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Jakarta Post

IDX imposes trading halt on five Jiwasraya-linked stocks

  • Riska Rahman

    The Jakarta Post

Jakarta   /   Fri, January 24, 2020   /   11:28 am
IDX imposes trading halt on five Jiwasraya-linked stocks A man takes a photograph of the stock trading monitor at the Indonesia Stock Exchange (IDX) on Dec. 30, 2019. (JP/Dhoni Setiawan)

The Indonesia Stock Exchange (IDX) has temporarily halted the trading of stocks in five businesses that have been implicated in the investigation into the alleged corruption at state-owned insurance company PT Asuransi Jiwasraya.

In a statement obtained by The Jakarta Post on Wednesday, IDX corporate secretary Yulianto Aji Sadono identified the five stock listings as: fishery company PT Inti Agri Resources (stock code: IIKP), property developer PT Eureka Prima Jakarta (LCGP), property holding company PT Hanson International (MYRX), mining holding company PT SMR Utama (SMRU) and maritime terminal services company PT Trada Alam Minera (TRAM).

The trading halt applies to the listings on the IDX's regular, negotiated and cash markets starting Thursday, Yulianto said in the statement.

The trading of Eureka Prima Jakarta stock has been halted since May 2, 2019, while the bourse issued a trading halt for Hanson International stock on Jan. 16, 2020. The trading halts will remain in place until further notice from the IDX.

Read also: Call for reform amid Jiwasraya fiasco

“The suspension will only be lifted once the companies fulfill their obligations to the IDX and the Financial Services Authority [OJK],” Yulianto said in the statement, but did not elaborate on the companies' "obligations".

He said the stocks were halted in response to a letter from the OJK dated Jan. 22 that instructed the bourse to place trading halts on the the five stock listings, which had been implicated in the corruption investigation into Jiwasraya and its failure to pay maturing policies.

The Attorney General’s Office (AGO) has detained five people for their alleged involvement in the case, including Hanson International shareholder and president director Benny Tjokrosaputro and Trada Alam Minera president commissioner Heru Hidayat.

Heru also owns Inti Agri Resources and Trada Alam Minera. He became an indirect owner of SMR Utama in 2017, when Trada Alam Minera acquired stakes in SMR Utama.