OJK Sanctions Linked to Bliss Properti IPO: NH Korindo License Suspended
Jakarta – Indonesia’s Financial Services Authority (OJK) has imposed sanctions totaling IDR 5.6 billion (approximately $350,000 USD) on multiple parties involved in the initial public offering (IPO) of PT Bliss Properti Indonesia Tbk (POSA), and has suspended the business license of PT Nonghyup (NH) Korindo Sekuritas Indonesia.
POSA Fined for Misleading Financial Reporting
PT Bliss Properti Indonesia Tbk (POSA) received the largest fine, amounting to IDR 2.7 billion, for violating Law Number 8 of 1995 concerning the Capital Market. The OJK determined that POSA improperly recorded related party receivables from PT Bintang Baja Hitam totaling IDR 31.25 billion in its 2019 Annual Financial Report.
POSA recorded IDR 116.7 billion in advance payments to PT Ardha Nusa Utama in its financial reports from 2019 to 2023, which were deemed to have no future economic benefit and should not have been recognized as company assets. These funds were traced back to the POSA IPO proceeds.
Benny Tjokrosaputro and Key Personnel Sanctioned
The OJK found that IDR 126.6 billion from the IPO proceeds flowed to Benny Tjokrosaputro, the controlling shareholder of POSA, and IDR 116.7 billion to PT Ardha Nusa Utama, also controlled by Tjokrosaputro. Benny Tjokrosaputro is prohibited from holding any position as a commissioner, director, or administrator of any capital market company for life, effective March 13, 2026.
Gracianus Johardy Lambert and Astried Damayanti, directors of POSA in 2019, were jointly fined IDR 110 million. Gracianus Johardy Lambert, along with Basuki Widjaja and Eko Heru Prasetyo (directors from 2020-2023), were jointly fined IDR 1.95 billion. Gracianus Johardy Lambert is also prohibited from engaging in any activities in the Capital Market Sector for five years.
Accountants and Underwriter Penalized
Public Accountant Patricia was fined IDR 150 million for failing to fully implement professional standards during the POSA audit and for not reporting potential internal control deficiencies. Helli Isharyanto Budi Susetyo, a partner at Kanaka Puradiredja Public Accounting Firm, was also fined IDR 150 million.
PT Nonghyup (NH) Korindo Sekuritas Indonesia, the underwriter for the POSA IPO, was fined IDR 525 million and had its business license suspended for one year. The OJK found that NH Korindo allocated shares to nominees of Benny Tjokrosaputro – Kahar Anwar, Francis Indarto, and Yenny Sutanto – and failed to conduct adequate customer due diligence on these investors.
Amir Suhendro Samirin, a director of NH Korindo, was fined IDR 40 million and banned from the capital market for one year for failing to properly manage the securities company’s activities related to the POSA IPO.
Commitment to Market Integrity
The OJK stated that these sanctions, imposed on March 13, 2026, demonstrate its commitment to strengthening supervision and law enforcement to maintain integrity within the Indonesian capital market. Read the official OJK press release here.
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