Cleaning Up the Curb: OJK Slaps NH Korindo and Property Developers with $360,000 in Fine

JAKARTA, Investortrust.id — The Indonesian boardroom has long been a place where the lines between personal interests and public duties can blur into a hazy gray. On Saturday, the country’s financial watchdog, the Financial Services Authority (OJK), attempted to sharpen those lines, handing out a series of stinging rebukes and multi-billion rupiah fines to two publicly traded firms and a prominent brokerage.

The sanctions, finalized on March 13, 2026, target PT Bliss Properti Indonesia Tbk (POSA) and PT Sejahtera Bintang Abadi Textile Tbk (SBAT), along with a cast of executives and auditors. At the heart of the crackdown is a message of deterrence: as Indonesia seeks to attract more global institutional capital, the era of treating IPO proceeds as a personal piggy bank is officially under fire.

This regulatory offensive is more than a routine audit; it represents a critical pivot in Indonesia’s effort to institutionalize its capital markets. For a market often haunted by the specter of "pump-and-dump" schemes and opaque ownership structures, the OJK’s decision to issue lifetime bans and suspend brokerage licenses is an essential, if belated, step toward regional credibility.

The Bliss Properti Shell Game

The most severe penalties stem from the initial public offering (IPO) of PT Bliss Properti Indonesia. The OJK fined the developer Rp 2.7 billion (approx. $173,000) for "financial statement window dressing." The regulator discovered that the firm recorded receivables of Rp 31.25 billion ($2 million) and advances of Rp 116.7 billion ($7.5 million) that held no future economic value—essentially phantom assets.

Investigation revealed that the capital raised from the public did not go toward property development. Instead, Rp 126.6 billion ($8.1 million) flowed to Benny Tjokrosaputro, a notorious figure in Indonesian finance already embroiled in prior massive insurance scandals. Consequently, the OJK has banned Mr. Tjokrosaputro for life from holding any leadership position in the capital markets.

The fallout extended to the firm’s C-suite. Former CEO Gracianus Johardy Lambert received a five-year ban from the industry, while various boards of directors from 2019 to 2023 were hit with collective fines totaling nearly Rp 2 billion ($128,000).

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Gatekeepers Under Fire

The OJK did not stop at the issuers. It turned its sights on the gatekeepers—the auditors and the underwriters—who ostensibly vouch for a company’s legitimacy.

PT NH Korindo Sekuritas Indonesia, the brokerage that managed the Bliss Properti offering, was fined Rp 525 million ($33,600) and saw its underwriting license frozen for one year. The regulator found that NH Korindo allocated shares to "nominee" accounts—fronts for Benny—and failed to perform basic "Know Your Customer" (KYC) protocols.

Individual auditors from firms tasked with verifying the 2019-2021 financial statements were also fined Rp 150 million ($9,600) each for failing to report internal control weaknesses.

Related-Party Complications at SBAT

In a separate but concurrent action, the OJK penalized PT Sejahtera Bintang Abadi Textile Tbk (SBAT) for failing to disclose "conflict of interest" transactions. The textile firm allegedly modified credit and debt agreements with affiliated companies without proper procedure.

The firm’s controller, Tan Heng Lok, was fined Rp 45 million ($2,880) and barred from executive roles for five years. Regulators determined that Tan hHeng personally benefited from these maneuvers at the expense of minority shareholders.

By enforcing these penalties, the OJK is signaling that it is no longer willing to tolerate the "crony capitalism" that has historically deterred foreign investment. Whether these fines—which remain modest by Wall Street standards—are enough to change entrenched behavior remains the multi-billion rupiah question.