P2P lenders in trouble Investry We have established a management team to manage the day-to-day operations under the guidance of the Indonesian Financial Services Authority (OJK).
According to Deal Street AsiaThe move comes as the company faces ongoing investigations and legal challenges from lenders.
Investree said the new team is focused on gradually restoring limited operations, supported by an operating fund for recovery efforts.
The identities of the team members have not been released.
The company raised more than $200 million in October but has struggled with a surge in bad loans and lawsuits from lenders.
DealStreetAsia announced in February that existing investor SBI Holdings Provided A $7 million relief package to cover operating costs.
Co-founder Adrian Gunadi Fired Allegations of fraud and breach of contract emerged in January, leading to legal action and his removal as director.
To address these challenges, Investree has posted a disclaimer on its website making it clear that it is prohibited from providing guarantees or acting as a guarantor for loans.
The company stressed that it only facilitates loans between parties on its platform and does not bear any responsibility for the outcome of the transaction, with all risks borne by the lender.
Furthermore, Investree warned against false claims that the company is acting as a guarantor or managing loans or investments, stressing that such claims are untrue and have never been approved by shareholders or directors.
OJK Commissioner Agusman said on August 6 that the regulator was closely monitoring Investree and was working with law enforcement agencies to investigate the alleged fraud.
He also noted that capital injections from investors have not materialized.
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