OJK Penalizes Market Manipulators Over Stock Rigging, Misleading Financials, and Client Account Fraud

JAKARTA, Investortrust.id — The Financial Services Authority (OJK) slapped a fresh wave of punitive sanctions against capital market violators, cracking down on coordinated stock price manipulation at PT Panorama Sentrawisata Tbk (PANR), fraudulent financial disclosures at PT Bintang Oto Global Tbk (BOGA), and gross client account misuse by a former registered broker.

The regulatory crackdown underscores Indonesian financial authorities' urgent push to clean up market integrity and restore institutional credibility under the Financial Sector Development and Strengthening Law (UU P2SK), coming against the backdrop of heightened scrutiny as MSCI warns of potentially downgrading Indonesia from Emerging Market to Standalone Market status. Announced in an official enforcement circular on Wednesday, the measures combine punitive fines, disgorgement of illicit trading proceeds, long-term industry bans, and mandatory account closures to dismantle deceptive practices that distort fair price discovery and erode foreign investor confidence across the domestic bourse.

PANR Price Rigging and Illusory Trade Networks

In the Panorama Sentrawisata probe, regulatory investigators uncovered a concerted market manipulation scheme executed between Sept. 6, 2022, and May 29, 2023. OJK found that Satrijanto Tirtawisata, alongside collaborators Melani and Upita Amalia, orchestrated artificial trading patterns designed to fabricate illusory liquidity and dictate the pricing structure of PANR shares.

The regulatory agency established that the group coordinated inter-party communications and mobilized 20 interconnected client accounts across several brokerage houses to maintain artificial market activity, preventing PANR shares from trading in accordance with genuine supply and demand dynamics. The conduct violated Articles 91 and 92 of Law Number 8 of 1995 on the Capital Market, as amended by Article 22, points 34 and 35 of the UU P2SK.

OJK calculated the illicit financial gains generated from the scheme at Rp 5.073 billion ($279,335) and issued an administrative order directing Satrijanto Tirtawisata to return the full sum through mandatory disgorgement. Concurrently, both Melani and Upita Amalia were banned from participating in any capacity across the capital market, financial derivatives, and carbon exchange sectors for a period of five years.

As a direct enforcement follow-up, the financial watchdog ordered relevant securities brokerages to immediately shutter the trading accounts registered in the names of 18 identified individuals and corporate entities linked to the illicit scheme. The regulator clarified that instructing brokerage houses to freeze and close these accounts does not imply that the brokerages themselves participated as culpable conspirators in the underlying market manipulation.

BOGA Board Fined Over Misleading Disclosures

Turning to disclosure integrity, OJK levied cumulative administrative fines totaling Rp 2.475 billion ($136,281) against three board members of PT Bintang Oto Global Tbk who approved and signed the issuer’s annual financial statements for the 2017–2020 fiscal periods.

Directors Arif Andi Wihatmanto, Yayan Heryanto, and Hendricus A. Hormein were each personally fined Rp 825 million ($45,427). The investigation established that the trio recorded false and misleading advance payment items that obscured the genuine utilization and trail of proceeds raised from the company’s initial public offering (IPO), in breach of Article 107 of the Capital Market Law as amended by Article 22, point 48 of the UU P2SK.

The regulator emphasized that the board of directors of a publicly listed entity holds ultimate statutory accountability for verifying that all public corporate filings remain accurate, complete, and reliable, noting that transparent accounting is an indispensable prerequisite for fair shareholder valuation and public decision-making.

Ten-Year Bar Imposed on Rogue Broker

In a separate enforcement decree, OJK handed down a 10-year market ban against Lianiwati, barring her from operating across capital markets, derivative contracts, and carbon trade venues. The probe determined that the former broker forged client portfolio statements and executed unauthorized equity sales without investor instructions.

Lianiwati previously held an individual broker-dealer representative license (WPPE) that expired in November 2020. Regulators cited severe statutory violations, including the falsification of investor portfolio records under Article 107 of the Capital Market Law, unauthorized trade execution in contravention of Rule V.E.1 and Financial Services Authority Regulation (POJK) Number 3/POJK.04/2020, and foundational breaches of professional integrity requirements stipulated under POJK Number 20/POJK.04/2016.

The regulator reiterated that licensed market intermediaries bear a strict fiduciary obligation to preserve client assets and maintain rigorous operational standards. OJK affirmed that it maintains zero tolerance for fraudulent accounting, market collusion, and unauthorized account handling, pledging closer coordination with self-regulatory organizations (SROs) to fortify real-time trade surveillance and detect market misconduct early.