Business · Markets · 4 hrs ago
Indonesia Sanctions Three Over Alleged PANR Share Manipulation
Indonesia’s financial regulator sanctioned three people over trading in Panorama Sentrawisata shares, known by the ticker PANR.
The alleged manipulation took place from September 2022 to May 2023.
The regulator said the traders coordinated activity through 20 client accounts to create a misleading picture of trading and influence the share price.
The activity generated Rp5.07 billion in illegal gains, according to the regulator’s calculations.
Satrijanto Tirtawisata was ordered to repay that amount, while Melani and Upita Amalia received five-year bans from work in capital markets, financial derivatives and carbon exchanges.
Regulators also ordered 18 securities accounts closed, though they identified 20 accounts as involved in the trading.
The penalties aim to protect fair share prices and investor confidence, which the regulator said can be harmed by market manipulation.
OJK found that three people manipulated trading in Panorama Sentrawisata shares between September 6, 2022, and May 29, 2023.
The authority said the trading created a false or misleading impression of market activity and influenced the price of PANR shares.
OJK calculated the illicit gains at Rp5,073,291,914 and ordered Satrijanto Tirtawisata to return that amount.
Melani and Upita Amalia each received a five-year ban from activities in specified financial sectors.
OJK also ordered the closure of 18 securities accounts linked to the trading.
- Who
- OJK identified Satrijanto Tirtawisata, Melani, and Upita Amalia as involved.
- What
- OJK found manipulation of Panorama Sentrawisata (PANR) share trading and imposed sanctions.
- When
- The trading took place from September 6, 2022, to May 29, 2023. OJK announced its findings on November 4, 2026.
- Where
- PANR shares were traded on the Indonesia Stock Exchange.
- Why
- OJK said the trading created a false or misleading impression of market activity and influenced share-price formation.
This story does not have two clearly opposing sides.
The trading activity that OJK later found to involve manipulation took place.
OJK announced its findings and sanctions, including the order to close 18 securities accounts.
- Illicit gains
- Rp5,073,291,914
- People sanctioned
- Satrijanto Tirtawisata, Melani, and Upita Amalia
- Accounts ordered closed
- 18 securities accounts
- Ban
- Five years for Melani and Upita Amalia
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What people are saying
The results of OJK's examination identified market manipulation in PANR share trading during the examination period, as well as communications among related parties aimed at maintaining the movement of PANR's share price.
This can damage fair price-formation mechanisms and reduce investor confidence in the integrity of the capital market.