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1999 Annual Report: Law
Enforcement In order to improve the quality of investigation, Bapepam has issued rules containing guidelines to be followed by Bapepam’s examiners and investigators in responding to complaints or suspected violations against the capital market law and its implementing rules. The rules contain guidelines for conducting investigation including reporting or complaint processing procedures, interview and hearing procedures, considerations in determining sanctions, and report drafting guidelines. Bapepam has signed a Memorandum of Understanding (MOU) with the Police Department of the Republic of Indonesia. It emphasizes training cooperation for Bapepam’s staff, education on the capital market for the Police, and coordination on capital market investigations. During 1998 Bapepam conducted 18 formal investigations on suspected violations made by securities institutions, issuers, and public companies. Bapepam has 2 cases which are now being processed. Moreover, a request for Bapepam to investigate a case was completed with the withdrawal of the accusation by the plaintiff. The Semen Gresik case was the most significant case which attracted public attention. This case began with the suspicion of selling or purchasing of PT Semen Gresik Tbk shares in JSX by insiders with non public information. In handling the case, Bapepam has searched, collected and organized data from 121 different individuals, securities institutions, and government officials that directly or indirectly know about the process of PT. Semen Gresik Tbk privatization. Bapepam has not yet obtained information that proves a violation. If new evidence indicating violation of the law is found, the formal investigation may be changed to a criminal investigation
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