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View all search resultsPrabowo ordered purge of IDX, OJK leadership, brother says
Hashim Djojohadikusumo, who is the special envoy for climate change and the brother of President Prabowo Subianto, said the five IDX and OJK officials who resigned soon after last month’s market crash did so in direct response to the President’s order.
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A woman takes a photo of an electronic display showing negative movements across the Indonesia Stock Exchange (IDX) Composite index on Feb. 2, 2026, at the bourse’s South Jakarta headquarters. (Antara/Sulthony Hasanuddin)
P
resident Prabowo Subianto was furious with the recent stock market collapse and ordered the resignations of top leaders at the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK), according to his close aide and brother, Hashim Djojohadikusumo.
Hashim, who is the special envoy for climate change, said the President had “asked several people to resign” following the market collapse, which was triggered by a warning from global investment research firm MSCI.
“It was because of the absence of transparency. [The IDX] is considered nontransparent. [MSCI] sent four letters to the Indonesian government,” he said on Wednesday, in a speech he delivered during an event at the IDX in South Jakarta.
Hashim also warned the bourse’s acting president director Jeffrey Hendrik and OJK commissioner Hasan Fawzi, both of whom attended the IDX event, that the government was closely watching the market as well as its performance.
“I met eight investors last Monday. They asked me and the government to maintain our market credibility,” he continued.
“For Pak [Mr.] Prabowo, the country’s dignity is very important. So he is watching very closely.”
Five finance officials, including IDX president director Iman Rachman and OJK chairman Mahendra Siregar, tendered their resignation after the two-day collapse on Jan. 28 and 29, dubbed the worst stock market crash in the country since the 1998 Asian financial crisis.
