TheJakartaPost
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Several companies have come under scrutiny following global index provider MSCI’s decision to temporarily freeze Indonesia’s February review, citing concerns over market accessibility and transparency. In response to the announcement, the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX) have stepped up due diligence and trading surveillance to address potential vulnerabilities. As this closer monitoring unfolds, it has brought renewed attention to sharp and unexplained price movements in several counters, most notably PT Sanurhasta Mitra (MINA), which had previously been flagged for unusual market activity.
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.
As trillions in state funds remain unrecovered, Indonesia’s path to sustainable growth hinges on moving beyond 'business as usual' toward a rigorous, mandatory framework of institutional control and proactive intervention
The MSCI warning is not solely about IDX governance, it is amplified by the broader environment in which US fiduciaries may actively seek exit ramps from emerging market exposure that carries an additional compliance burden.
Doubling the equity limit for insurers and pension funds to 20 percent from currently 8 percent can be either a bold boost for market stability or a dangerous gamble with institutional solvency. However, "flexibility" might be a double-edged sword that threatens to undermine asset-liability matching and trigger a capital-requirement crisis.
As the rupiah stumbles past the 17,000-mark, Indonesia is facing a "vibe check" that no amount of political muscle can ignore. When nepotism shifts from a political exception to a bureaucratic rule, the resulting "Technocratic Sunset" threatens to transform a G20 economy into a fragile family office.
The push to "align" Indonesia’s financial regulators with political objectives marks a fundamental paradigm shift from stability to short-termism. While these moves may sustain growth today, they defer systemic costs to a future where institutional safeguards may no longer exist to catch the fall.
