<![CDATA[The background of this study is rooted in the fact that capital market manipulation has evolved into a primary modus operandi for corruption offenses that inflict massive state financial losses, as exemplified by the Jiwasraya and ASABRI cases. The research gap addresses the scarcity of literature that comprehensively integrates capital market law and anti-corruption criminal law within a criminal liability framework. This study aims to analyze regulatory prohibitions against market manipulation and evaluate the application of anti-corruption criminal liability to both individual and corporate actors. Utilizing a normative legal research methodology with statutory, conceptual, and case-based approaches, the results indicate that market manipulation is prohibited under Articles 91, 92, and 93 of the Capital Market Law with criminal sanctions under Article 104. However, when such manipulative acts involve state funds, abuse authority, and result in measurable state losses, perpetrators are held liable under Articles 2, 3, and 20 of the Anti-Corruption Law through a 5-tier system of proof. The novelty of this research lies in positioning market manipulation as a vehicle for corruption while emphasizing the optimization of corporate criminal liability and state asset recovery.]]>
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