Regulatory scrutiny has hit some of Indonesia’s most prominent business groups. Major publicly traded companies tied to the Salim and Bakrie conglomerates found themselves on a list of 23 emiten that faced administrative sanctions from the Financial Services Authority, known locally as OJK, through the end of August.
Salim and Bakrie Conglomerates Face Multimillion-Rupiah Sanctions
Among the sanctioned entities are PT Nippon Indosari Corpindo Tbk (ROTI), known for its Sari Roti brand, and PT Bakrie & Brothers Tbk (BNBR), the holding company for the Bakrie family’s industrial arm. While the penalties vary significantly in scale, the enforcement actions highlight strict regulatory expectations surrounding corporate governance and material corporate actions.
According to Hasan Fawzi, Chief Executive of Capital Market Supervisors, Derivatives Finance, and Carbon Exchanges at OJK, the infractions committed by these large-cap firms involved distinct compliance failures regarding financial audits and major transactions.
Auditing Rules and Material Transaction Breaches
The regulatory penalty for PT Nippon Indosari Corpindo Tbk centers on procedural missteps in appointing external auditors. The company was fined Rp150 juta for violating existing financial regulations.
Hasan Fawzi, Chief Executive of Capital Market Supervisors, Derivatives Finance, and Carbon Exchanges at OJK, stated that the public accounting firm for the audit of ROTI’s 2023 and 2024 annual financial reports had already been appointed and approved by the Board of Directors before the annual general meeting of shareholders for the respective financial year was held, whereas the appointment of a public accounting firm must be made through a resolution of the General Meeting of Shareholders in violation of OJK Regulation No. 9/2023.
By appointing public accounting firms for its annual financial reports before securing formal shareholder approval at the annual general meeting, the company bypassed mandatory governance safeguards.
Meanwhile, PT Bakrie & Brothers Tbk faced a much steeper financial penalty. OJK imposed a fine of Rp1,2 miliar after discovering that a controlled subsidiary of BNBR secured a massive loan totaling Rp4,81 triliun—amounting to over 100 percent of the parent company’s equity—from a lender that shareholders had never approved.
Regulators noted that the Bakrie holding company also failed to deploy an independent appraiser, neglected public and regulatory information disclosures, and completed the transaction without the required General Meeting of Shareholders authorization.
Broad Regulatory Crackdown Across the Capital Market
The penalties against the Salim and Bakrie affiliates form part of a broader regulatory enforcement wave. OJK data shows that authorities established a total of 93 formal administrative sanction letters, financial penalties, prohibitions, and written orders targeting market participants through August.
Financial fines across the broader market reached Rp73,99 miliar, supplemented by eight written warnings, five written orders, ten prohibitions, and six license suspensions. In addition to these measures, Suara.com reported that OJK penalized 22 individual emiten for market rule infractions, citing widespread delays in periodic and incidental reporting.
- PT Bakrie Telecom Tbk
- PT Nippon Indosari Corpindo Tbk
- PT Trada Alam Mineral Tbk
- PT J Resources Asia Pasifik Tbk
- PT Repower Asia Indonesia Tbk
- PT Sinergi Megah Internusa Tbk
- PT Multi Makmur Lemindo Tbk
- PT Platinum Wahab Nusantara Tbk
- PT Indo Pureco Pratama Tbk
- PT Panca Mitra Multiperdana Tbk
- PT Sawit Sumbermas Sarana Tbk
- PT Fimperkasa Utama Tbk
- PT Ever Shine Tex Tbk
- PT Bakrie & Brothers Tbk
- PT Sejahtera Bintang Abadi Textile Tbk
- PT Saraswati Griya Lestari Tbk
- PT Trinitan Metals and Minerals Tbk
- PT Ifishdeco Tbk
- PT Darmi Bersaudara Tbk
- PT Prime Agri Resources Tbk (formerly PT Sampoerna Agro Tbk)
- PT Bliss Properti Indonesia Tbk
- PT Cakra Buana Resources Energi Tbk
Reporting Delays Drive Massive Administrative Penalties
Beyond material transaction breaches and corporate governance missteps, systemic reporting delays continue to generate severe financial friction for listed firms. The regulatory disclosures indicate that administrative fines for delayed filings have accumulated into massive sums across different categories of mandatory corporate disclosures.
Periodic reporting delays triggered 876 administrative sanctions, resulting in a staggering Rp243,33 miliar in fines alongside 126 written warnings. Incidental reporting delays added another 91 administrative sanctions totaling Rp7,87 miliar in penalties.
Governance-related reporting delays accounted for 209 sanctions and Rp1,83 miliar in fines, while delayed submissions involving capital market supporting professions drew smaller monetary penalties. How these corporate entities adapt their compliance frameworks in the wake of such widespread enforcement remains to be seen as the regulatory agency maintains its strict oversight.