Indonesian stocks tumble 41pc; Jakarta goes after tycoons allegedly behind ‘gorengan’ shares
KUALA LUMPUR, Oct 31 — Indonesian President Prabowo Subianto’s brother has stressed the urgent need for tran...
Indonesia's stock market has plummeted 41 percent this year, with officials urging corporate leaders to halt "deep frying" of shares and end market manipulation practices allegedly orchestrated by tycoons. Hashim Djojohadikusumo, the president's special envoy and chairman of the Indonesian Chamber of Commerce and Industry, emphasized the urgent need for transparency, warning that a potential downgrade by MSCI could weaken the rupiah and trigger a financial crisis.
The Financial Services Authority of Indonesia has already imposed fines on more than a dozen entities involved in market manipulation, though their identities remain undisclosed.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
