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Indonesia Fines Stock Manipulators 11 Billion Rupiah
20 Feb
Summary
- Total fines of 11.05 billion rupiah levied for market manipulation.
- Manipulation involved controlling multiple stock accounts to inflate prices.
- Social media personality fined for influencing followers to buy stocks.
Indonesia has levied significant fines amounting to 11.05 billion rupiah ($655,000) against a company and three individuals for alleged stock market manipulation. The fraudulent activities spanned from 2016 to 2022, with the perpetrators accused of controlling multiple stock investor accounts to artificially inflate share prices.
The crackdown, led by the Financial Services Authority (OJK), also includes a social media personality identified only as BVN. This individual faces penalties for allegedly influencing their followers to buy certain stocks and for conducting transactions through multiple accounts. These actions are part of broader efforts to enhance capital market supervision.
This development comes after index provider MSCI highlighted transparency issues on the Indonesian stock exchange in January, which initially triggered a market downturn. In response, Jakarta has intensified its market oversight and proposed sweeping reforms to restore foreign investor confidence.
