The Financial Services Authority (Otoritas Jasa Keuangan/OJK) announces that it has imposed administrative sanctions on PT Asri Karya Lestari Tbk, PT Adhi Karya (Persero) Tbk, PT Adhi Commuter Properti Tbk, PT Widodo Makmur Unggas Tbk, PT Kalbe Farma Tbk, PT Enseval Putera Megatrading Tbk, PT Limas Indonesia Makmur Tbk, and other related Parties for violations of Capital Market laws and regulations.
Following its Examination, OJK has imposed administrative sanctions in the following cases:
1. PT Asri Karya Lestari Tbk
PT Asri Karya Lestari Tbk is fined IDR1,350,000,000.00 (one billion three hundred and fifty million rupiah) for violating Article 69 of Law Number 8 of 1995 concerning Capital Markets, in conjunction with Letter A Number 1 Item n of Regulation Number VIII.G.7, Paragraph 6.26 of the Conceptual Framework for Financial Reporting, Paragraph 17 item (b) of PSAK 201 concerning Presentation of Financial Statements, and Paragraph 15 of PSAK 216 concerning Fixed Assets. The company's 2024 Interim, 2024 Annual, and 2025 Interim Financial Statements included material assets whose values and related information could not be reliably supported by the underlying documentation.
PT Asri Karya Lestari Tbk is fined IDR1,350,000,000.00 (one billion three hundred and fifty million rupiah) for violating Article 69 of Law Number 8 of 1995 concerning Capital Markets, in conjunction with Letter A Number 1 Item n of Regulation Number VIII.G.7, Paragraph 6.26 of the Conceptual Framework for Financial Reporting, Paragraph 17 item (b) of PSAK 201 concerning Presentation of Financial Statements, and Paragraph 7 item (b) of PSAK 216 concerning Fixed Assets. The company's 2024 Interim, 2024 Annual, and 2025 Interim Financial Statements included material assets whose values and related information could not be reliably supported by the underlying documentation.
Sulistiono, Yudra Saputra, and Didik Hariyanto, as members of the Board of Directors of PT Asri Karya Lestari Tbk for the periods covered by the 2024 Interim, 2024 Annual, and 2025 Interim Financial Statements, are jointly and severally fined IDR645,000,000.00 (six hundred and forty-five million rupiah) for violating Letter A Number 8 of Regulation Number VIII.G.7 in conjunction with Article 5 of OJK Regulation Number 75/POJK.04/2017. As directors, they bear joint and several responsibilities for the improper recognition of material assets whose values and related information could not be reliably supported by the underlying documentation.
Public Accountant Arief Prima, as the auditor of the 2024 Annual Financial Statements of PT Asri Karya Lestari Tbk, is fined IDR107,500,000.00 (one hundred and seven million five hundred thousand rupiah) for violating Article 66 paragraph (1) of Law Number 8 of 1995 concerning Capital Markets, as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, in conjunction with Article 21 letters c, d, and e of OJK Regulation Number 9 of 2023 concerning the Use of Public Accountant and Public Accounting Firm Services in Financial Services Activities, and the following provisions of the Auditing Standards (Standar Audit/SA): Paragraphs 5 and 6 of SA 520 Analytical Procedures; Paragraph 6 of SA 510 Initial Audit Engagements; Paragraphs 7, 8, and 9 of SA 300 Planning an Audit of Financial Statements; Paragraphs 8, 24, and 26 of SA 330 The Auditor's Responses to Assessed Risks; Paragraph 7 of SA 530 Audit Sampling; Paragraphs 6, 7, 9, and A28 of SA 500 Audit Evidence; Paragraph 15 of SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit; Paragraphs 5 and 8 of SA 230 Audit Documentation; Paragraphs 9, 10, and 11 of SA 265 Communicating Deficiencies in Internal Control; and Paragraphs 9 and 18 of SA 701 Communicating Key Audit Matters.
