February 10, 2026 | 04:22 pm
TEMPO.CO, Jakarta - The office of Shinhan Sekuritas Indonesia on the 50th floor of Equity Tower in the Sudirman Business District Center, South Jakarta, suddenly grew crowded on Tuesday evening, February 3, 2026. About 20 people in dark blue jackets arrived carrying boxes labeled "evidence in capital market crime and money laundering cases," complete with the Indonesian National Police insignia.
Investigators from the National Police Criminal Investigation Department's (Bareskrim) Directorate of Special Economic Crimes were probing Shinhan Sekuritas' role as underwriter in the April 10, 2023 initial public offering of Multi Makmur Lemindo (PIPA), a pipe manufacturer based in Tangerang, Banten. The securities firm owned by South Korea's Shinhan Financial Group Co. Ltd. was suspected of improperly facilitating PIPA's IPO.
When it debuted on the Indonesia Stock Exchange (IDX), PIPA offered 925,000 shares (equal to 27.01 percent of its equity) at Rp105 (about US$0.006) apiece, raising Rp97.1 billion (US$5.8 million) from the public. But investigators said the company was not fit to go public. "The company's valuation did not meet the requirements," said Brig. Gen. Ade Safri Simanjuntak, Director of Special Economic Crimes at the Bareskrim.
Court records from the South Jakarta District Court showed that as of March 2022, the company's assets consisted only of land and buildings worth about Rp41 billion (US$2.4 million), below the Rp50 billion (US$3 million) threshold required for listing on the IDX Development Board. Police alleged that former PIPA Director Junaedi engineered a Rp6.6 billion (US$400,000) machinery purchase to inflate the company's financial statements. In its prospectus, PIPA's total assets jumped from Rp25.7 billion (US$1.5 million) as of December 31, 2021 to Rp89.2 billion (US$5.3 million) by September 30, 2022.
IDX Gives Issuers 3-Year Deadline to Comply With Free Float Rules
3 jam lalu
IDX has prepared assistance for 267 companies yet to meet the 15 percent free float requirement ahead of rules set to take effect in March 2026.
After MSCI, FTSE Russell Delays Indonesia Index Review
5 jam lalu
Global index provider FTSE Russell has decided to postpone the review of its Indonesian index, originally scheduled for March 2026.
OJK Imposes Rp542 Billion in Fines Over Capital Market Violations
1 hari lalu
One of the root causes of price manipulation in Indonesia's capital market is irregularities in the initial public offering (IPO) process.
Danantara Indonesia Awaits IDX Demutualization
5 hari lalu
The plan to demutualize the Indonesian Stock Exchange (IDX) has surfaced after MSCI highlighted the low free float in the Indonesian capital market.
JCI Strengthens Ahead of Statistics Indonesia Data Release
5 hari lalu
The Jakarta Composite Index (JCI) this morning opened 20.63 points higher, or 0.25 percent, at 8,167.35.
Tokopedia Will Not Transition to TikTok Shop, TikTok Confirms
5 hari lalu
A TikTok spokesperson stated that the company will continue to invest in Tokopedia and Indonesia.
Indonesian Police Probe Two Insider Trading Cases
6 hari lalu
The Indonesian police are investigating allegations of insider and pseudo-trading by two asset management companies and have identified five suspects.
OJK Responds to Indonesian Police Crackdown on Stock Manipulation
6 hari lalu
OJK said the investigation aligns with the agency's commitment to accelerate capital market reform.
IDX Board Appoints Jeffrey Hendrik as Acting President Director
6 hari lalu
IDX revealed that Iman Rachman's resignation as president director is still in process.
IHSG Opens Weaker at 7,880.47 as Market Remains Cautious
7 hari lalu
IHSG has the potential to weaken with support and resistance at 7,790-8,270
