Mirae Asset Faces Scrutiny Over Alleged Stock Manipulation of Berkah Beton Sadaya
Jakarta – PT Mirae Asset Sekuritas Indonesia is facing scrutiny from the Financial Services Authority (OJK) following allegations of stock manipulation involving PT Berkah Beton Sadaya Tbk (BEBS). While the firm maintains customer assets are secure, the investigation centers around potential insider trading and pseudo-transactions that allegedly generated illicit profits of IDR 14.5 trillion (approximately USD $900 million).
OJK Investigation and Allegations
The OJK has launched an investigation into suspected illegal profits stemming from trading activities related to BEBS between 2020 and 2022. According to the OJK, the alleged manipulation involved a series of transactions between affiliated parties, encompassing seven corporate entities and 58 individual nominee entities [Kompas.id]. These transactions reportedly caused a significant increase in BEBS’s share price, soaring approximately 7,150%.
The OJK has frozen approximately 2 billion shares suspected of being linked to the trading activity. Two individuals have been named as suspects: ASS, identified as the beneficial owner of BEBS, and MWK, a former Director of Investment Banking at Mirae Asset Sekuritas [Bloomberg Technoz].
Mirae Asset’s Response
PT Mirae Asset Sekuritas Indonesia has responded to the allegations, clarifying that the IDR 14.5 trillion figure does not represent profit, assets, or income for the company [Detik Finance].
Tomi Taufan, Director of PT Mirae Asset Sekuritas Indonesia, emphasized the safety of customer assets, stating that securities and funds are recorded and stored within the Indonesian Central Securities Depository (KSEI) system. Customer funds and investment portfolios are also maintained separately, adhering to regulatory requirements and under the supervision of relevant authorities. The company affirmed its commitment to cooperating fully with the ongoing investigation and upholding principles of transparency and good corporate governance.
About Berkah Beton Sadaya (BEBS)
PT Berkah Beton Sadaya Tbk (BEBS) is a company engaged in the provision of construction materials, specializing in concrete products and supporting materials [CNN Indonesia]. The company was established in 2019 and is owned by Sultan Subang, Asep Sulaiman Sabanda.
Looking Ahead
The OJK investigation is ongoing, and all parties have been urged to await the official results before drawing conclusions. The case highlights the importance of regulatory oversight and compliance within the Indonesian capital market. The outcome of the investigation could have significant implications for Mirae Asset Sekuritas Indonesia and the broader investment landscape.