JAKARTA. PT Bliss Properti Indonesia Tbk (POSA) denied the allegations of violations of law filed by Jidin Napitupulu through Timothy & Partners law firm (TTS Law Firm). Previously, Jidin, through his attorney, suspected POSA of committing misleading, manipulating and deceptive acts that had harmed him and other retail investors.
"We expressly state that the allegations filed against us are untrue and unfounded," said POSA's management in a written statement on Thursday (18/7). The company also said that it had received a mediation invitation letter from the law firm on 12 July 2019.
Quoting Kontan.co.id, the media received the same letter on Tuesday (16/7), which stated that Jidin suspected that there had been an 'evil conspiracy' between POSA, NH Korindo Sekuritas Indonesia as the underwriter of POSA's initial public offering (IPO), and the controlling party to control POSA at the time of the IPO. He assumed that this absolute control had led to an increase in POSA share prices and a decrease in the price of POSA warrants.
Jidin based his suspicion of the POSA securities trading on the first day of the IPO (10 May 2019) to 15 May 2019, which ended in multiple auto rejection. "Due to the drastic price increase, from Rp 150 to Rp 492 per share, it is strongly suspected that this trade is not fair or pseudo trade," wrote Jidin's attorney, TTS Law Firm.
Conversely, after POSA Series I Warrants were traded on the IDX, a sudden drop in prices occurred. "From its highest price of Rp 490 to Rp 15, which has claimed many victims," he continued.
Responding to this allegation, POSA management stated that it did not have the authority to control the prices of its stocks or warrants on the IDX. "As we all know, the increase and decrease in stock prices and / or warrants are determined entirely by the capital market mechanism on the IDX," wrote POSA in its written statement.
According to POSA management, the allegations contained in the letter have been spread through the mass media by Jidin Napitupulu through the TTS Law Firm. POSA believes that this is very detrimental because it has formed a negative opinion in the public.
For this reason, POSA is currently studying all possibilities to take legal action that can be done. (AM/AR)