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Jakarta, CNBC Indonesia – The Financial Services Authority (OJK) has revoked PT Asuransi Recapital’s general insurance business license. This insurance is a company co-founded by OK OCE founder Sandiaga Uno and the President General of the Indonesian Chamber of Commerce and Industry, Rosan Perkasa Roeslani.
This revocation of the license is carried out by Decree of the Board of Commissioners of the Financial Services Authority Number KEP-45 / D.05 / 2020 dated October 16, 2020.
This was done because the company was unable to comply with the conditions that led to the imposition of Restriction of Business Activity (PKU) sanctions, that is, compliance with the minimum level of solvency.
Since this revocation is carried out, the shareholders, directors, board of commissioners and employees of this insurance are prohibited from transferring, pledging, pledging or using assets, or taking other actions that may reduce the assets or decrease the value of the assets of the company.
Furthermore, the company is also prohibited from doing business in the general insurance sector. Companies are also required to comply with a number of OJK regulations, such as:
1. Terminate all business activities both at the head office and at the offices outside the head office
2. Prepare and submit an ending balance to OJK no later than 15 days from the revocation date of the business license.
3. Hold a general shareholders’ meeting no later than 30 (thirty) days from the date the business license is withdrawn to decide the dissolution of the legal entity PT Asuransi Recapital and form a liquidation team.
4. Fulfill other obligations in accordance with the provisions of the applicable laws.
“In addition, after the formation of the liquidation team, the shareholders, directors, board of commissioners and employees of PT Asuransi Recapital are obliged to provide data, information and documents required by the liquidation team and are prohibited from obstructing the liquidation process carried out carried out by the liquidation team, “the letter read. Quoted on Sunday (11/1/2020).
This is not the first time that OJK has sanctioned this company owned by Sandi and Rosan. In February, the OJK also imposed a sanction to revoke the brokerage license (PPE / broker) along with a fine of Rs 600 million on the former chairman of PT Recapital Sekuritas Indonesia, Abi Hurairah Mochdie.
This sanction is related to Abi’s position as head of MKBD (adjusted net working capital) in the company where he works, Recapital Sekuritas.
In addition to the fines and license revocation, the OJK has also imposed sanctions on Abi, who remains the president of the Indonesian Capital Markets Professionals Association (Propami), and prohibits acting as directors, shareholders and key employees. in capital market companies for 3 years.
Not just Abi, OJK also revoked the brokerage license that was previously owned by Recapital Sekuritas along with a 700 million rupee fine.
This was due to the fact that this broker-dealer was found to have concealed the exchange rate bond issue between Recapital Sekuritas and PT Nexis Inti Persada and did not include the corporate share in the adjusted net working capital (MKBD).
It was indicated that the sanctions were related to violations of article 105 of Law No. 8/1995 on Capital Markets and the Bapepam-LK Regulation No. VD5 on Maintenance and Reports of Adjusted Net Working Capital.
Previously, the Indonesian Stock Exchange had revoked Recapital Sekuritas’ membership as a member of the stock exchange (AB) for 2 years. The revocation takes place in the Exchange Member Approval Letter (SPAB) on January 29, 2018.
The two companies are part of Recapital Advisory, both founded in 1997 under the name of PT Republik Indonesia Funding or Finance Indonesia. Later, the name was changed to Recapital until it once employed 24,000 employees.
In addition to insurance and securities, Recapital also owns PT Recapital Asset Management, PT Global Sarana Lintas Artha, PT Recapital General Insurance (Reguard) and had bought PT Bank Pundi Tbk (BEKS).
OJK also revokes rental permits
On October 20, 2020, OJK also revoked PT First Indo American Leasing Tbk’s (FINN) business license. This revocation is established in the Decree of the Board of Commissioners of the Financial Services Authority Number KEP-50 / D.05 / 2020 dated October 20, 2020.
“The revocation of PT First Indo American Leasing, Tbk’s business license is effective since the Decree of the Board of Commissioners of the Financial Services Authority was promulgated,” the letter read.
With the revocation of said commercial license, the company is prohibited from carrying out commercial activities in the financial companies field and is obliged to liquidate rights and obligations in accordance with the provisions of the applicable laws.
The aforementioned obligations include, among others, the rights and obligations of interested debtors, creditors and / or financers. Then, clearly convey information to interested debtors, creditors and / or funders on the mechanism for resolving rights and obligations and providing a center for information and customer complaints within the company.
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