Jakarta –
Financial Fervices Authority (OJK) issued a new regulation that could criminalize high-ranking issuers if they are caught intentionally harming investors. The regulation in question is the Financial Services Authority Regulation (POJK) No. 3 of 2021 concerning the Implementation of Activities in the Capital Market Sector.
Through POJK 3/2021, the issuer officials must be responsible for the losses suffered by the company (investors).
Article 89 of the regulation explains, the board of directors and / or commissioners of the issuer must be responsible for the losses suffered if the loss occurs due to: directly or indirectly in bad faith exploiting the issuer for personal gain, being involved in illegal acts committed by the issuer, and against the law uses the issuer’s assets which results in the issuer’s financial obligations failing to be fulfilled.
“We certainly welcome this regulation, because it will improve aspects of good corporate governance (GCG) for issuers, including encouragement for directors and commissioners to encourage GCG,” said President Director of the Indonesia Stock Exchange Inarno Djajadi, in a written statement received. detikcom, Friday (19/3/2021).
The regulation also regulates the action of the issuers in and out of the stock exchange. Issuers that leave the stock exchange must buy back shares, aka buybacks to retail investors.
OJK is currently in the midst of tightening supervision of the capital market in order to protect public investors. Understandably, recently many investors feel aggrieved by the actions taken by the management of the company Tbk.
One of them, the stock market is facing a big scandal by the former director of PT Tiga Pilar Sejahtera Food Tbk (AISA). Two AISA directors, namely joko Mogoginta and Budhi Istanto, are suspected of falsifying the company’s 2017 financial statements.
By exaggerating the value (overstatement) of receivables from six distributors who are written as third parties, even though in fact they are affiliates of the company. This action was taken to polish the company’s fundamentals in order to boost stock prices.
Even though the company’s condition is in fact in trouble, this is evident for example when Tiga Pilar in 2018 failed to pay interest on bonds and sukuk ijarah. This is what causes Tiga Pilar to be frozen for two years from stock exchange trading. When re-audited the 2017 financial statements, Tiga Pilar recorded a net loss of IDR 5.23 trillion throughout 2017. This value was IDR 4.68 trillion greater than the previous version of the financial report which only lost IDR 551.9 billion.
As for now Joko and Budhi have been named defendants and are in the process of undergoing trials at the South Jakarta District Court to account for their actions to Tiga Pilar. The one who filed a lawsuit from the two former directors to court was the AISA Retail Investors Forum (Forsa) in which there were thousands of retail investors.
OJK is also trying to prevent potential fraud through this new regulation. The Honorary Board of the Indonesian Listed Companies Association (AEI) Theo Lekatompessy also welcomed this new provision, although there are still some weaknesses that still need to be refined.
He gave an example of the uniformity of sanctions for directors and commissioners, even though these two positions have different portions of responsibilities and obligations so that the sanctions for the two of them cannot be equated.
“The functions, powers, commissioners and directors are different, salaries and bonuses are also far different, so that the burden of responsibility if there is a problem cannot be generalized. It will be difficult if the sanctions for commissioners are the same as those for directors,” he said.
Furthermore, he added, there is a need for an initial inspection mechanism for issuers suspected of committing fraud. This is useful for taking an inventory of the mistakes of each party, so that the responsibility of each party is clear.
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(dna / dna)
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