OJK fines stock manipulator Rp 11 billion

The recent announcement from the Financial Services Authority (OJK) has shed light on the issue of stock manipulation in the Indonesian capital market. The OJK has imposed a hefty fine of Rp 11 billion on individuals involved in manipulating stock prices for personal gain. Hasan Fawzi, the Acting Chief Executive of the OJK’s Capital Market, Derivatives, and Carbon Exchange Supervisory Agency, announced these sanctions in a press conference on Friday.

The violations in question occurred between 2016 and 2022 and involved two separate cases of stock market manipulation. The first case centered around the shares of PT Impack Pratama Industri Tbk (IMPC), where two groups of perpetrators, including a non-financial services company (PT Dana Mitra Kencana) and two individuals with the initials MLN and UPT, used a combination of nominee securities accounts to control stock transactions. By manipulating stock prices through these accounts, they created a false image of trading activities to serve their interests.

The second case involved an influencer identified as BVN, who holds a significant following on social media. BVN was found guilty of disseminating false information and providing recommendations for the purchase or sale of certain shares, while carrying out transactions that contradicted these recommendations. Through the use of nominee securities accounts, BVN’s actions led to distorted stock prices that did not accurately reflect the market’s true conditions.

These cases of stock manipulation are considered severe violations of the Capital Market Law, resulting in fines totaling Rp 11 billion. The OJK’s decisive actions in imposing these sanctions illustrate its commitment to maintaining the integrity of the national capital market and safeguarding investor confidence.

Furthermore, the OJK has been actively monitoring and penalizing offenders engaged in stock trading manipulation over the years. From 2022 to January 2026, the OJK has issued fines amounting to Rp 240.65 billion against 151 perpetrators involved in such activities. These penalties, along with other administrative sanctions, serve as a deterrent against any future violations and aim to uphold the stability of the capital market.

Additionally, recent efforts by law enforcement agencies, such as the Directorate of Special Economic Crimes, have targeted cases of market manipulation involving companies like PT Minna Padi Aset Manajemen (MPAM). Through thorough investigations and the identification of suspects, authorities have uncovered illicit practices in stock trading activities and taken appropriate legal measures to address these violations.

The commitment of regulatory bodies and law enforcement agencies to combat stock manipulation and maintain market transparency reflects a collective effort to uphold the integrity of Indonesia’s capital market. By holding perpetrators accountable and implementing strict penalties, authorities aim to secure a fair and equitable trading environment for investors and ensure the long-term stability of the financial sector.