Jakarta. The Indonesia Stock Exchange (IDX) confirmed that it is still investigating a gratification case involving five former employees who allegedly accepted bribes from companies during the initial public offering (IPO) process.

Jeffrey Hendrik, Director of IDX, emphasized that the investigation is being carried out by both the IDX and the Financial Services Authority (OJK) to ensure thoroughness and transparency. He assured that while there were issues with the employees, the IPO process itself adhered to all necessary procedures.

"I believe everything is still in progress. As mentioned earlier, both OJK and IDX are conducting their respective investigations. We will wait for the results. What is within our authority is to impose sanctions on our employees, and we have already done so," Jeffrey stated during a press conference at the IDX Building in Jakarta on Monday.

Despite the scandal, the IDX remains committed to reaching its target of 1,000 IPOs by the end of 2024. So far, 935 companies have successfully gone public, and the exchange has no plans to reduce its target.

"I don't think there will be any reduction in the target. All processes will continue as they should. We still have around 25-30 companies in the pipeline, and all of them will be processed according to the existing SOPs," Jeffrey concluded.

The IDX had already terminated five employees from the Corporate Valuation Division between July and August 2024 as a result of the ongoing investigation. These employees, responsible for evaluating potential issuers, were found to have demanded money and other forms of gratification in exchange for favorable IPO assessments.

The gratification scheme allegedly involved multiple companies whose shares are now listed on the exchange. The bribes reportedly ranged from hundreds of millions to one billion rupiah per company. Further investigations revealed that the individuals involved had organized a consultancy firm, amassing approximately Rp 20 billion in funds.

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