Jakarta. Danantara Indonesia Chief Investment Officer Pandu Sjahrir said his indirect 27.5% stake in Supra Sekuritas Indonesia is a long-standing, passive investment, after the brokerage was among nine securities firms fined by Indonesia’s financial regulator over alleged stock market manipulation.

Pandu said Thursday that he held minority stakes in various companies through direct and indirect investments, without involvement in their daily operations or management decisions.

“Share ownership must be distinguished from responsibility for a company’s actions,” Pandu said in a statement. Findings and sanctions announced by the Financial Services Authority (OJK) should be addressed by the companies through the applicable regulatory process, he added.

Pandu’s stake in Supra Sekuritas, known by its brokerage code SS, is held through Asha Artha Sehati, an investment vehicle he owns 99.99%. The remaining 72.5% of the brokerage is controlled by Ascend Bangun Persada.

The two companies acquired Supra Sekuritas in 2023, according to the brokerage’s website.

The stake drew attention after Bloomberg reported that Pandu was among the owners of a brokerage sanctioned in connection with an investigation into alleged manipulation of shares in Dian Swastatika Sentosa, a company affiliated with the Sinar Mas Group.

Danantara Chief Executive Officer Rosan Perkasa Roeslani said the state investment institution required its leaders to comply with ethics rules and conflict-of-interest policies, including disclosure of personal investments.

“Danantara Indonesia is committed to the highest standards of governance, transparency, and accountability,” Rosan said, adding that the institution respected the OJK’s authority and supported efforts to strengthen the integrity of Indonesia’s capital market.

Pandu also backed regulatory action against anyone involved in improper market practices, saying enforcement should apply without exception.

The OJK has imposed administrative penalties totaling Rp2.1 trillion ($115.7 million) in cases involving Dian Swastatika Sentosa, Barito Renewables Energy, and Petrindo Jaya Kreasi. The penalties comprise Rp1.5 trillion related to Dian Swastatika Sentosa, Rp500 billion for Barito Renewables Energy, and Rp100 billion for Petrindo Jaya Kreasi.

Supra Sekuritas’ trading activity has also drawn scrutiny. Data from Stockbit Sekuritas cited in Indonesian media showed that the brokerage accumulated 45.7 million lots of Dian Swastatika Sentosa shares worth Rp7 trillion across markets over the past year, including Rp1.1 trillion in the regular market.

The brokerage also accumulated shares in Bumi Resources worth Rp1.5 trillion and Petrindo Jaya Kreasi worth Rp786.5 billion in the regular market over the same period.

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