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Jakarta Post
The Jakarta Post
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OJK freezes five firms

  • News Desk
    News Desk

    The Jakarta Post

Jakarta | Tue, May 22, 2018 | 02:54 pm
OJK freezes five firms The Financial Services Authority (OJK) logo is pictured at its Jakarta headquarters. (kontan.co.id/File)

Financial Service Authority (OJK) deputy commissioner for non-banking financial industry Moch. Ihsanuddin has said that the OJK had frozen five financial firms for a number of violations.

The five companies are: PT Asia Multidana, PT Capital Link Finance, PT PANN Pembiayaan Maritim, PT Kembang 88 Multifinance and PT SNP Finance.

The majority of the 191 non-banking financial firms under the OJK's supervision were in healthy condition, Ihsanuddin added. “About 88 percent of the companies are 'healthy' or 'very healthy' [...],” he said on Monday as quoted by tribunnews.com.

Ihsanuddin said the OJK would monitor the five companies before making a final decision on whether to close the companies or allow them to resume their activities.

“We will monitor their progress on fulfilling a number of requirements as financial institutions,” he said.

Ihsanuddin said that eight of the 191 companies had also received light to heavy sanctions from the financial authority.

Among the violations that the sanctioned companies had committed were late reporting to the OJK, decline in their financial ratios and irresponsible shareholders, he said. (bbn)

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