OJK Orders Rp 5.07 Billion Disgorgement in Indonesia Crackdown

By Amara Osei

On Wednesday, Indonesia’s Financial Services Authority (OJK) ordered Satrijanto Tirtawisata to disgorge Rp 5.073 billion ($279,335) in illicit trading profits from PT Panorama Sentrawisata Tbk (PANR) shares.

The same enforcement circular imposed Rp 2.475 billion ($136,281) in cumulative administrative fines on three PT Bintang Oto Global Tbk (BOGA) directors and imposed a 10-year market ban on former broker representative Lianiwati.

OJK also ordered relevant securities brokerages immediately to close accounts registered in the names of 18 identified individuals and corporate entities linked to the PANR manipulation. The circular invoked the Financial Sector Development and Strengthening Law (UU P2SK) as the framework for the crackdown.

What did the enforcement circular cover?

The package combined disgorgement, fines, long-term bans and account closures. It also landed as MSCI warned that Indonesia could lose Emerging Market status and fall to Standalone Market status, a prospect OJK linked to investor confidence in domestic markets.

OJK framed the measures as part of its effort to protect market integrity, restore institutional credibility and defend investor confidence. Its targets were three forms of misconduct:

• Coordinated trading in PANR shares
• False and misleading financial disclosures at BOGA
• Forged client portfolio statements and unauthorized share sales

In plain terms, the regulator struck at trading, disclosure and client-account handling in one enforcement package.

What did the PANR stock-rigging scheme involve?

Investigators found that Satrijanto Tirtawisata worked with Melani and Upita Amalia to orchestrate artificial trading, create illusory liquidity and dictate PANR’s pricing structure. The conduct ran from September 6, 2022, to May 29, 2023.

The group coordinated communications among its members and used 20 interconnected client accounts across several brokerage houses. The accounts sustained activity that kept the shares from trading according to genuine supply and demand. Twenty accounts. One coordinated scheme.

OJK calculated the illicit gains at Rp 5.073 billion and ordered Satrijanto to return the full sum. Melani and Upita received five-year bans from capital markets, financial derivatives and carbon exchanges, in any capacity.

The conduct violated Articles 91 and 92 of Law No. 8 of 1995 on the Capital Market, as amended by Article 22, points 34 and 35 of the UU P2SK. OJK said freezing and closing the accounts did not imply that the brokerages were culpable conspirators.

In plain terms, the manipulation rested on a coordinated account network, not on a single irregular trade.

What did the BOGA disclosure case conceal?

Clean signatures, misleading entries.

OJK fined three BOGA directors for approving and signing the company’s annual financial statements for the 2017–2020 fiscal periods. Arif Andi Wihatmanto, Yayan Heryanto and Hendricus A. Hormein each received Rp 825 million ($45,427), producing the Rp 2.475 billion total.

The directors recorded false and misleading advance-payment items that obscured the genuine use and trail of IPO proceeds. OJK said the board bears ultimate statutory accountability for ensuring that public corporate filings remain “accurate, complete, and reliable.”

The regulator said transparent accounting was indispensable to fair shareholder valuation and sound public decision-making. The breach fell under Article 107 of the Capital Market Law, as amended by Article 22, point 48 of the UU P2SK.

In plain terms, board approval carries responsibility for the financial statements the board signs.

What did Lianiwati do?

Ten years. No trading.

OJK barred Lianiwati from capital markets, derivative contracts and carbon trading venues. The former registered broker forged client portfolio statements and executed unauthorized equity sales without investor instructions.

Her individual broker-dealer representative license, known as an WPPE, had expired in November 2020. Investigators cited severe violations, including falsification of investor portfolio records under Article 107 of the Capital Market Law.

OJK also cited unauthorized trade execution contrary to Rule V.E.1 and POJK No. 3/POJK.04/2020, plus professional-integrity breaches under POJK No. 20/POJK.04/2016. It said licensed intermediaries owe a strict fiduciary obligation to preserve client assets and maintain rigorous operational standards.

The agency also stated that it maintains “zero tolerance for fraudulent accounting, market collusion, and unauthorized account handling.” In plain terms, client records and instructions must match reality, whatever the intermediary’s license status.

What changes for practitioners?

For practitioners, the enforcement package makes three controls testable: reconciliation of IPO proceeds against advance-payment entries, records matching actual client portfolios and instructions, and surveillance capable of identifying coordinated trading across accounts.

Compliance teams should expect scrutiny of the directors who approve filings and the intermediaries who execute orders. OJK also pledged closer coordination with self-regulatory organisations, real-time trade surveillance and earlier detection of misconduct.

In plain terms, approvals, instructions and account activity will receive closer scrutiny.