Sarijaya Securities Suspend, small retail investors again become victims

Small investor in stock market business again become victims of mishandling of clients capital by brokerage company. This case is not the first time happened in Jakarta Stock exchange. By suspending the Sarijaya Securities, the client investor at Sarijaya will lost more money.

As an investor (JTS), the day before suspended I bought dewa-w, with the price of Rp 48/share. And I instruct, Ade, a staff at BSD Sarijaya Branch to sell it the next day (time of suspending) with price of Rp 60/share. The day of suspending, the price of dewa-w reach up to Rp 68/share, but my share cannot be sold, because of suspending. The same day dewa-w close at Rp 43. Tomorrow maybe lower.

I felt many indicator previously that Sarijaya mishandling the client capital. They informed me to force sell my share, on the same day they will sell the share. No letter/no reminder at all before the selling. Usually when the price reach the bottom. After the selling, the next three day the price could reach 10% up. Compare with another securities that I use, this Sarijaya securities is the worst.

Sources: Tempo Interactive

Sarijaya Securities Staff Arrested
Tuesday, 06 January, 2009 | 14:11 WIB

TEMPO Interactive, Jakarta: The Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) informed on Tuesday detention on a senior staff of a securities company, Sarijaya Permana Sekuritas for alleged fraud.

Herman Ramli, was detained by the police according to the supervisory body since December 24th “as an effort to hold the main commissioner of Sarijaya accountable” for his conducts according to the Agency’s release on Tuesday.

Beside coordinating with the police, the agency have also instructed the Indonesia Stock Exchange to suspend Sarijaya Permana Sekuritas from trading. The Agency also instructed the Indonesian Clearing and Guarantee Corporation (KPEI) and Indonesian Central Securities Depository (KSEI) to freeze all the company’s and its clients assets, “except for settlements on earlier transactions,” Fuad Rahmany of the agency said.

The agency also forbid Sarijaya to pursue legal action on its securities and its clients’ securities.

A local investment manager feared the arrest would shake local securities companies as Sarijaya mainly serve small retail investors, “this problem could affect thousands of investors” he said on condition of anonymity.

The agency said to take further steps of auditing Sarijaya’s assets and liabilities to its clients, and to verify its clients’ accounts and personal assets handed by the main commissioner.

METTA DHARMASAPUTRA