OJK Sanctions Seven Issuers for Capital Market Violations

On 6 November 2026, the Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) announced the imposition of administrative sanctions on seven issuers and several related parties for violations of capital market regulations through OJK Announcement Number PENG-4/PM.2/2026 concerning Administrative Sanctions against ASLI, ADHI, ADCP, WMUU, KLBF, EPMT, LMAS, and Other Related Parties.

Based on the official OJK announcement, the violations identified included the presentation of financial statements, compliance with procedures governing affiliated transactions and material transactions, and the obligation to convene Annual General Meetings of Shareholders (Rapat Umum Pemegang Saham Tahunan or “AGMS”). The seven issuers subject to sanctions are PT Asri Karya Lestari Tbk (ASLI), PT Adhi Karya (Persero) Tbk (ADHI), PT Adhi Commuter Properti Tbk (ADCP), PT Widodo Makmur Unggas Tbk (WMUU), PT Kalbe Farma Tbk (KLBF), PT Enseval Putera Megatrading Tbk (EPMT), and PT Limas Indonesia Makmur Tbk (LMAS).

Based on the details of the announcement, the violations identified by OJK did not involve the companies solely in their capacity as issuers, but also their directors, public accountants, and appraisers associated with the companies' transactions. ASLI was among the companies subject to the largest sanctions, namely a corporate fine of IDR 2.7 billion.

ASLI Fined for Asset Presentation in Financial Statements

In its examination of ASLI, OJK identified material-value assets in the 2024 Interim Financial Statements (Laporan Keuangan Tengah Tahunan or “LKTT”), the 2024 Annual Financial Statements (Laporan Keuangan Tahunan or “LKT”), and the 2025 LKTT, the values and information of which could not be considered reliable based on the supporting documents.

In response to these findings, OJK imposed two fines on ASLI, each amounting to IDR 1.35 billion. The first fine related to violations of the requirements governing the presentation of financial statements, while the second related to the presentation of fixed assets. Accordingly, the total fines imposed on the company amounted to IDR 2.7 billion.

OJK also imposed a joint and several fine of IDR 645 million on three members of ASLI's Board of Directors, namely Sulistiono, Yudra Saputra, and Didik Hariyanto. The sanction related to the improper recognition of material assets, the reliability of whose values and information was not supported by adequate documentation.

In addition to the directors, Public Accountant Arief Prima, who acted as the auditor of ASLI's 2024 annual financial statements, was fined IDR 107.5 million. The sanction was imposed for violations of several capital market provisions and Auditing Standards, including those relating to audit documentation, audit planning, the collection of audit evidence, analytical procedures, and communication of key audit matters.

From a legal perspective, enforcement action concerning the presentation of ASLI's financial statements was based on Article 69 of Law Number 8 of 1995 concerning Capital Markets. This provision stipulates that financial statements submitted to OJK must be prepared in accordance with generally accepted accounting principles.

Meanwhile, the violations relating to the presentation of fixed assets were also associated with the requirements governing the presentation and disclosure of financial statements, as well as applicable accounting standards. The sanctions against the public accountant, meanwhile, related to the provisions governing the use of public accountant and public accounting firm services in the financial services sector, as well as the relevant auditing standards.

ADHI and ADCP Violated Procedures Governing Affiliated Transactions

In addition to ASLI, OJK imposed sanctions on ADHI and ADCP for violations of the procedures governing affiliated transactions under a shareholder loan agreement between the two companies.

ADHI and ADCP were each fined IDR 450 million. The case also involved two appraisers, namely Toto Suharto and Syaiful Hasan, who were each fined IDR 65 million.

OJK found that the fairness opinion on the shareholder loan transaction was issued after the transaction had taken place on 31 January 2025. The issuance of a fairness opinion after the transaction had occurred constituted one of the issues concerning compliance with the procedures governing affiliated transactions required of public companies.

The provisions governing affiliated transactions are stipulated in OJK Regulation Number 42/POJK.04/2020 concerning Affiliated Transactions and Conflict of Interest Transactions. This regulation governs the obligations of public companies when conducting transactions with affiliated parties, including compliance with the applicable procedures and information disclosure requirements.

Meanwhile, appraisers issuing fairness opinions are also subject to the professional requirements applicable to capital market appraisers, as stipulated in OJK Regulation Number 35/POJK.04/2020 concerning the Valuation and Presentation of Business Valuation Reports in the Capital Market.

