Indonesia’s Financial Services Authority (OJK) has imposed administrative fines totaling Rp2.1 trillion on parties involved in capital market violations related to PT Dian Swastatika Sentosa Tbk (DSSA), PT Barito Renewables Energy Tbk (BREN), and PT Petrindo Jaya Kreasi Tbk (CUAN) (16/10).

The sanctions follow investigations into suspected stock market manipulation involving DSSA and violations in the public offering share allocation processes of BREN and CUAN, according to an OJK press release dated October 16, 2026.

OJK imposed a Rp1.5 trillion fine on parties involved in violations related to DSSA share transactions, Rp500 billion on parties connected to BREN share allocations, and Rp100 billion on parties connected to CUAN share allocations.

The regulator also reported that 835 parties had faced penalties, sanctions, or law enforcement measures between January and October 2026 as part of ongoing capital market enforcement.

OJK Imposes Fines for DSSA, BREN and CUAN Violations

OJK investigated DSSA share trading between 2024 and 2026, as well as the public offering processes of BREN and CUAN.

The investigations concerned suspected violations of Articles 91 and 92 and Article 107 of Indonesia’s capital market legislation, as stated in the press release.

The regulator requested data and documents from relevant securities companies and other financial market institutions, traced the flow of funds connected to the transactions, and summoned parties suspected of involvement in the violations.

For the DSSA investigation, OJK summoned at least 12 securities company directors, 15 individuals, and 11 foreign legal entities.

In the BREN and CUAN investigations, the regulator summoned at least five securities company directors, three custodian banks, and parties involved in the fixed-allocation process.

OJK Finds Planned Stock Market Manipulation in DSSA Trading

OJK found evidence of criminal stock market manipulation involving individual and institutional clients who traded DSSA shares through several stock exchange members. According to the regulator, the activity was planned and structured, causing DSSA’s share price to increase significantly.

The investigation also uncovered violations by securities company directors. OJK subsequently suspended the individual licenses of directors involved in the violations.

The regulator also found evidence of unlawful gains arising from the violations related to DSSA share trading and the share ordering processes for BREN and CUAN.

BREN and CUAN Share Allocations Involved Concealed Identities

OJK found that the shares offered through the public offerings of BREN and CUAN had been planned from the outset for a group of parties connected to the companies’ controlling shareholders.

The investigation identified misleading practices in share orders, in which parties connected to the controlling shareholders obtained very large allocations while concealing their identities.

According to OJK, these practices concentrated BREN and CUAN share ownership among a limited group of parties, reducing the number of shares circulating in the market.

To investigate the cases, OJK requested data and documents from several stock exchange members, securities underwriters, and custodian banks. The regulator also traced the flow of funds connected to the public offerings.

OJK Continues Capital Market Enforcement in 2026

OJK stated that enforcement against capital market violations was not limited to the DSSA, BREN, and CUAN cases. Together with Indonesia’s Self-Regulatory Organizations (SROs), the regulator has continued imposing penalties and taking enforcement action as part of capital market reform.

According to the October 16, 2026, press release, at least 835 parties had faced penalties, sanctions, or law enforcement measures from January through October 2026.

OJK said these enforcement measures would continue consistently as part of its capital market reform efforts.

PHOTO: OJK

This article was created with AI assistance.

We make every effort to ensure the accuracy of our content, some information may be incorrect or outdated. Please let us know of any corrections at [email protected].