OJK Hands Over SWAT Share Manipulation Suspect to Prosecutors

Jakarta – Indonesia’s Financial Services Authority (OJK) has escalated its legal pursuit of individuals allegedly involved in the manipulation of shares of PT Sriwahana Adityakarta Tbk (SWAT), submitting further case files to the Boyolali Public Prosecutor’s Office in Central Java. The latest handover, occurring on January 28, 2026, involves SAS, identified as the Director of SWAT, marking a significant step forward in the prosecution of this capital markets crime.

This follows a previous submission on January 13, 2026, where files pertaining to three other suspects were delivered to the same prosecutor’s office. With the addition of SAS, a total of four individuals are now formally implicated in the alleged scheme to artificially inflate the value of SWAT shares.

Suspects Identified

1. SAS, Director of PT Sriwahana Adityakarta Tbk (SWAT)
2. CKN, General Manager of PT Sri Rejeki Iman Tbk
3. SB, Financial Department Employee of PT Sri Rejeki Isman Tbk
4. H, an Entrepreneur

The core of the case revolves around alleged manipulative transactions conducted between June and July 2018 on the Indonesia Stock Exchange (IDX). The OJK alleges that the suspects colluded to create a false impression of trading activity and influence the price of SWAT shares, potentially misleading investors.

Modus Operandi and Legal Ramifications

According to the OJK’s investigation, the alleged manipulation involved the use of nominee securities accounts through nine different securities companies. This practice aimed to distort the perceived market value of SWAT shares and influence investment decisions. The OJK determined that transactions through these nominee accounts accounted for approximately 10.0 percent of all transactions, representing 60,121 transaction meetings, a volume of 639,778,200 shares (14.7 percent of the total), and a total value of Rp 230,892,423,600 (approximately $13.3 million USD based on current exchange rates).

The alleged manipulation pattern involved dominating market activity, orchestrating numerous transactions, initiating purchases to drive up prices, and creating a buying market impact. These actions took place between June 8 and July 5, 2018.

The OJK believes these actions violate Article 91 and/or Article 92 in conjunction with Article 104 of Law Number 8 of 1995 concerning the Capital Market. Conviction under these articles carries a potential penalty of up to 10 years imprisonment and a maximum fine of IDR 15 billion (approximately $900,000 USD).

The investigation revealed a complex scheme involving the orchestration of an initial public offering (IPO) for SWAT through the utilization of nominee bank and securities accounts. These accounts were allegedly controlled by the suspects as beneficial owners and were used to secure share allocations and engage in secondary market transactions.

Cooperation with Law Enforcement

The OJK emphasized its ongoing collaboration with law enforcement agencies, including the Public Prosecutor and the Police, to ensure a professional, transparent, and accountable legal process. This coordinated effort underscores the OJK’s commitment to upholding the integrity of the Indonesian capital market and protecting investors.

The OJK has repeatedly stated its dedication to rigorously enforcing regulations and pursuing legal action against any violations within the financial services sector. This case serves as a clear signal of the authority’s resolve to maintain market stability and safeguard the interests of investors and the public. The ongoing prosecution of those allegedly involved in the manipulation of SWAT shares is expected to send a strong deterrent message to others who might consider engaging in similar illicit activities.