WMUU Failed to Implement Procedures for Material and Affiliated Transactions

The next violation was identified at PT Widodo Makmur Unggas Tbk (WMUU). OJK imposed a fine of IDR 925 million because the company failed to implement the procedures governing material transactions, which also constituted affiliated transactions, in relation to the receipt of a loan by the company.

Material transactions and affiliated transactions are governed by separate provisions under capital market regulations. Material transactions are regulated under OJK Regulation Number 17/POJK.04/2020 concerning Material Transactions and Changes in Business Activities, while affiliated transactions are regulated under OJK Regulation Number 42/POJK.04/2020.

In the WMUU case, OJK linked the violation to Article 6 paragraph (1) letter a, letter b, and letter c in conjunction with Article 6 paragraph (3) letter a of OJK Regulation Number 17/POJK.04/2020.

These provisions concern the obligations of public companies to comply with the procedures governing material transactions. Accordingly, WMUU's receipt of the loan was assessed not merely in terms of the underlying lending relationship, but also in terms of the company's compliance with the transaction procedures required under capital market regulations.

KLBF and EPMT Sanctioned for Asset Sale and Purchase Transactions

OJK also imposed sanctions on PT Kalbe Farma Tbk (KLBF) and PT Enseval Putera Megatrading Tbk (EPMT) in connection with an asset sale and purchase transaction between PT Hale International and PT Forsta Kalmedic Global.

KLBF was fined IDR 200 million, while EPMT was fined IDR 75 million. Both companies were deemed to have failed to comply with the procedures governing affiliated transactions as required under capital market regulations.

The legal basis for the imposition of these sanctions was OJK Regulation Number 42/POJK.04/2020 concerning Affiliated Transactions and Conflict of Interest Transactions.

The regulation governs the obligations of public companies when conducting transactions with affiliated parties, including the procedures that must be fulfilled to ensure that transactions are carried out in accordance with applicable requirements and the company's interests.

Accordingly, the asset sale and purchase transaction between Hale International and Forsta Kalmedic Global became the subject of OJK's examination in assessing KLBF's and EPMT's compliance with the procedures governing affiliated transactions.

LMAS Failed to Convene AGMS for Four Years

Unlike the other issuers, PT Limas Indonesia Makmur Tbk (LMAS) was sanctioned for failing to convene Annual General Meetings of Shareholders (AGMS) for the financial years 2021, 2022, 2023, and 2024.

For this violation, OJK imposed a written warning on the company. In addition, OJK imposed a joint and several fine of IDR 712.5 million on three members of its management, namely President Director Ibin Bachtiar, Director Itek Bachtiar, and Edwin Lim, who served as a director in 2022.

The imposition of these sanctions related to the obligation to convene an AGMS as stipulated in Article 2 paragraph (2) of OJK Regulation Number 15/POJK.04/2020 concerning the Planning and Convening of General Meetings of Shareholders of Public Companies. This provision requires public companies to convene an AGMS no later than six months after the end of their financial year.

Meanwhile, the responsibilities of directors in managing a company are also governed by OJK Regulation Number 33/POJK.04/2014 concerning the Board of Directors and Board of Commissioners of Issuers or Public Companies. Article 12 paragraph (1) stipulates that the Board of Directors is responsible for the management of an issuer or public company, while paragraph (2) governs the performance of the Board of Directors' duties in good faith and with full responsibility.

As the AGMS was not convened for four consecutive financial years, the LMAS matter concerned not only compliance with the obligation to hold shareholders' meetings, but also the responsibility of the company's management in carrying out its management functions.

Closing

The series of sanctions imposed on the seven issuers illustrates several aspects of capital market activities that fall within OJK's supervisory remit. Such supervision is not limited to stock trading activities, but also encompasses the quality of financial statements, compliance with corporate transaction procedures, and the responsibility of directors to fulfil the company's obligations.

These enforcement actions also took place amid a series of other OJK measures addressing capital market violations. Previously, on 4 November 2026, OJK announced administrative sanctions and orders to undertake certain actions in three cases, namely stock trading involving PT Panorama Sentrawisata Tbk (PANR), violations concerning the presentation of financial statements by the directors of PT Bintang Oto Global Tbk (BOGA), and violations committed by holders of Securities Broker-Dealer Representative (Wakil Perantara Pedagang Efek or “WPPE”) licences.