OJK Fines Influencer Belvin Tannadi IDR 5.35 Billion for Manipulating Stock Prices

ILLUSTRATION BETWEEN

JAKARTA - The Financial Services Authority (OJK) announced sanctions in the form of a fine of IDR 5.35 billion to social media activist (influencer) Belvin Tannadi (BVN) for violating price manipulation by spreading information on social media on a number of stock trades in the 2021-2022 period.

"The total sanctions imposed on the influencer are IDR 5.35 billion. Of course, detailed information regarding the introduction of the new sanctions that we have just imposed is right here today," said Member of the OJK Commission Board and Acting Head of the OJK Capital Market, Derivatives Finance, and Carbon Exchange Executive, Hasan Fawzi, as reported by ANTARA, Friday, February 20.

Based on the results of the examination conducted by OJK, Hasan explained that BVN was proven to have violated the case of trading shares of PT Agro Yasa Lestari Tbk (AYLS) for the period from 1 to 27 September 2021 and 8 November to 29 December 2021.

Then, violations in the case of trading shares of PT MD Pictures Tbk (FILM) for the period from January 12 to December 27, 2021, and PT Bintang Samudera Mandiri Lines Tbk (BSML) for the period from March 8 to June 17, 2022.

Hasan explained that this action used several nominee effect accounts, which led to the formation of unnatural stock prices that were not based on buying and selling power in the market or not in accordance with the normal market mechanism.

"This is certainly an act that is categorized as manipulation of stock trading," said Hasan.

For information, a nominee securities account is a stock account or investor fund that is registered in the name of another person or party (nominee) legally, but the beneficial owner is actually another party.

In addition, BVN provides information through social media on one or more stocks, or conveys information on planned stock purchases, or conveys estimates of the price movements of certain stocks.

However, at the same time, BVN sold or bought shares by taking advantage of the reaction of followers to the information conveyed.

Based on these things, OJK concluded that BVN was proven to have violated Article 90 of the UUPM as amended by Article 22 paragraph 33 of the UUPPSK, and Article 91 of the UUPM as amended by Article 22 paragraph 34 of the UUPPSK.

Then, Article 92 of the UUPM as amended by Article 22 number 35 of the UUPPSK in the case of trading shares of PT Agro Yasa Lestari Tbk (AYLS) period 1 to 27 September 2021 and 8 November to 29 December 2021, the case of trading shares of PT MD Pictures Tbk (FILM) period 12 January to 27 December 2021, and the case of trading shares of PT Bintang Samudera Mandiri Lines Tbk (BSML) period 8 March to 17 June 2022.