<![CDATA[This study aims to provide a juridical analysis of the financial statement manipulation committed by PT Tiga Pilar Sejahtera Food Tbk (AISA) as an alleged capital market fraud under Article 90 of Law Number 8 of 1995 concerning the Capital Market. The research employs a normative legal research method using statutory and case approaches through a literature review. The findings indicate that the manipulation of financial statements, including the overstatement of assets, receivables, inventories, and revenues, as well as the dissemination of misleading financial information to investors, fulfills the legal elements of capital market fraud as stipulated in Article 90 of the Capital Market Law. Such conduct violates the principles of transparency, accountability, and good corporate governance, resulting in potential losses for investors and undermining the integrity of the capital market. From a legal perspective, both the company and its board of directors may be subject to administrative, civil, and criminal liability under the applicable capital market regulations. Therefore, consistent law enforcement is essential to protect investors and maintain public confidence in the Indonesian capital market.]]>
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