Indonesia’s Financial Services Authority (OJK) announced a series of enforcement actions on November 3, 2026, against multiple parties for violations including stock manipulation, misleading financial disclosures, and unauthorized trading. The enforcement sweep targets individuals and corporate officers across three separate cases spanning market manipulation in PT Panorama Sentrawisata Tbk (PANR) shares, false financial reporting at PT Bintang Oto Global Tbk (BOGA), and unauthorized client account activities by a licensed securities broker representative.
- PANR Case Period: September 6, 2022 to May 29, 2023
- Ill-gotten gains recovered: IDR 5,073,291,914
- Total fines against BOGA directors: IDR 2,475,000,000
- Account closures ordered: 18 securities accounts across multiple brokers
- Prohibitions imposed: 5-year and 10-year market activity bans
In the PANR case, OJK identified violations of Articles 91 and 92 of Indonesia’s Capital Market Law involving three individuals, Satrijanto Tirtawisata, Melani, and Upita Amalia, who engaged in coordinated trading patterns designed to manipulate share prices. The investigation found that transactions across 20 client accounts failed to reflect genuine supply-and-demand dynamics. Satrijanto Tirtawisata faces an order to disgorge all illicit profits, while Melani and Upita Amalia each received five-year prohibitions from conducting activities in the capital market, financial derivatives, and carbon exchange sectors. As a follow-up measure, OJK directed securities firms to close 18 accounts linked to the scheme.
Separately, OJK fined three board members of BOGA, Arif Andi Wihatmanto, Yayan Heryanto, and Hendricus A. Hormein, IDR 825 million each, for presenting misleading financial statements covering 2017 to 2020. The disclosures failed to accurately reflect how proceeds from the company’s initial public offering were utilized. Additionally, Lianiwati, a former securities broker-dealer representative, received a 10-year prohibition for falsifying client portfolio reports and executing unauthorized stock sales without client instruction. The regulator emphasized that corporate officers bear responsibility for information accuracy and that licensed professionals must maintain integrity and protect client assets.
OJK maintained that enforcement actions serve not only to penalize violations but to instill market discipline and prevent recidivism. The authority stated it will continue enhancing transaction supervision, information disclosure quality, and corporate governance oversight while coordinating with self-regulatory organizations to identify and prevent future violations.
