Jakarta, CNBC Indonesia – Capital market players suspect there are elements insider trading (insider trading) and tendencies moral hazard for the case of investment losses suffered by a number of financial planning company customers PT Jouska Finansial Indonesia (Jouska).
In simple terms, practice insider trading This is a sale or purchase transaction of shares carried out by a person and / or group of people on the basis of material information or facts that they already know before the information is made public, with the aim of obtaining profits in the capital market.
This definition is also in accordance with the explanation from the Financial Services Authority (OJK) referring to the rules of the OJK Regulation Number 31 of 2015 concerning Disclosure of Material Information or Facts by Issuers or Public Companies.
“Check if there is conflict of interest issues and potential insider trading [di kasus Jouska]It’s easy to read, “said Indra Safitri, chairman of the Capital Market Legal Consultants Association, to CNBC Indonesia, Friday (14/8/2020).
Meanwhile, Head of Research at PT Praus Capital, Alfred Nainggolan, suspected that there was a moral hazard moral hazard which Jouska did. The reason is, the institution is not an investment manager company nor is it a securities company (stock broker) that has a license to manage customer funds.
“There is definitely a tendency to moral hazard, there are differences that are conveyed to customers in terms of portfolios. Here there are interests that are not the interests of the customer, “said Alfred, when contacted by CNBC Indonesia, Friday (14/8/2020).
As is known, previously the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK) intervened in the Jouska case. The IDX has examined the cooperating broker, namely PT Phillip Sekuritas Indonesia.
OJK also emphasized that Jouska is not a financial institution registered with the OJK and does not have a license to manage customer funds.
“We have summoned the relevant securities and until now the inspection process is still ongoing. We will also coordinate with the OJK,” said Director of Trade and Exchange Members, Laksono Widodo to the media crew, Tuesday (11/8/2020).
The Jouska case broke out recently after the disclosure of a customer who reported investment losses, one of which was through placing Jouska’s investment in the shares of PT Sentral Mitra Informatika Tbk (LUCK).
For information, Phillip Sekuritas is the underwriter of the LUCK public offering (IPO) process.
On a separate occasion, President Director of Phillip Sekuritas Indonesia Daniel Tedja said that the company has never provided access to customer accounts to other institutions, including Jouska, except to authorized parties. The relationship with Jouska was said to be limited sponsorship in financial education activities organized by Jouska.
“For each account opened, customers get direct access to transactions,” said Daniel in a press release, Friday (14/8/2020).
“As a securities brokerage company, Phillip Sekuritas Indonesia only performs its function of buying and selling securities by customers, which currently can be done online. If customers need assistance, they can contact our sales or dealers to make transactions,” he said.
Apart from the relationship with Jouska, Phillip Sekuritas also ensures that as the underwriter (underwriter) in the LUCK IPO, the company claims to have carried out this IPO process in accordance with the mechanisms and regulations applicable in the capital market.
“We ensure that there is no ownership of Phillip Sekuritas Indonesia in LUCK shares as a corporate or personal management, both in the primary and secondary markets,” he said.
Previously, Muhammad Abdurrahman Khalish, one of Jouska’s clients, conveyed the oddities he had experienced regarding the share transaction through Phillip.
“I lost tens of millions because of Jouska’s reckless financial advisory,” said Khalish, while talking with CNBC Indonesia via short message service, Monday (20/7/2020).
Initially, Khalish opened a Customer Fund Account (RDI) at a Philips securities company through Jouska and got the POEMS online trading application. Then Khalish put the funds in the RDI that had been made.
Anomalies began to emerge, said Khalish, because Jouska was able to make transactions.
“I did not provide a login, but Jouska was able to carry out buying and selling transactions on the account,” said Khalish.