JAKARTA - The Financial Services Authority (OJK) continues the legal enforcement process for the capital market criminal case in the form of manipulation of transactions or the formation of false prices for PT Sriwahana Adityakarta Tbk (SWAT) shares, by handing over one suspect with the initials SAS to the Boyolali District Attorney's Office (Kejari Boyolali).
On January 13, OJK carried out Phase II in the form of the submission of three suspects and evidence to the Boyolali District Attorney's Office, so that the handling of the case was carried out gradually in accordance with the provisions of laws and regulations.
Head of the Department of Literacy, Financial Inclusion and Communication of the OJK, M. Ismail Riyadi, in an official statement in Jakarta, Thursday, explained that this capital market criminal case occurred in the period June to July 2018 in the regular market of the Indonesia Stock Exchange (IDX).
In this case, the suspects are suspected of colluding to carry out a SWAT stock transaction using a nominee's securities account through nine securities companies, thus creating a false impression of the SWAT stock price and influencing people's investment decisions.
Based on the results of the investigation, the OJK investigators have named four suspects, including SAS as the President Director of SWAT, CKN and SB as General Managers and financial department employees of PT Sri Rejeki Isman Tbk (Sritex), and H as an entrepreneur.
"The transfer of suspects to the public prosecutor is carried out gradually in accordance with the readiness of the legal process of each case," said Ismail.
Ismail explained that the modus operandi in this case was carried out by engineering the implementation of the Initial Public Offering (IPO) of SWAT through the use of securities accounts and nominee bank accounts, including nominees from employees and shell companies.
Meanwhile, the accounts are controlled by the suspects as beneficial owners and are used to obtain stock allocations, as well as carry out transactions in the secondary market.
Transactions through the nominee's securities account resulted in a meeting of transactions of 60,121 times or about 10.0 percent, with a transaction volume of 639,778,200 shares or 14.7 percent, and a transaction value of Rp. 230.89 billion or 13.3 percent.
"The transaction pattern is suspected to have been carried out through transaction dominance, transaction meeting, initiator buy to raise prices, and market impact buying pattern in the period from June 8 to July 5, 2018," said Ismail.
For this act, the OJK investigator concluded that a capital market crime had occurred, as stipulated in Article 91 and/or Article 92 in conjunction with Article 104 of Law Number 8 of 1995 concerning the Capital Market, with criminal penalties in accordance with applicable laws and regulations.
In handling criminal cases in the financial services sector, OJK ensures that it is always coordinated and cooperated with law enforcement agencies, especially the Prosecutor's Office and the Police, to ensure that the law enforcement process is carried out professionally, transparently, and accountable.
In addition, OJK emphasized its commitment to continue to enforce the law firmly and continuously against any violations in the financial services sector as an effort to maintain the integrity of the capital market and provide protection to investors and the public.
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