February 21, 2026 | 02:21 pm
TEMPO.CO, Jakarta - The Indonesian Financial Services Authority (OJK) has imposed fines totaling Rp11.05 billion on four stock market manipulators, also known as "stock manipulators."
The Acting Head of the Capital Market Supervisory Agency, Derivatives, and Carbon Exchange at OJK Hasan Fawzi stated that the four perpetrators emerged from two different cases.
"The first type of case involves PT Impack Pratama Industri or IMPC," said Hasan in a press conference at the Indonesia Stock Exchange on Friday, February 20, 2026. This case occurred between January and April 2026.
In this specific case, there were three parties involved. They were PT Dana Mitra Kencana and two individuals, UPT and MLN. Hasan explained that the perpetrators used dozens of nominees to manipulate IMPC stock transactions. Dana Mitra Kencana controlled 17 securities accounts, while UPT and MLN controlled 12 securities accounts. As a result of this case, the three parties were fined a total of Rp5.7 billion.
Subsequently, the second case involved an influencer with the initials BVN. Based on the investigation results, BVN was found to have spread false information on social media about a number of stock trades between 2021 and 2022.
According to Hasan, BVN recommended his followers to buy or sell specific stocks. "However, at the same time, the influencer actually conducted transactions contrary to the information or recommendations conveyed through the aforementioned social media," said Hasan in a press conference at the Indonesia Stock Exchange on Friday, February 20, 2026.
Hasan stated that BVN placed buy and sell orders for several stocks, including stocks with the codes AYLS (PT Agro Yasa Lestari Tbk.), FILM (PT MD Pictures Tbk.), and BSML (PT Bintang Samudera Mandiri Lines Tbk.). These transactions were carried out using several nominee securities accounts, leading to the formation of unreasonable and inappropriate stock prices in the market mechanism. BVN was fined a total of Rp5.35 billion.
Read: Kiwoom Lists Top 10 Indonesian Stock Picks for the Year of the Fire Horse
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