OJK slaps Belvin Tannadi with a Rp5.35 billion fine for stock manipulation

Jakarta, Thekabarnews.com—The Financial Services Authority (OJK) has fined BVN, also known as Belvin Tannadi, Rp5.35 billion for changing the prices of stocks.

The OJK said that the influencer lied on social media to change stock prices. Then, he traded stocks in a way that went against what he told people to do. Officials said that what they did hurt investors and ruined the fair market.

Hasan Fawzi, interim chief executive of capital markets at the OJK, talked about the results during a press conference at the Indonesia Stock Exchange (BEI/IDX) on Friday, February 20.

Hasan said that the investigators found out that BVN had lied about one or more stocks. He also told customers to buy or sell certain shares. Investigators also said that he had broken the rules with several nominee securities accounts at the same time.

Authorities also learned that BVN placed buy and sell orders for several stocks, such as AYLS, FBLM, and BSFL. The practice caused prices to move in ways that didn’t match the market.

“The action made it look like people were buying and selling those stocks when they were not,” Hasan said.

OJK says that BVN broke Articles 90, 91, and 92 of the Capital Market Law. Law Number 4/2023 on Financial Sector Development and Strengthening (P2SK) updated the law.

Hasan stated that officials will closely monitor digital platforms and the capital market. In particular, this will happen given the increasing influence of social media on individual investors’ decisions.

Hasan said that Belvin Tannadi had to pay a total of Rp5.35 billion in fines.

The OJK is serious about keeping Indonesia’s capital market honest. They are also protecting investors from dishonest trading, as this case shows.