The investigation conducted by the IDX involves the actions of ten local brokers as well as Sekawan Intipratama. Hamdi Hassyarbaini, Director of Surveillance & Compliance at the Indonesia Stock Exchange, said preliminary results of the investigation show that two or three shareholders of publicly-listed Sekawan Intipratama are involved in fictitious trading. After the IDX has completed the investigation results will be sent to the OJK which has the authority to implement sanctions on involved parties.

The shareholders of Sekawan Intipratama consist of Fundamental Resources Pte Ltd (32.33 percent), Evio Securities (7.99 percent), Asabri (6.99 percent), UBS AG Singapura (6.63 percent), and the public (46.06 percent).

The investigation traces back to the company's share transactions since the coal miner conducted a rights issue in June 2014. Back then, the company issued 23.4 billion new shares for a price of IDR 200 per share, collecting IDR 4.68 trillion (approx. USD $347 million). State-controlled Danareksa Sekuritas, one of the largest and oldest brokerages in Indonesia, was the standby buyer for that corporate action.

Sekawan Intipratama used 99.84 percent of the proceeds from the rights issue to acquire RITS Ventures, an East Kalimantan-based coal miner. RITS Ventures is an investment company that owns Wana Bara Prima Coal and Indo Wana Bara Mining Coal.

The three local brokerages that were suspended by the IDX for one day are suspected of fictitious trading or negligence as transaction data are missing. For example, based on regulations from the OJK an Indonesian broker is required to keep evidence of free of payment (FoP) transfers. However, not all brokers under investigation were able to present these data in relation to share transactions of Sekawan Intipratama.