OJK Imposes IDR 5.7 Billion in Fines for Stock Manipulation in PT Impack Pratama Industri Tbk (IMPC)
Jakarta – Indonesia’s Financial Services Authority (OJK) has levied IDR 5.7 billion (approximately $368,000 USD) in fines against perpetrators involved in stock manipulation related to shares of PT Impack Pratama Industri Tbk (IMPC) between 2016, and 2022. The announcement was made by Hasan Fawzi, the Acting Chief Executive for Supervision of Capital Markets, Financial Derivatives and Carbon Exchanges at the OJK, on Friday, February 20, 2026.
Details of the Manipulation
According to Hasan Fawzi, the manipulation was carried out by two groups: PT Dana Mitra Kencana, and individuals identified only by their initials, MLN and UPT. These groups utilized dozens of nominee investors to artificially inflate the price of IMPC shares.
“Both groups used dozens of nominees. So they used investors who from the start were used by those concerned to manipulate prices in the market, in manipulating IMPC share transactions,” Hasan stated during a press conference at the Indonesia Stock Exchange (BEI) Building in Jakarta.1
Scheme of Operation
The OJK investigation revealed a “joint venture” scheme where MLN and UPT acted as investment funders, receiving funds back from the sale of shares through dozens of controlled securities accounts. A total of 17 securities accounts were used by Dana Mitra Kencana, while MLN and UPT utilized 12 accounts in their manipulative activities.
“The mode used can be called a scheme which they call a joint venture. So this is the scheme that we have succeeded in uncovering. The significant role of the controlling party is as the first party to provide funds to enable purchase transactions to be carried out, and then this party receives back the funds from the sale of shares from dozens of customer securities accounts controlled by them,” Hasan explained.1
Legal Basis for Sanctions
The OJK determined that the perpetrators violated Article 91 of the Capital Markets Law, as amended by Article 22 Number 34 of the Financial Sector Development and Strengthening Law (P2SK), and Article 92 of the Capital Markets Law, as amended by Article 22 Number 35 of the P2SK Law.1
Recent Leadership Changes at OJK
These enforcement actions follow a period of leadership transition at the OJK. In late January 2026, several senior officials resigned, including Mahendra Siregar and Mirza Adityaswara, leading to the appointment of Friderica Widyasari Dewi and Hasan Fawzi as interim members of the Board of Commissioners to ensure continuity.2 Hasan Fawzi was previously the Head of Technological Innovation, Digital Assets, and Crypto Assets supervision.23
Prior to his current role, Hasan Fawzi served as the Head of Supervision of Innovation Technology in the Financial Sector, Digital Assets, and Crypto Assets at the OJK.3
The OJK has assured stakeholders that these leadership changes will not disrupt its regulatory and supervisory functions or its commitment to protecting consumers and the financial markets.2