Indonesian Financial Service Authority (FSA) imposed a sanction to PT Hanson Internasional Tbk (IDX: MYRX) and its owner Benny Tjokrosaputro - Photo by PropertyInside

JAKARTA (TheInsiderStories) – Indonesian Financial Service Authority (FSA) imposed a sanction to PT Hanson Internasional Tbk (IDX: MYRX) and its owner Benny Tjokrosaputro, said the regulator on Thursday (08/08). The agency mentioned that both parties has broke the capital market rule for overstatement of the company financial statements for the fiscal year 2016.

OJK imposed sanctions on Tjokrosaputro for a fine of Rp5 billion (US$349,650) and the housing developer Rp500 million and was ordered by the FDA to restate the 2016′ financial statement. The decision is in line with Provisions of Article 69 of Law Number 8 of 1995 concerning Capital Markets.

Beside him as the president director, the regulator also give a sanction to its director Adnan Tabrani, who was responsible for the 2016′ financial statement of Hanson International. He has to pay the administrative penalty of Rp100 million.

Furthermore, Sherly Jokom, partner of Public Accountant Officer Purwantono, Sungkoro and Surja, part of Ernst and Young Global Limited is also responsible audit of financial statement of December 31, 2016. FSA decided her permit as an accountant office will be frozen until next year.

Hanson Internasional has various businesses in industry, general trade, service and development. The company has established since 1973 and focused on inject capital to the subsidiaries.

Previously, the Tjokrosaputro’ company, PT Rimo International Tbk (IDX: RIMO) offered 4.09 billion shares or 10 percent of fully paid up capital through private placement. The company earned around Rp629.86 billion (US$44.06 million) from the private placement.

Based on the announcement, RIMO will use the funding to repay its loan to PT Mulia Manunggal Karsa worth of Rp150 billion and some affiliated parties. The loan taken on December 2017 and has one year maturity with 6 percent interest rate.

For your information, RIMO has issued 40,59 biliion shares from previously only held 100 thousand shares. At that time, the publicly listed firm earned Rp4.1 trillion from the rights issue.

The funding was used for acquiring PT Hokindo Properti Investama (HPI) and paying some obligations and working capital of the acquired company. After acquiring HPI is increasingly focused on running its business in the property sector.

Currently, RIMO has a large land bank throughout Indonesia, especially in Java and Kalimantan. Several projects being worked on by the company is the South Hills apartment and housing project in South Jakarta.

Tjokrosaputro touted as one of the major market players in the Indonesian stock market. Where gait or soccer lunge has begun to be heard since the 1990s.

Previously, he had also litigated, and received sanctions from the Capital Market Supervisory Agency, the capital market authority at that time before become FSA was formed. He also rumored as one that can make huge profits from transactions on the stock market.

US$1: Rp14,300

Written by Staff Editor, Email: theinsiderstories@gmail.com

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