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.
OJK shuts down P2P lender Investree amid alleged fraud
The OJK has revoked the license of homegrown P2P lender Investree, which faces a host of problems including fraud allegations and legal action against its founder, who has been slapped with the regulator's maximum sanctions and ordered to return to Indonesia.
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
Investree CEO Adrian Asharyanto Gunadi (right) and JTA International Investment Holding CEO Amir Ali Salemi sign a Series D funding round on Oct. 4, 2023 in Qatar. (Investree/-)
T
he Financial Services Authority (OJK) has revoked the license of PT Investree Radika Jaya to operate as a peer-to-peer (P2P) lender after the company failed to fulfill the Rp 7.5 billion (US$480,000) minimum equity requirement.
Recent reports noted that Investree had been experiencing worsening performance that disrupted its operations and services.
The OJK also ordered the company to cease operations, fulfill its obligations to employees, borrowers and lenders and hold a general shareholder meeting within 30 days to set up a liquidation team.
The regulator also barred all shareholders, executives, employees and affiliated parties from transferring, mortgaging or taking any action that could reduce the value of the Investree’s assets.
“The OJK took stern action [before revoking Investree’s license] by imposing administrative sanctions and restricting business activities. However, the company’s shareholders and management failed to [either] meet the requirements or resolve the issue within the given timeframe,” the authority said in a statement on Monday.
In addition, the OJK has banned the company’s cofounder and former CEO Adrian Asharyanto Gunadi from holding a position as a primary party or shareholder at any financial institution, as part of the maximum sanction it gave him for failing the authority’s assessment.
The regulator noted that this penalty did not absolve Adrian of responsibility or shield him from criminal allegations related to his tenure in managing the company.
