Jakarta. Indonesia’s financial regulator has frozen Rp 14.5 trillion ($859 million) worth of shares as part of an investigation into alleged insider trading and stock price manipulation linked to Mirae Asset Sekuritas Indonesia, a subsidiary of South Korea’s Mirae Asset Financial Group.

Officials from the Financial Services Authority (OJK) and the National Police also searched the company’s office in Jakarta’s Sudirman Central Business District on Wednesday as part of the ongoing capital market crime investigation.

Daniel Bolly Hyronimus Tifaona, a senior investigator at the OJK, said authorities were seeking further evidence to determine the company’s involvement in the suspected offenses.

“Based on the investigation so far, the corporation is suspected of being involved. The ongoing investigation is being strengthened by gathering additional evidence at Mirae Asset,” Daniel said at the site of the search.

Indonesian financial authorities suspect manipulation of information during an initial public offering process, insider trading, and fictitious transactions involving several affiliated entities and nominee accounts.

The series of transactions allegedly drove the share price of Berkah Beton Sedaya — traded under ticker BEBS — to surge by about 7,150% between 2020 and 2022.

According to Daniel, regulators have frozen around 2 billion shares related to the case, with an estimated value of Rp 14.5 trillion based on a price of roughly Rp 7,000 per share.

“These shares have been frozen and are temporarily prohibited from being traded,” he said.

As part of the investigation, OJK investigators have questioned 25 witnesses from Mirae Asset, Berkah Beton, banking institutions, nominee account holders and other related parties.

Authorities suspect the case involves individuals identified by the initials ASS, the beneficial owner of Berkah Beton, and MWK, a former investment banking director at Mirae Asset Indonesia. Mirae Asset itself is being examined under the concept of corporate liability.

Daniel said police have named two suspects in the case but did not disclose their identities.

“The individual case is now in the process of completion, while the corporate investigation is still ongoing. That is why we are continuing to gather evidence through today’s search,” he said.

The OJK said the enforcement action reflects its commitment to maintaining integrity and transparency in Indonesia’s capital markets.

In a statement on Wednesday, Mirae Asset Sekuritas Indonesia confirmed it had received a visit from the Criminal Investigation Agency of the National Police and the OJK for clarification and information gathering.

“This process is a continuation of a long-standing legal matter, and the company has been cooperative toward the ongoing investigation and is fully supporting all requests,” the firm said, adding that its operations continue to run normally.