Economy

OJK Fines DSSA, BREN, CUAN Rp2.1T Over Alleged Share Manipulation

Stateline MEDIA Newsroom•October 16, 2026•4 min read

OJK imposed a combined fine of Rp2.1 trillion on three listed issuers — DSSA (Rp1.5 trillion), BREN (Rp500 billion) and CUAN (Rp100 billion) — over alleged market manipulation and rigged IPO shares. The announcement was made on Friday (10/16/2026) at IDX amid turmoil in the domestic capital market.

Key Facts

The Financial Services Authority (OJK) imposed a combined fine of Rp2.1 trillion on three listed companies for alleged capital market transaction violations. The announcement was made by OJK Chief Executive of Capital Market, Financial Derivatives and Carbon Exchange Supervision Hasan Fawzi at a press conference at the Indonesia Stock Exchange (IDX) in Jakarta on Friday (10/16/2026).
The breakdown: PT Dian Swastatika Sentosa Tbk (DSSA) was fined Rp1.5 trillion (about US$83.3 million); PT Barito Renewables Energy Tbk (BREN) Rp500 billion (US$27.8 million); and PT Petrindo Jaya Kreasi Tbk (CUAN) Rp100 billion (US$5.6 million).
In DSSA shares, OJK found indications of criminal market manipulation carried out by individual and institutional clients through several brokerage firms. The probe covered DSSA share trading from 2023 to 2026, with suspected violations of Articles 91 and 92 of the Capital Market Law and the Financial Sector Development and Strengthening Law (P2SK); OJK requested data from the relevant brokerages and traced the fund flows of related parties.
In BREN and CUAN, OJK found that shares offered in the initial public offering (IPO) of both issuers had been planned from the outset to be allocated to a group of parties linked to the controlling shareholders. The identities of those parties were obscured, leaving a very limited free float, and there was misdirection in the share subscription process that led to jumbo allotments to certain parties.
To complete the investigation, OJK requested data and documents from securities underwriters and three custodian banks, and summoned five directors of securities firms, three custodian banks, and seven underwriting companies involved in the BREN and CUAN IPOs.
All three stocks plunged to the lower auto-rejection limit (ARB) in Friday trading: DSSA lost 14.88% to Rp715 per share on 189 million shares traded, while BREN and CUAN also hit ARB. The OJK move was announced as a response to international concerns, including MSCI opening a consultation to reclassify Indonesia's capital market as a Standalone Market.

Record Fine for Three Issuers

JAKARTA — The Financial Services Authority (OJK) imposed a combined administrative fine of Rp2.1 trillion on three Indonesia Stock Exchange (IDX) issuers over alleged capital market transaction violations. The announcement was made by OJK Chief Executive of Capital Market, Financial Derivatives and Carbon Exchange Supervision Hasan Fawzi at a press conference at IDX in Jakarta on Friday (10/16/2026).

"The fine was imposed for transaction violations," Hasan said. The breakdown: PT Dian Swastatika Sentosa Tbk (DSSA) was fined Rp1.5 trillion or US$83.3 million; PT Barito Renewables Energy Tbk (BREN) Rp500 billion or US$27.8 million; and PT Petrindo Jaya Kreasi Tbk (CUAN) Rp100 billion or US$5.6 million. It ranks among the largest administrative sanctions in the history of Indonesian capital market enforcement.

The move came as the domestic capital market came under heavy pressure, with the Indonesia Composite Index (JCI) plunging so far that trading was halted and Morgan Stanley Capital International (MSCI) opened a consultation to reclassify Indonesia from Emerging Market to Standalone Market.

Manipulation Indications in DSSA Shares

In DSSA shares, OJK found indications of criminal market manipulation carried out by individual and institutional clients through several brokerage firms. The probe covered DSSA share trading from 2023 to 2026, with suspected violations of Articles 91 and 92 of the Capital Market Law and the Financial Sector Development and Strengthening Law (P2SK).

Hasan said OJK had requested data and documents from the relevant brokerages and traced the fund flows of parties linked to the transactions. The manipulation of DSSA was assessed as having been carried out in a structured manner by several brokerage firms, and OJK concluded that illicit gains were obtained from the transaction violations.

The three are conglomerate-affiliated issuers, and the fine on DSSA was the largest. In Friday trading, DSSA shares plunged 14.88% to a low of Rp715 per share on 189 million shares traded and 9,712 transactions — hitting the lower auto-rejection limit (ARB).

Rigged IPO Scheme in BREN and CUAN

In the BREN and CUAN probe, OJK found that shares offered in the initial public offering (IPO) of both issuers had been planned from the outset and allocated to a group of parties linked to the controlling shareholders. The identities of those parties were obscured, leaving the shares truly circulating freely in the market — the so-called free float — very limited.

OJK also found misdirection in the share subscription process, which led to jumbo allotments to certain parties. That practice was judged to have made the price movements of both stocks unnatural and to have generated illicit gains from the offering process.

"OJK found that the shares offered in the BREN and CUAN IPOs had been planned from the outset and allocated to a group of parties linked to the controlling shareholders," Hasan said. To complete the investigation, the regulator summoned five directors of securities firms, three custodian banks, and seven underwriting companies involved in the IPOs of both issuers, and traced the fund flows linked to the offerings. BREN and CUAN shares also hit ARB in Friday trading.