Three journalists guilty of illegaly buying Indonesia's Krakatau Steel IPO shares

Three journalists guilty of illegaly buying Indonesia's Krakatau Steel IPO shares

2010-12-02 00:19:52 GMT+7 (ICT)

JAKARTA, INDONESIA (BNO NEW) — Three of the four journalists were found guilty in using their positions to obtain shares in the initial public offering (IPO) of Indonesia's state-owned steel company PT Krakatau Steel, local media reported.

Press Council chair Bagir Manan on Wednesday made the announcement during a press conference, explaining that journalists from Kompas, Seputar Indonesia, and detik.com were found guilty of purchasing IPO shares, the Jakarta Post reported.

"Their actions could create conflicts of interest because, as journalists covering the Indonesian Stock Exchange, they attempted to engage in stock trading for their own personal benefit, which is against Article 6 of the Journalist’s Ethics Code," Bagir said.

However, a Metro TV journalist, the fourth suspect in the case, was not guilty, but Bagir asked the media outlet to continue to investigate the alleged involvement of its journalist.

According to reports, detik.com and Seputar Indonesia forced their respective journalists to resign, and asked Kompas to impose sanctions on its journalist.

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