OJK Completes Investigation into Stock Manipulation Case

Comprehensive Probe into SWAT Stock Manipulation

The Financial Services Authority (OJK) has concluded its investigation into a complex stock manipulation case involving PT Sriwahana Adityakarta Tbk (SWAT). The probe revealed a sophisticated scheme using nominee accounts through nine securities companies, creating artificial market activity that significantly impacted SWAT's stock price during June-July 2018.

Key Findings of the Investigation

The OJK's investigation uncovered a pattern of dominated transactions, matched trades, and strategic buying to manipulate market impact. This artificial activity resulted in:

• 60,121 matched transactions (approximately 10% of total trades)
• 639,778,200 shares traded (14.7% of total volume)
• Rp 230,892,423,600 transaction value (13.3% of total value)

The manipulation occurred between June 8 and July 5, 2018, and involved coordinated efforts to artificially influence SWAT's stock price. The suspects are alleged to have violated Capital Market Law provisions (Article 91 and/or 92 juncto Article 104 of Law No. 8/1995), carrying potential penalties of up to 10 years imprisonment and Rp 15 billion fines.

Legal Proceedings and OJK's Commitment

On January 13, 2026, OJK conducted a Stage II handover, transferring the suspects and evidence to the Boyolali District Prosecutor's Office. The OJK emphasized its commitment to rigorous law enforcement in the financial services sector, collaborating closely with law enforcement agencies to ensure transparent and accountable legal processes. The authority reaffirmed its dedication to maintaining market integrity and protecting investors through consistent legal action against financial violations.