OJK Hands Over SWAT Share Manipulation Suspect to Prosecutors
Jakarta, February 17, 2026 – The Financial Services Authority (OJK) officially handed over a suspect with the initials SAS in the case of alleged manipulation of PT Sriwahana Adityakarta Tbk (SWAT) share transactions to the Boyolali District Prosecutor’s Office, Central Java, on January 28, 2026. This action is part of the ongoing legal process regarding the manipulation of SWAT shares.
Suspects Involved in the Case
SAS, who serves as the Main Director of PT Sriwahana Adityakarta Tbk, is among four individuals named as suspects in the case. The other suspects are:
- CKN, General Manager of PT Sri Rejeki Isman Tbk
- SB, a financial officer at PT Sri Rejeki Isman Tbk
- H, an entrepreneur
Details of the Share Manipulation
The alleged manipulation of SWAT shares occurred between June and July 2018, on the regular market of the Indonesia Stock Exchange (IDX). The suspects are accused of conspiring to conduct transactions using nominee securities accounts through nine securities companies. This activity is believed to have created a misleading impression of SWAT’s share price and influenced investor decisions. OJK Press Release
Modus Operandi and Transaction Volume
The investigation revealed that the suspects engineered the initial public offering (IPO) of SWAT shares by utilizing securities and bank accounts held by nominees, including those linked to employees and shell companies. These accounts were allegedly controlled by the suspects to obtain share allocations and execute transactions in the secondary market.
The transactions through nominee accounts accounted for approximately 10.0% of transaction meetings (60,121 meetings), representing 14.7% of the total transaction volume (639,778,200 shares) and 13.3% of the total transaction value (IDR 230,892,423,600). Infoekonomi.id The alleged manipulation involved tactics such as transaction dominance, creating artificial trading activity, initiating purchases to inflate prices, and exploiting market impact patterns.
Legal Consequences
The OJK investigators concluded that the actions constitute a capital market crime as regulated in Article 91 and/or Article 92 in conjunction with Article 104 of Law Number 8 of 1995 concerning Capital Markets. The applicable laws and regulations will determine the criminal penalties.
OJK’s Commitment to Enforcement
The OJK emphasizes its commitment to enforcing the law firmly against any violations in the financial services sector to maintain the integrity of the capital market and protect investors. The OJK continues to coordinate with law enforcement officials, including the Prosecutor’s Office and the Police, to ensure a professional, transparent, and accountable legal process. EmitenNews.com
Previously, on January 13, 2026, the OJK had already handed over three suspects and evidence to the Boyolali District Prosecutor’s Office, bringing the total number of suspects to four. DetikFinance