OJK Revokes Paytren Business License
There are a number of violations found by OJK.
REPUBLIKA.CO.ID, JAKARTA -- The Financial Services Authority (OJK) announced the results of an investigation and continued supervision of violations of statutory regulations in the field of Capital Markets by PT Paytren Aset Manajemen.
Through the official statement submitted on Monday (13/5/2024), taking into account the facts and information obtained in the process of further examination and supervision, on May 8, 2024, the OJK established an Administrative Sanction in the form of the revocation of the Efek Company's Business License as a Sharia Investment Manager to PT Paytren Aset Manajemen, which was found to have violated the legal regulations in the capital market sector.
There were a number of violations found by OJK, including no office found, not having employees to perform the functions of the Investment Manager, not being able to fulfill Certain Action Orders, and not meeting the minimum composition of the Board of Directors and the Board of Commissioners.
In addition, it does not have an Independent Commissioner, does not meet the requirements of the functions of the Investment Manager, does not meet the minimum adequacy of the required Adjusted Net Working Capital (MKBD), does not meet the obligation to submit reports to the Financial Services Authority since the October 2022 reporting period.
With the revocation of the Efek Company's business license as a Sharia Investment Manager above, PT Paytren Aset Manajemen is prohibited from conducting business activities as Investment Manager and/or Sharia Investment Manager, is required to resolve all obligations to customers in business activities as Investment Manager (if any), and is obliged to resolve all obligations to the Financial Services Authority through the Financial Services Authority Acceptance Information System (if any).
In addition, it is required to dissolve the Securities Company no later than 180 (one hundred and eighty) days after this decree is established, as provided for in Article 46 paragraph (1) and paragraph (2) of Regulation of the Financial Services Authority Number 3/POJK.04/2021 on the Conduct of Activities in the Field of Capital Markets, and it is forbidden to use the name and logo of the Company for any purpose and activity, other than for activities related to the dissolution of the Limited Liability Company.