From The Economic Times · Anupam Nagar · · 1m 10s
Indonesia Fines Stock Market Violators
Indonesia imposes record $117 million fines for stock market violations.
In brief
Indonesia imposes record $117 million fines for stock market violations. Indonesia's financial regulator fined parties involved in stock market manipulation totaling $117 million. Originally reported by The Economic Times.
Indonesia's Financial Regulator
Indonesia's financial regulator OJK imposed record fines totaling 2.1 trillion rupiah ($116.67 million) on parties violating trading rules.
Violations Involving Three Companies
The fines targeted PT Dian Swastatika Sentosa Tbk, PT Barito Renewables Energy Tbk, and PT Petrindo Jaya Kreasi Tbk for stock manipulation.
Dian Swastatika Manipulation
OJK fined a company identified as SMT 1.5 trillion rupiah for manipulating Dian Swastatika shares, causing a sharp price increase.
Barito Renewables Violation
AH Ltd was fined 500 billion rupiah for concealing information during Barito Renewables Energy's IPO.
Petrindo Jaya Violation
TC Pte Ltd was fined 100 billion rupiah for similar violations involving Petrindo Jaya Kreasi's IPO.
Regulator's Action
OJK found controlling shareholders concealed affiliations and obtained shares ahead of IPOs, restricting market availability.
Companies Comply
All three companies stated they respected OJK's enforcement measures and would comply with regulations.
At a glance
Indonesia's financial regulator fined parties involved in stock market manipulation totaling $117 million.
