The Capital Market Supervisory Agency (Bapepam) apparently has had enough of being called a paper tiger. The agency responsible for all capital market transactions is now showing its teeth. It is now taking legal action against some public corporations—those which like to bend the rules.

Bapepam handed down its first sanction to Panca Overseas Finance International. This subsidiary of the Panin Group was fined Rp141 million last week. The