s initial public offering, according to their respective roles and responsibilities under the applicable regulations,” the company said in information disclosed to the Indonesia Stock Exchange (IDX) on Tuesday, 20 October 2026.

The company said its financial position was sound, with adequate financial capacity and liquidity to support continued business operations. Given this position, and the fact that the fines were not imposed directly on the company, CUAN believes the sanctions will not have a material adverse impact on its business.

Operationally, management reaffirmed its commitment to conducting business as usual while observing prudence, complying with laws and regulations, and upholding good corporate governance. The company will continue to monitor developments and ensure any necessary follow-up is carried out appropriately without disrupting its operations.

Regarding potential liabilities or further legal proceedings, CUAN said it would monitor any developments and further requirements communicated by the OJK or other relevant authorities. As of the date of its response to the IDX, the company said it could not confirm whether there would be any further liabilities or legal proceedings beyond those formally determined by the competent authorities.

CUAN said it would meet all applicable obligations under the law and inform the IDX of any material developments that could affect business continuity. It would also follow up on the sanctions in accordance with the applicable decisions and rules, including by internally reviewing compliance, oversight and corporate governance.

In addressing any obligations arising from the sanctions, CUAN said it would take the necessary steps in line with its status and the applicable official requirements. If the company is required to make a payment, it will do so in light of its financial position and available funds, and in accordance with the mechanism set by the competent authorities.

As part of its remedial measures, the company will continue to strengthen good corporate governance (GCG), improve the effectiveness of internal controls, and review relevant compliance and oversight procedures. These steps are intended to reduce the risk of similar issues recurring.

Management also addressed media reports published on 16 October 2026 concerning the OJK sanctions. The company said it would ensure that all information released to the public was consistent with facts, official documents and verifiable developments.

If any reports do not fully reflect the applicable circumstances or official decisions, CUAN said it would issue clarification based on the facts and relevant supporting documents. As of the date of its response, the company did not intend to speculate on unconfirmed information and would make further disclosures to the IDX if any material facts required clarification or reporting.

CUAN said there was no other material information or fact to report beyond what it had set out, unless new developments arose that were required to be disclosed. It reaffirmed its commitment to providing timely, accurate and adequate information, including filing ad hoc reports if material information could affect the price of its securities or investors’ decisions.

The OJK previously sanctioned parties found to have breached capital-market rules in connection with three major Indonesian listed companies: PT Dian Swastatika Sentosa Tbk (DSSA), PT Barito Renewables Energy Tbk (BREN) and PT Petrindo Jaya Kreasi Tbk (CUAN). In its investigations into BREN and CUAN shares, the regulator found indications that shares offered in the IPOs had been arranged from the outset for allocation to a group affiliated with the controlling shareholders.

During the investigations, the OJK requested data and documents from four securities underwriters and three custodian banks, and traced funds linked to the share offerings. It also summoned at least five directors of securities firms, three custodian banks and seven parties who received fixed allocations.

The regulator also found alleged deception in the share-ordering process for BREN and CUAN. Parties affiliated with the companies’ controllers were said to have secured very large share allocations by obscuring their identities, concentrating ownership of the two companies among a particular group and leaving a very limited proportion of shares available to the public, or free float.

In addition, the OJK identified illicit gains from alleged violations in DSSA share transactions and in the BREN and CUAN share-ordering processes. In response to its findings, the regulator imposed administrative fines totalling Rp100 billion on parties affiliated with CUAN.