J

akarta: The Capital Market and Financial Services Supervisory Agency (Bapepam-LK) has revoked the operating license of five fund brokerage firms, including PT Commonwealth Securities.

Besides PT Commonwealth Securities, the agency has revoked the licenses of PT Transasia Securities, PT RBS Asia Securities Indonesia, PT Sarijaya Permana Sekuritas and PT Optima Kharya Capital Securities.

Transasia had their permits revoked because the firm has formed PT Transasia Asset Management, which would subsequently handle asset management activities.

Meanwhile, the agency has revoked the permit for Sarijaya because the firm no longer has any employees, including directors. In 2009, the firm was rocked by an embezzlement case involving its former president commissioner Herman Ramli, who was sentenced to 26 months imprisonment by South Jakarta District Court for embezzling Rp 245 billion (US$25 million).

All firms are obliged to halt all brokerage activities, as well as settle business affairs with related parties.