OJK Raids Mirae Asset Over Alleged Stock Manipulation Scheme

JAKARTA, Investortrust.id — The high-rise corridors of Jakarta’s Sudirman central business district became the scene of a regulatory showdown on Wednesday, March 4, 2026. Investigators from the Financial Services Authority (OJK)—Indonesia’s equivalent to the U.S. Securities and Exchange Commission—raided the offices of PT Mirae Asset Sekuritas Indonesia. The target: evidence of a sophisticated scheme involving initial public offering (IPO) manipulation and "ghost" transactions surrounding a local concrete giant.

The probe centers on PT Berkah Beton Sadaya Tbk (BEBS), a construction materials company whose stock market performance between 2020 and 2022 read more like a fantasy novel than a financial statement. During that period, BEBS shares skyrocketed by approximately 7,150%, a valuation leap that has since drawn the scrutiny of federal investigators suspicious of a manufactured boom.

This enforcement action represents a pivotal moment for Indonesia’s capital markets. For years, the Jakarta bourse has struggled with the perception of being a "Wild West" for retail investors, often plagued by low liquidity and opaque ownership structures. By targeting Mirae Asset—a subsidiary of the South Korean financial titan—the OJK is signaling that no firm, regardless of its pedigree or international backing, is immune to the "integrity" mandate currently sweeping through the nation’s financial sector.

The Mechanics of a Mirage

According to official statements, the OJK is digging into alleged violations of the 1995 Capital Market Law, specifically targeting articles related to market manipulation and the suppression of material facts. The crux of the allegation involves "fixed allotments"—shares reserved for specific investors during an IPO.

Investigators suspect that Mirae Asset failed to disclose affiliated parties who received these allotments. Furthermore, the reports on how the IPO proceeds were actually utilized allegedly did not reflect the company's true financial health. In the world of Indonesian finance, such maneuvers are often used to keep a tight grip on a stock’s "float," making it easier to orchestrate a price surge.

While the total financial impact is still being tallied, the scale of the BEBS rally implies billions of dollars in market capitalization were at stake. In early 2022, BEBS shares reached an all-time high of approximately Rp 1,490 per share. The company's total market capitalization briefly exceeded Rp 67 trillion, or approximately $4.7 billion at the exchange rates of that period.

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The Nominee Network

The OJK’s findings describe a labyrinthine network of "sham" or wash transactions. The regulator has identified a web of seven corporate entities and 58 individual "nominee" accounts—proxies used to hide the identity of the true buyer—all allegedly choreographed by six operators under a single command.

This coordinated effort was purportedly designed to create the illusion of intense market interest, driving the BEBS share price to its astronomical 7,150% peak. Among those under the microscope are Asep Sulaeman Sabanda, identified as the "beneficial owner" of BEBS, and Mukti Wibowo Kamihadi, the former Director of Investment Banking at Mirae Asset Sekuritas.

A Regulatory Line in the Sand

The OJK has already summoned 25 witnesses, ranging from bank officials to the nominee account holders themselves. To bolster the criminal aspect of the case, the regulator is coordinating with the National Police’s Criminal Investigation Department (Bareskrim Polri).

The OJK’s aggressive stance suggests a desire to claw back public trust, which has been frayed by a string of recent administrative sanctions.

As the investigation widens, the focus remains on whether the "Subsidair" clauses of the Capital Market Law will lead to corporate criminal liability for Mirae Asset itself, or if the blame will be confined to rogue executives.