February 4, 2026 | 01:51 pm
TEMPO.CO, Jakarta - The Financial Services Authority (OJK) has spoken out about the criminal investigation against stock manipulation (locally known as saham gorengan). Hasan Fawzi, the newly appointed Executive Head of Capital Market, Derivatives, and Carbon Market Supervision at OJK, said the agency respected the investigation by the Indonesian police's criminal investigation agency (Bareskrim).
According to Hasan, the investigation aligns with OJK's commitment to accelerate capital market reform. "At OJK, we are ready to collaborate, coordinate, and synergize with law enforcement and other relevant parties," Hasan told the media crew at the Indonesia Stock Exchange on Wednesday, February 4, 2026.
Regarding the ongoing legal process against PT Multi Makmur Lemindo (MML), Hasan said OJK will work closely with the police, including providing necessary data or information.
Bareskrim has identified three new suspects in the stock market case involving PT MML (PIPA). According to the director of Special Economic Crimes at Bareskrim, Brigadier General Ade Safri Simanjuntak, the three suspects are: BH, former staff of the Issuer Evaluation and Monitoring Unit II Division PP3 at IDX; DA, a financial advisor; and RE, the Project Manager of PT MML.
"Investigators named other suspects during the course of the investigation," Ade said in the Sudirman Central Business District in South Jakarta, on Tuesday, February 3, 2026.
Police concluded that PT MML was actually not qualified to be openly traded on the stock exchange, as the company's asset valuation allegedly did not meet the requirements.
Earlier, investigators had identified two suspects: MBP, the former Issuer Evaluation and Monitoring Unit II at IDX and J, the Director of PT MML. The police are still developing the case, raiding the office of PT Shinhan Sekuritas Indonesia, which acted as the underwriter when PT MML was listed on the stock exchange.
At the time of writing of this article, PT MML had not responded regarding the investigation.
Hammam Izzuddin contributed to the writing of this article.
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