Share trader fined Rp 100m

Share trader fined Rp 100m

JAKARTA (JP): The Capital Market Supervisory Agency (Bapepam)
said on Monday it fined local capital market trader James Rachmat
Subekti Rp 100 million (about US$11,765) for market manipulation.

James was implicated in jacking up the price of the preferred
shares issued by PT Mas Murni on the Jakarta Stock Exchange (JSX)
in April, the agency said.

PT Mas Murni issued Rp 2 million preferred shares in April
this year. To the market's astonishment, the price of these
preferred shares quickly surged over 1,000 percent following its
initial listing.

The JSX suspected that the price of Mas Murni preferred shares
were formed not through a normal market mechanism, but by an
artificial price.

Bapepam is also investigating nine other securities companies
related to the preferred share trading.

The companies are PT Sucorinves Sentral Gani, PT Bomar
Securities, PT Trimegah Securindo Lestari, PT Harita Kencana
Securities, PT Dongsuh Kolibindo Securities, PT Saridaya Persada
Sekuritas, PT Kim Eng Securities, PT Asjaya Indosurya Securities
and PT Danpac Sekuritas. (udi)