Key Takeaways
- • Pandu Sjahrir, chief investment officer of Indonesia's sovereign wealth fund Danantara, indirectly owns a 27.5% stake in PT Supra Sekuritas Indonesia through his holding company PT Asha Artha Sehati, according to Bloomberg calculations of company registration records.
- • Supra Sekuritas is the brokerage referred to as "SS" in Indonesia's Financial Services Authority (FSA) sanctions announced this month against more than a dozen entities over stock-market manipulation, though the FSA did not name owners.
- • Pandu's spokesperson said his stake is passive and that he has had no role in the company's board, management, trading or compliance, and that he is not accused of wrongdoing.
- • The disclosure comes as MSCI threatens to downgrade Indonesia to standalone status and the benchmark index has fallen roughly 10% since MSCI's Oct 15 warning, the worst performance in Asia.
- • Supra Sekuritas handled about 60.6 trillion rupiah (US$3.3 billion) of trades in Dian Swastatika Sentosa shares over the past 12 months, more than three times any other broker, per Bloomberg data.
Summary
Bloomberg reports that Pandu Sjahrir, chief investment officer of Danantara and a key liaison with global money managers, indirectly owns 27.5% of PT Supra Sekuritas Indonesia, according to company records. The brokerage was sanctioned by the FSA this month in connection with a stock-market manipulation probe. People familiar with the matter said Supra Sekuritas is the firm the regulator referred to as "SS" in its announcement, which listed entities only by initials. The sanctions came after MSCI Inc. threatened to downgrade Indonesia to standalone status, a harsher outcome than previously considered. The FSA fined three companies a total of 2.1 trillion rupiah (US$117 million) and imposed unspecified penalties on other brokerages and individuals, and said it would name sanctioned entities after an appeals period without providing a timeline.
Pandu owns 99.99% of PT Asha Artha Sehati, which holds the 27.5% interest in Supra Sekuritas. The remaining 72.5% is controlled by a company linked to veteran financier Yonggi Tanuwidjaja, who did not respond to requests for comment. Pandu bought into the brokerage in late 2023. Supra Sekuritas, formerly Supra Securinvest, has been a major trader of shares in coal miner PT Dian Swastatika Sentosa, whose market capitalisation exceeded US$30 billion by August 2025 after shares more than quadrupled in 2024 and nearly tripled in 2025. Over the past year the brokerage handled trades worth US$3.3 billion and was the largest net buyer, according to Bloomberg data. Dian Swastatika said on Oct 19 that it would cooperate with regulators and emphasized good governance, without addressing the alleged trading activity.
Pandu's spokesperson said he is a minority shareholder in a personal capacity, that the investment is passive, and that he has never served on the company's board, management or commission and had no role in its trading or compliance. The spokesperson said he supports strong enforcement and has held prior talks with MSCI. Bloomberg reports there is no indication Pandu profited from the investment or knew of its trading in Dian shares. MSCI has privately told Indonesian officials, including Pandu, that the market's problems have not been resolved, according to people familiar with the matter. Pandu had publicly backed MSCI's scrutiny, met MSCI chief executive Henry Fernandez in New York in late September, and has pitched Indonesia to investors at global forums. MSCI has said it will decide on Indonesia's market status by the end of June 2027.
Pandu owns 99.99% of PT Asha Artha Sehati, which holds the 27.5% interest in Supra Sekuritas. The remaining 72.5% is controlled by a company linked to veteran financier Yonggi Tanuwidjaja, who did not respond to requests for comment. Pandu bought into the brokerage in late 2023. Supra Sekuritas, formerly Supra Securinvest, has been a major trader of shares in coal miner PT Dian Swastatika Sentosa, whose market capitalisation exceeded US$30 billion by August 2025 after shares more than quadrupled in 2024 and nearly tripled in 2025. Over the past year the brokerage handled trades worth US$3.3 billion and was the largest net buyer, according to Bloomberg data. Dian Swastatika said on Oct 19 that it would cooperate with regulators and emphasized good governance, without addressing the alleged trading activity.
Pandu's spokesperson said he is a minority shareholder in a personal capacity, that the investment is passive, and that he has never served on the company's board, management or commission and had no role in its trading or compliance. The spokesperson said he supports strong enforcement and has held prior talks with MSCI. Bloomberg reports there is no indication Pandu profited from the investment or knew of its trading in Dian shares. MSCI has privately told Indonesian officials, including Pandu, that the market's problems have not been resolved, according to people familiar with the matter. Pandu had publicly backed MSCI's scrutiny, met MSCI chief executive Henry Fernandez in New York in late September, and has pitched Indonesia to investors at global forums. MSCI has said it will decide on Indonesia's market status by the end of June 2027.
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