OJK Imposes Sanctions on Parties Involved in DSSA, BREN, and CUAN Cases

JAKARTA, JakartaWeekly.com—The Financial Services Authority (OJK) has imposed sanctions on parties that violated capital market regulations in cases involving three issuers listed on the Indonesian stock market: PT Dian Swastatika Sentosa Tbk (DSSA), PT Barito Renewables Energy Tbk (BREN), and PT Petrindo Jaya Kreasi Tbk (CUAN).

OJK handed the sanction letters directly to the parties in violation at its office in Jakarta on Wednesday, October 21, 2026.

The sanction letters were handed over by Khoirul Muttaqien, Deputy Commissioner for Issuer Supervision, Securities Transactions, Special Investigations, Derivatives Finance, and Carbon Exchange. The event was also attended by a representative of the Indonesian National Police (POLRI), Suhasto, Director of Special Economic Crimes at the National Police’s Criminal Investigation Department (Bareskrim), with the rank of Senior Commissioner of Police. The police official’s attendance reflected close coordination between OJK and POLRI in law enforcement, particularly in addressing criminal offenses in the capital market sector.

In the DSSA stock trading case, administrative sanctions were imposed on PT SMT, which was fined Rp1.5 trillion, and Mr. R, who currently serves as a director of PT SS, whose Securities Underwriting Representative License was suspended for one year. The sanctions concerned market manipulation in violation of Article 91 of the Capital Market Law (UUPM), as amended by Article 22 point 34 of the Financial Sector Development and Strengthening Law (UUPPSK), and Article 92 of the UUPM, as amended by Article 22 point 35 of the UUPPSK.

In the initial public offering (IPO) case involving PT Barito Renewables Energy Tbk (BREN), administrative sanctions were imposed on AH Ltd, which was fined Rp500 billion for obscuring the identity of parties placing orders for BREN shares. The violation concerned Article 107 of the UUPM, as amended by Article 22 point 48 of the UUPPSK.

In the IPO case involving PT Petrindo Jaya Kreasi Tbk (CUAN), administrative sanctions were imposed on TC Pte Ltd, which was fined Rp100 billion for obscuring the identity of parties placing orders for CUAN shares. The violation also concerned Article 107 of the UUPM, as amended by Article 22 point 48 of the UUPPSK.

In the DSSA case, OJK also imposed administrative fines on nine securities firms for violations of administrative requirements and issued written warnings to eight sales representatives at securities firms who handled customer orders for DSSA shares.

The nine securities firms are:

a. PT SSI
b. PT SS
c. PT ALS
d. PT BS
e. PT AMS
f. PT TSI
g. PT BCS
h. PT WSI
i. PT RSI

In the CUAN case, OJK imposed administrative fines on two securities firms, PT HPS and PT BDS, for violations of administrative requirements. OJK also suspended the Securities Underwriting Representative License of one individual, a director of PT HPS, for three months.

During its investigation into DSSA shares, OJK uncovered stock market manipulation carried out by customers through several securities firms. The manipulation was conducted in a planned and structured manner, causing DSSA’s share price to rise significantly.

In its press release, OJK explained that its investigations into BREN and CUAN shares uncovered misleading practices in share subscription orders. Certain parties affiliated with the companies’ controlling shareholders obtained large share allocations by concealing their identities. This resulted in the concentration of BREN and CUAN shares among a limited group of parties, leaving fewer shares available for trading in the market.

OJK emphasized that the sanctions form part of its ongoing efforts to strengthen the integrity of Indonesia’s capital market and reinforce firm, consistent, effective, and proportionate law enforcement. These efforts aim to ensure orderly, fair, and efficient securities trading, boost investor confidence, and deter parties from committing violations.