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Prabowo-Gibran aims to protect capital market against stock manipulation
The Financial Services Authority (OJK) has raised concerns about stock manipulation practices in the country's capital market.
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Presidential candidate pair Prabowo Subianto (left) and Gibran Rakabuming Raka walk on stage during the third 2024 presidential election debate at Istora Senayan in Jakarta on Jan. 7, 2024. The third debate covered issues of international relations, defense and security. (Antara/Aditya Pradana Putra)
The Prabowo Subianto-Gibran Rakabuming Raka campaign team says the presidential ticket aims to strengthen supervision of the country’s capital markets, including protection from stock manipulation.
"There is an intelligence function in the OJK [Financial Services Authority] where they gather information from conversations and various sources. From that information, if there are things that may be harmful to investors, they will be discovered. That's what needs to be strengthened," said campaign team member Dradjad Hari Wibowo on Monday, as quoted by CNBC Indonesia.
He relayed this view after attending a public dialogue held by the Indonesian Employers Association (APINDO).
Dradjad further explained that the intelligence role in question was not similar to what the State Intelligence Agency (BIN) or the Corruption Eradication Commission (KPK) do, but rather an economic intelligence capacity within the authority of the OJK, which, in his view, is still weak. The intelligence functions include freezing the bank accounts of people who are suspected to be involved in illicit financial activities, before and during any investigation.
"They can actually do that. I see that it's still weak, so sometimes it ends up being vulnerable. Several cases of vulnerability occurred because the intelligence function didn't work well," Dradjad said.
Furthermore, he claimed that Prabowo-Gibran has an even bigger market capitalization target than OJK's roadmap, of which the campaign team aims to achieve Rp15 quadrillion (US$964.8 billion) for market capitalization in 2027.
Last year, OJK chairman Mahendra Siregar highlighted stock manipulation practices in the stock market. Mahendra stressed the need to implement good integrity and governance in the stock market transaction process.
