Jurnal
Penerapan Ketentuan Larangan Insider Trading Oleh BAPEPAM (Studi Kasus Initial Public Offering Saham PT. Krakatau Steel) (Binamulia Hukum)
The regulation regarding which forbids of Insider Trading has been violated during the IPO (Initial Public Offering) at the Krakatau Steel Limited liability company. Such regulation has been avoided both directly by the Capital Market Supervisory Board and Indirectly by the government of the Republic of Indonesia. Insider trading can be defined as trading which was based on confidential information, possessed solely by the emittents who by the indicator offered her stocks at the secondary market. In this case, the stocks of Krakatau Steel Company has been sold during the first and second day of the secondary market, whereby the purchaser has used confidential information. The company stocks were sold 65 percent to the domestic investor, and 35 percent to foreign investor. During the end of such trading, however, 72.3 % of the stocks were sold to foreign investor and only 20 percent was purchased by retailer investors. As a result of such practice that related to strategic business entity, the government of the Republic of Indonesia as the company share holder suffered a huge loss, not only materially but also immaterially, namely the loss of national economic control in the time to come.rnrnKeywords: Illegality of insider trading.
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