Business · Markets · 12 hrs ago
Indonesia’s OJK Finds Manipulation of PANR Shares, Orders Rp5.07bn Repayment
Indonesia’s OJK found manipulation of PANR shares between September 2022 and May 2023.
PANR is the stock ticker for Panorama Sentrawisata, a tourism company listed in Indonesia.
The regulator said the activity used 20 accounts believed to be connected to make trading look like genuine market demand and supply.
OJK calculated illicit gains of Rp5.07 billion from the transactions.
It ordered Satrijanto Tirtawisata to repay that amount and banned Melani and Upita Amalia from several financial-market activities for five years.
OJK says manipulation can distort fair share prices and weaken investor confidence, and it says it will strengthen trading oversight and take action against manipulation.
Indonesia’s Financial Services Authority (OJK) found manipulation in shares of PT Panorama Sentrawisata Tbk, known as PANR.
OJK said the activity generated Rp5.073 billion in unlawful gains and ordered Satrijanto Tirtawisata to repay the amount.
The manipulation took place from 6 September 2022 to 29 May 2023 and involved 20 customer securities accounts OJK considered linked.
OJK barred Melani and Upita Amalia from activities in the capital market, financial derivatives and carbon exchange sectors for five years.
It also ordered securities firms to close accounts identified as having been used in the trading activity.
- Who
- OJK identified Satrijanto Tirtawisata, Melani and Upita Amalia as having violated rules.
- What
- OJK found manipulation of PANR shares and ordered repayment of Rp5.073 billion in unlawful gains.
- When
- The manipulation occurred from 6 September 2022 to 29 May 2023.
- Where
- In trading of PANR shares on the Indonesian stock market.
- Why
- OJK said the trades created a misleading impression of market activity and were intended to maintain PANR’s share-price movement.
This story does not have two clearly opposing sides.
OJK said the PANR share manipulation took place during this period.
CNBC Indonesia reported OJK’s findings and sanctions.
- Unlawful gains
- Rp5,073,291,914
- Accounts involved
- 20 customer securities accounts
- Repayment ordered
- Satrijanto Tirtawisata must repay Rp5.07 billion
- Trading period
- 6 September 2022–29 May 2023
- Ban
- Melani and Upita Amalia barred for five years
What people are saying
OJK examination results identified market manipulation in PANR share trading during the period examined, as well as communications among related parties carried out to maintain PANR’s share-price movement