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Jakarta, CNBC Indonesia – The Financial Services Authority (OJK) said that losses incurred due to illegal investments, also known as fraudulent investments in the last 10 years, reached 92 billion IDR. This amount is considered very high and does not include losses caused by investments by legal institutions.
The deputy director of Capital Market Supervision 1A OJK Luthfy Zain Fuady said that this fraudulent investment was due to the empty space in investment regulations and the inter-institutional authority for certain people to be used to manufacture products that had no character in the investment law. .
“So what we are dealing with is not just a ‘bad’ person, but also someone who understands the regulations and understands how to take advantage of these regulatory loopholes,” Luthfy said at the Capital Market Summit & Expo 2020 held virtually on Thursday (10/22/2020).
Investment infringements not only occur in illegal unlicensed institutions, but are also often committed by entities that have operating licenses and are regulated by regulators. As in several cases occurred in the capital market by related institutions.
“Although investment in the capital market is classified as legal, that is, it is not false, it is carried out by an entity that is licensed and supervised. But that does not mean that there is also a violation. the false investment before, is even worse because it already has permission, “he explained.
He revealed that there are four institutions that usually commit violations in the capital market with different modalities. Starting with securities firms, investment managers, material issuers through supporting professions / institutions.
Several cases of offenses committed by securities companies, such as the existence of pseudo-marketing that generates prices that are not entirely due to the demand for buying and selling securities in the market. This has led to the manipulation of the share price.
Apart from that, the board of directors of securities firms also faces investment problems even though a suitability test has been carried out before taking office. This affects bad behavior and internal control of securities companies.
Other activities that also occur frequently are employee transactions that are conducted without permission and securities issuing organizer activities conducted without permission.