2. PT Adhi Karya (Persero) Tbk
PT Adhi Karya (Persero) Tbk is fined IDR450,000,000.00 (four hundred and fifty million rupiah) for violating Article 4 paragraph (1) letters a, b, and c in conjunction with Article 4 paragraph (3) of OJK Regulation Number 42/POJK.04/2020, having failed to comply with the Affiliated Transaction procedures in respect of the Shareholder Loan Agreement between PT Adhi Karya (Persero) Tbk and PT Adhi Commuter Properti Tbk.
Toto Suharto, as Appraiser, is fined IDR65,000,000.00 (sixty-five million rupiah) for violating Article 95 paragraph (2) of OJK Regulation Number 35/POJK.04/2020 by issuing a Fairness Opinion only after the Affiliated Transaction, namely the Shareholder Loan Agreement between PT Adhi Karya (Persero) Tbk and PT Adhi Commuter Properti Tbk dated 31 January 2025, had taken place.
3. PT Adhi Commuter Properti Tbk
PT Adhi Commuter Properti Tbk is fined IDR450,000,000.00 (four hundred and fifty million rupiah) for violating Article 4 paragraph (1) letters a, b, and c in conjunction with Article 4 paragraph (3) of OJK Regulation Number 42/POJK.04/2020, having failed to comply with the Affiliated Transaction procedures in respect of the Shareholder Loan Agreement between PT Adhi Karya (Persero) Tbk and PT Adhi Commuter Properti Tbk.
Syaiful Hasan, as Appraiser, is fined IDR65,000,000.00 (sixty-five million rupiah) for violating Article 95 paragraph (2) of OJK Regulation Number 35/POJK.04/2020 by issuing a Fairness Opinion only after the Affiliated Transaction, namely the Shareholder Loan Agreement between PT Adhi Karya (Persero) Tbk and PT Adhi Commuter Properti Tbk dated 31 January 2025, had taken place.
4. PT Widodo Makmur Unggas Tbk is fined IDR925,000,000.00 (nine hundred and twenty-five million rupiah) for violating Article 6 paragraph (1) letters a, b, and c in conjunction with Article 6 paragraph (3) letter a of OJK Regulation Number 17/POJK.04/2020, having failed to comply with the Material Transaction procedures in respect of a loan it received, which also constituted an Affiliated Transaction.
5. PT Kalbe Farma Tbk is fined IDR200,000,000.00 (two hundred million rupiah) for violating Article 4 paragraph (1) letters a and c, Article 10 letters b and c, and Article 22 number 1 of OJK Regulation Number 42/POJK.04/2020, having failed to comply with the Affiliated Transaction procedures in respect of an asset sale and purchase between PT Hale International and PT Forsta Kalmedic Global.
6. PT Enseval Putera Megatrading Tbk is fined IDR75,000,000.00 (seventy-five million rupiah) for violating Article 4 paragraph (1) letters a and c, Article 10 letters b and c, and Article 22 number 1 of OJK Regulation Number 42/POJK.04/2020, having failed to comply with the Affiliated Transaction procedures in respect of an asset sale and purchase between PT Hale International and PT Forsta Kalmedic Global.
7. PT Limas Indonesia Makmur Tbk
PT Limas Indonesia Makmur Tbk is issued a Written Warning for violating Article 2 paragraph (2) of OJK Regulation Number 15/POJK.04/2020, having failed to convene its Annual General Meeting of Shareholders (AGMS) for the 2021, 2022, 2023, and 2024 financial years.
Ibin Bachtiar (President Director), Itek Bachtiar (Director), and Edwin Lim (Director) of PT Limas Indonesia Makmur Tbk for the 2022 period are jointly and severally fined IDR712,500,000.00 (seven hundred and twelve million five hundred thousand rupiah) for violating Article 12 paragraph (2) in conjunction with paragraph (1) of OJK Regulation Number 33/POJK.04/2014, having failed to discharge their management duties and responsibilities as the director of PT Limas Indonesia Makmur Tbk.
