JAKARTA - The Financial Services Authority (OJK) has imposed a number of administrative sanctions and Written Orders on PT Repower Asia Indonesia Tbk, PT Multi Makmur Lemindo Tbk, and related parties for violations of provisions in the Capital Market sector.
The determination of sanctions was made on February 6, 2026 based on the results of the OJK's examination as part of law enforcement efforts to maintain market integrity and investor confidence.
In the case of PT Repower Asia Indonesia Tbk, OJK imposed a fine of IDR 925 million related to the transaction of buying and selling land in Tangerang with a value exceeding 20 percent of the company's equity. The transaction used the proceeds of the IPO, but not through the Material Transaction procedure as stipulated in POJK Number 17/POJK.04/2020.
The 2024 period's President Director, Aulia Firdaus, was also fined Rp240 million because he was considered not to have carried out the company's management carefully so that a violation occurred.
OJK also imposed sanctions on the underwriter, PT UOB Kay Hian Sekuritas, in the form of a fine of IDR 250 million and the freezing of its business license as an Underwriter of Securities for one year. The company was also ordered to update its procedures for opening securities accounts in accordance with anti-money laundering and terrorism financing prevention provisions.
The sanction was imposed because UOB Kay Hian was judged to have failed to fulfill the Customer Due Diligence obligation to eight investor referral clients in the allocation of IPO shares, including the existence of incorrect information in the stock order document.
In addition, the previous director of PT UOB Kay Hian Securities, Yacinta Fabiana Tjang, was fined Rp30 million and banned from activities in the Capital Market for three years. UOB Kay Hian Pte. Ltd. was also fined Rp125 million for playing a role in violating the stock order process.
In a separate case, PT Multi Makmur Lemindo Tbk was fined IDR 1.85 billion for admitting assets from the use of IPO funds in the 2023 financial statements without adequate transaction evidence. This action is considered to violate capital market provisions and accounting standards.
The company's 2023 period board of directors was fined a joint and several liability of IDR 3.36 billion. The then-President Director, Junaedi, was also banned from engaging in capital market activities for five years.
Meanwhile, the company's financial statement auditor, Agung Dwi Pramono, was subject to a two-year suspension of the Certificate of Registration because he did not apply public accounting professional standards in the audit.
OJK emphasized that the sanctions were a form of commitment to enforce discipline and good governance in the Capital Market, as well as to provide a deterrent effect so that the financial industry operates transparently, fairly, and with integrity.
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