Jakarta. President Prabowo Subianto was “furious” after Indonesia’s stock market plunged following a warning from MSCI over transparency and potential trading manipulation, his brother Hashim Djojohadikusumo said on Wednesday.

Speaking in Jakarta, Hashim said the government received four letters from MSCI highlighting concerns in Indonesia’s capital markets.

“President Prabowo was extremely angry about what happened that week, especially because the nation’s honor was at stake and many retail investors suffered losses,” Hashim told the ASEAN Climate Forum at the Indonesia Stock Exchange building.

On Jan. 28, MSCI postponed its review of Indonesian equities and raised the possibility of downgrading the country from emerging market to frontier market status. The announcement triggered sustained pressure on the benchmark index and sparked calls for tighter scrutiny of market regulators.

During the final week of January, the Indonesia Stock Exchange index slid nearly 7%, wiping tens of billions of dollars off market capitalization. IDX Chief Executive Officer Iman Rachman later stepped down, followed by the resignations of two senior officials at the Financial Services Authority (OJK).

“The Indonesian government is determined to protect the credibility and honor of this country. For Mr. Prabowo, the dignity of the republic is paramount. That’s why he will monitor the capital market very closely,” Hashim said.

He warned that fraud risks always emerge when supervision is weak, underscoring the critical role of regulators in ensuring that no parties attempt to deceive investors.

Hashim also sought to reassure foreign investors that the government remains committed to safeguarding market integrity.

“So the president and the government hope you stay vigilant,” he said, addressing OJK Commissioner Hasan Fawzi and acting IDX CEO Jeffrey Hendrik, who were attending the event. “The government will be watching you very closely — and I mean it.”