Jakarta – IndonesiaS Financial Services authority (OJK) has imposed significant fines and sanctions on several companies and individuals following investigations into violations of capital market regulations. The actions, totaling over Rp 5.33 billion (approximately $347,500 USD),underscore the OJK’s commitment to enforcing compliance and protecting investors in the rapidly developing Indonesian stock market [[1]]. The penalties, announced February 6, 2026, target firms involved in initial public offerings and related underwriting activities.
Jakarta –
Indonesia’s Financial Services Authority (OJK) has levied administrative sanctions and directives against PT Repower Asia Indonesia Tbk (REAL), PT Multi Makmur Lemindo Tbk (PIPA), and related parties following violations of capital market regulations. The actions reflect the OJK’s commitment to maintaining market integrity and investor confidence in the Indonesian stock exchange, a key emerging market.
According to a statement released by the OJK, the sanctions were determined on February 6, 2026, following an examination conducted as part of ongoing enforcement efforts.
The OJK imposed a Rp 925 million (approximately $60,000 USD) administrative fine on PT Repower Asia Indonesia Tbk related to transactions involving funds raised during its initial public offering (IPO). Aulia Firdaus, who served as Director of PT Repower Asia Indonesia Tbk during 2024, was also fined Rp 240 million (approximately $15,600 USD).
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In connection with the IPO of PT Repower Asia Indonesia Tbk, the OJK also issued administrative sanctions and directives to PT UOB Kay Hian Sekuritas, amounting to Rp 250 million (approximately $16,300 USD). The firm faces potential further sanctions, including a one-year suspension of its underwriting license, effective upon notification of the sanctions.
“PT UOB Kay Hian Sekuritas was issued an Administrative Sanction in the form of a Fine of Rp 250,000,000, an Administrative Sanction in the form of a Freeze on the Business License of PT UOB Kay Hian Sekuritas as an Underwriter of Securities for 1 (one) year from the date of the sanction letter, and a Written Order to update the UOB Kay Hian Pte. Ltd. securities account opening form in 2001,” the OJK stated.
Yacinta Fabiana Tjang, who served as Director of PT UOB Kay Hian Sekuritas from December 2018 to February 2020, received a Rp 30 million (approximately $1,950 USD) fine and a three-year ban from participating in capital market activities.
“UOB Kay Hian Pte. Ltd. was issued an Administrative Sanction in the form of a Fine of Rp 125,000,000.00 for being a party that caused PT UOB Kay Hian Sekuritas to violate provisions,” added the OJK.
PT Multi Makmur Lemindo Tbk was fined Rp 1.85 billion (approximately $120,600 USD) for improperly recognizing assets derived from IPO proceeds in its 2023 financial statements, lacking sufficient supporting transaction documentation. This highlights the importance of accurate financial reporting for publicly traded companies.
Additionally, the OJK imposed fines totaling Rp 3.36 billion (approximately $218,700 USD) on Junaedi, Imanuel Kevin Mayola, Hendri Saputra, and Airlangga, who served as Directors of PT Multi Makmur Lemindo Tbk in 2023. Junaedi, the company’s Director during 2023, is prohibited from engaging in capital market activities for five years.
“The imposition of administrative sanctions and/or Written Orders against PT Repower Asia Indonesia Tbk and PT Multi Makmur Lemindo Tbk and related parties is a firm step taken by the OJK in enforcing the law against parties who commit violations to maintain public trust in the Indonesian Capital Market industry,” stated the OJK.
“Furthermore, the OJK will continue to take firm law enforcement measures and create a deterrent effect for perpetrators of crimes in the Capital Market sector so that the Indonesian Capital Market can run in an orderly, fair, and efficient manner, and with integrity,” the statement concluded.
(igo/ara)
