The Financial Services Authority (OJK) has issued stringent administrative sanctions and written orders against PT Repower Asia Indonesia Tbk (REAL), PT Multi Makmur Lemindo Tbk (PIPA), and several other related parties. These measures were taken due to significant violations of capital market regulations, underscoring the regulator’s commitment to upholding market integrity. The sanctions, formally imposed on February 6, 2026, follow a thorough investigation, reaffirming the OJK’s dedication to maintaining public trust in Indonesia’s financial sector.
Sanctions Against Repower Asia Indonesia
The OJK uncovered serious irregularities concerning a material transaction executed by PT Repower Asia Indonesia Tbk, which involved funds acquired from its Initial Public Offering (IPO). The company was fined Rp 925 million for a land acquisition in Tangerang on February 16, 2024. This transaction exceeded 20 percent of the company’s equity, yet it failed to comply with the mandatory material transaction procedures stipulated by regulations.
Furthermore, Aulia Firdaus, who served as the company’s President Director during 2024, received a fine of Rp 240 million. The penalty was imposed because Firdaus was deemed to have neglected his duties of prudently managing the company, thereby contributing to the regulatory breach. In connection with the same IPO, the OJK also extended sanctions to other entities. PT UOB Kay Hian Sekuritas was fined Rp 250 million, faced a one-year suspension of its business license as an underwriter, and was directed to update its securities account opening forms to align with anti-money laundering protocols. The brokerage firm’s sanctions stemmed from its failure to adhere to customer due diligence procedures and its utilization of inaccurate information during the share allocation process.
Adding to the list of penalized individuals, Yacinta Fabiana Tjang, a director at the securities company from 2018-2020, was fined Rp 30 million and prohibited from engaging in capital market activities for three years. Additionally, UOB Kay Hian Pte. Ltd. incurred a fine of Rp 125 million for its role in enabling the violations within the IPO share allocation process.
Sanctions Against Multi Makmur Lemindo
The OJK also imposed sanctions on PT Multi Makmur Lemindo Tbk for deficiencies in the presentation of its 2023 annual financial statements. The company was levied a fine of Rp 1.85 billion for recognizing assets derived from the use of IPO funds without sufficient transactional evidence, a clear violation of issuer financial reporting and disclosure regulations.
In a move to hold leadership accountable, four members of the company’s board of directors during 2023—namely Junaedi, Imanuel Kevin Mayola, Hendri Saputra, and Airlangga—were collectively fined Rp 3.36 billion under joint liability for their responsibility in the financial statement misrepresentation. Junaedi, as the President Director, received an additional sanction: a five-year ban from participating in the capital market sector.
Furthermore, Agung Dwi Pramono, the auditor responsible for reviewing the company’s financial statements, had his Registered Sign Certificate suspended for two years. This action was taken because Pramono was found to have failed in applying professional public accounting standards during the audit process.
M. Ismail Riyadi, Head of OJK’s Department of Literacy, Financial Inclusion, and Communication, emphasized that these sanctions represent the regulator’s firm stance against violations. He stated that such actions are designed to serve as a powerful deterrent to illicit activities within the capital market sector. Ismail further affirmed, in a written statement quoted on Sunday (8/2), that “the OJK will consistently enforce robust legal measures that create a deterrent effect for perpetrators of capital market crimes, ensuring that the Indonesian capital market operates in an orderly, fair, and efficient manner, with unwavering integrity.”