The Financial Services Authority (OJK) has revoked the business license of fintech company PT Investree Radika Jaya (Investree) for violations of the authority’s regulation.
“The revocation of Investree’s business license was mainly due to violations of minimum equity and other provisions as stipulated in OJK Regulation No.10/POJK.05/2022 on Information Technology-Based Joint Funding Services (LPBBTI), as well as deteriorating performance that disrupted operations and services to the public,” Ismail Riyadi, Acting Head of the Department of Literacy, Financial Inclusion and Communication of OJK said in a statement on Monday, October 22, 2024.
The revocation of Investree’s business license is stipulated in the Decree of the OJK Board of Commissioners No. KEP-53/D.06/2024 dated October 21, 2024.
This is also part of OJK’s efforts to realize a healthy financial services industry, especially LPBBTI organizers with integrity, good governance, and implementing adequate risk management in order to protect customers/the public.
OJK is said to have asked Investree’s management and shareholders to fulfill minimum equity obligations, obtain credible strategic investors, and improve performance and comply with applicable provisions, including communicating with the ultimate beneficial owner (UBO) of Investree shareholders to carry out the aforementioned matters.
The OJK has taken firm action by imposing administrative sanctions in stages against Investree, including warning letters to Business Activity Restrictions (PKU) before the business license is revoked.
However, the management and shareholders were unable to fulfill the provisions and resolve the problem within the specified time limit, so that Investree was subject to sanctions in the form of revocation of its business license in accordance with applicable provisions.
Furthermore, OJK also stated that it will always take firm steps and actions against parties who are deemed to have violated applicable laws and regulations related to Investree’s problems and failures.
The first is to conduct a Main Party Reassessment (PKPU) for Adrian Asharyanto Gunadi as Co-Founder and CEO of Investree with the result “Failed” and subject to a maximum sanction in the form of a prohibition on becoming a main party and/or becoming a shareholder in a Financial Services Institution (LJK).
The PKPU result does not eliminate the responsibility and alleged criminal acts of the person concerned for the management of Investree.
OJK also blocked the bank accounts of Adrian Asharyanto Gunadi and his parties. As well as tracing the assets (asset tracing) of Adrian Asharyanto Gunadi and other parties at LJK.
Considering that Investree’s business license was revoked, the company is also required to stop all its business activities as LPBBTI, except to carry out matters in accordance with statutory provisions, such as tax obligations.
“In order to create a healthy, integrated, inclusive, resilient and resilient LPBBTI industry, OJK has and will continue to take steps to strengthen supervision (supervisory enhancement) of the LPBBTI Organizer industry,” said Ismail.
