Indonesia Financial Services Authority (OJK) has canceled the business license of PT Investree Radhika Jaya (Investment destination), a peer-to-peer lending platform.
This decision was taken due to Investree’s failure to meet minimum capital requirements and other regulatory provisions.
The company also experienced operational difficulties and a decline in its performance, which impacted its services.
OJK had previously issued warnings, imposed activity restrictions and called on Invest to address stock issues, secure new investment and improve performance.
However, these measures failed and led to the cancellation of the license.
In addition to the license revocation, Investree is prohibited from transferring or concealing company assets except to fulfill legal obligations and must resolve employee rights in accordance with employment law.
The company must also hold a general meeting of shareholders (GMS) within 30 days, form a liquidation team, and dissolve the company.
OJK is also taking legal action against key individuals, including Adrian Asharyanto Gunadi, who is prohibited from playing any significant role in financial institutions.
Regulators shared that asset tracing and potential legal proceedings are underway.
Gunadi is suspect He is suspected of diverting funds from Investment into his personal account and using his position to make a financial company a guarantor for his personal company.
OJK is also working to recover assets and ensure the protection of Investree’s customers.
Investi is now required to cease all business operations, liquidate its obligations to employees and customers, and form a liquidation team.
For assistance with unresolved issues, customers should contact Investree.
Featured image credit: Edited from freepic
