The Largest Fine in OJK History

Indonesia's Financial Services Authority (OJK) imposed administrative sanctions totaling Rp2.1 trillion (US$116 million) — the largest in the history of Indonesian capital market supervision — on parties linked to three listed companies: PT Dian Swastatika Sentosa Tbk (DSSA), PT Barito Renewables Energy Tbk (BREN), and PT Petrindo Jaya Kreasi Tbk (CUAN).

The announcement was delivered by OJK's Chief Executive for Capital Market, Financial Derivatives, and Carbon Exchange Supervision Hasan Fawzi at a press conference at the Indonesia Stock Exchange (BEI) building in Jakarta, Friday (10/16/2026). The breakdown: Rp1.5 trillion over alleged manipulation of DSSA share trading, Rp500 billion linked to BREN, and Rp100 billion linked to CUAN over alleged violations in allotments during their initial public offerings (IPOs).

Structured Manipulation and Fictitious Allotment

OJK found evidence of criminal stock market manipulation of DSSA carried out by individual and institutional clients through several exchange members — in a planned and structured manner that significantly drove up the share price. For BREN and CUAN, violations were found in the IPO process and share allotments.

OJK summoned at least 12 securities company directors, 15 individuals, and 11 foreign legal entities, traced the fund flows of the parties involved, and froze the licenses of individual securities directors linked to the violations. Sanctions were imposed on traders, underwriters, parties handling firm allotments, and the ultimate beneficial owners (UBOs) of the issuers proven to have breached capital market regulations.

Part of Capital Market Reform

The enforcement is part of OJK's supervision of High Shareholding Concentration (HSC) stocks: of 61 stocks on that list, 31 have been examined and show indications of potential criminal violations. From January through October 2026, OJK has taken action against 835 parties with total sanctions exceeding Rp390 billion.