TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Magnus has 147 days left to prove its innocence: IDX
Magnus Capital, a securities firm dragged into the phony sale of government bonds by ex-Reliance Securities broker E.P. Larasati, has 147 days to prove its innocence in the matter otherwise it will lose its operational permit permanently.
Change Size
Investment company Magnus Capital has admitted it allowed ex-Recapital Securities broker EP Larasati to use its bank account to temporary store allegedly illegal funds. (thejakartapost.com/Anton Hermansyah)
M
agnus Capital, a securities firm dragged into the phony sale of government bonds by ex-Reliance Securities broker EP Larasati, has 147 days to prove its innocence in the matter otherwise it will lose its operational permit permanently.
Indonesia Stock Exchange (IDX) director Hamdi Hassarbaini said Magnus’ management had acknowledged allowing Larasati to use the company’s bank account to temporarily pool the money of her alleged victims, before she swiftly transferred the allegedly embezzled funds to her own account.
IDX has decided to suspend the company’s operational permit on May 13 and has given it 180 days or 6 months starting from June to prove that its agreement to allow use of the bank account, in exchange for 200 clients that Larasati promised to bring to Magnus, was legal.
"We need to find out the purpose of the transfer, whether it was an investment placement or not. Magnus insisted it was an ordinary transfer, but there has been no valid basis revealed until this point. They have 180 days to prove this or the license will be revoked permanently," he told thejakartapost.com on Friday in Jakarta.
Hamdi underlined that a company's bank account must only be used for the company’s purposes, meaning that Magnus Capital had infringed the corporate governance principle.
Meanwhile, responding to a finding showing that Larasati was never a licensed Broker-Dealer Representative (WPPE) even during her tenure in Reliance Securities from 2014, he said that was a separate matter. "Employing a non-WPPE licensed broker is in contravention of the Financial Services Authority's law, not IDX regulations," he said. (ags)
