Jakarta, CNBC Indonesia – Financial Services Authority (OJK) revoke the general insurance business license of PT Asuransi Recapital. This insurance is a company co-founded by OK OCE founder Sandiaga Uno and the General Chair of the Indonesian Chamber of Commerce and Industry Rosan Perkasa Roeslani.
This license revocation is carried out through the Decree of the Board of Commissioners of the Financial Services Authority Number KEP-45 / D.05 / 2020 dated 16 October 2020.
This was done because the company was unable to comply with the conditions which led to the imposition of the Business Activity Restriction (PKU) sanction, namely the fulfillment of the minimum solvency level.
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 can reduce assets or reduce the value of company assets.
In addition, the company has also been prohibited from carrying out business activities in the general insurance sector. Companies are also asked to comply with a number of OJK regulations, such as:
1. Terminate all business activities both at head office and offices outside the head office
2. Prepare and submit a closing balance to OJK no later than 15 days from the date of revocation of business license
3. Hold a general meeting of shareholders no later than 30 (thirty) days from the date the business license is withdrawn to decide the dissolution of the legal entity PT Asuransi Recapital and form a liquidation team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. Carry out other obligations in accordance with the provisions of the applicable laws
“Furthermore, after the formation of the liquidation team, the shareholders, directors, board of commissioners and employees of PT Asuransi Recapital are required to provide data, information and documents required by the liquidation team and are prohibited from obstructing the liquidation process carried out by the liquidation team,” the letter said, quoted Sunday (1/11/2020).
This is not the first time the 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 Rp. 600 million on the former president director of PT Recapital Sekuritas Indonesia, Abi Hurairah Mochdie.
This sanction relates to Abi’s position as the person in charge of MKBD (adjusted net working capital) at the company where he works, Recapital Sekuritas.
In addition to fines and license revocation, the OJK has also imposed sanctions on Abi, who is still the Chairman of the Association of Indonesian Capital Market Professionals (Propami), banned from serving as management, shareholders and key employees in capital market companies for 3 years.
Not only Abi, OJK also revoked the brokerage license that was previously owned by Recapital Sekuritas along with a fine of Rp 700 million.
This was done because this securities company was declared to have hidden the issuance of exchange bonds between Recapital Sekuritas and PT Nexis Inti Persada and did not include the corporate action in the adjusted net working capital (MKBD).
The sanctions were stated to be related to violations of Article 105 of Law No.8 / 1995 concerning Capital Market and Bapepam-LK Regulation No.VD5 concerning Maintenance and Reporting of Net Adjusted Working Capital.
Previously, the Indonesia Stock Exchange had revoked Recapital Sekuritas’ membership as a stock exchange member (AB) company for the past 2 years. Revocation is carried out on the Exchange Member Approval Letter (SPAB) on January 29, 2018.
The two companies are part of the Recapital Advisory, which were both founded in 1997 under the name PT Republik Indonesia Funding, or Finance Indonesia. The name was later changed to Recapital until it once employed 24,000 employees.
Apart from 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 Leasing Permits
On 20 October 2020, OJK also revoked the business license of PT First Indo American Leasing Tbk (FINN). This revocation is stated in the Decree of the Board of Commissioners of the Financial Services Authority Number KEP-50 / D.05 / 2020 dated 20 October 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 enacted,” the letter said.
With the revocation of the said business license, the company is prohibited from carrying out business activities in the field of finance companies and is obliged to settle rights and obligations in accordance with the provisions of the applicable laws.
The obligations referred to include, among other things, the rights and obligations of interested debtors, creditors and / or funders. Then convey information clearly to interested debtors, creditors and / or funders regarding the mechanisms for resolving rights and obligations and providing an information center and customer complaints within the company.
(Friends / friends)
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