Jakarta, CNBC Indonesia – The Financial Services Authority (OJK) has prepared exit policy for investors who are stuck in ‘zombie’ issuers, until whose shares are no longer listed on the Indonesia Stock Exchange (IDX). The step taken is to encourage the company to buy back its shares (buyback) to legal channels.
Head of the OJK 1A Capital Market Supervision Department, Luthfi Zain Fuady, said that currently many companies still have public shares, but their shares have been delisted (delisting). This company is no longer operating but legally still exists.
“In POJK Number 3 of 2021, when it happened, we tried to get the company or company controllers to be responsible for problems that occurred in the company so that they were delisted. We are trying to encourage this, because we used to go to the market, get money, so please buy again, ” ” said Luthfi at the Indonesia Stock Exchange Building, Thursday (9/12/2021).
However, if the company is not operating due to problems going concern so that they do not have funds, the OJK has arranged for exit policy The other is through legal channels.
In the POJK in question, OJK has collaborated with the Attorney General’s Office (AGO) to file an application for bankruptcy to a request to dissolve the company.
“This is the first time, if we look at the company’s capabilities, or if we can’t afford it [buyback] then there are options for dissolution, liquidation, which are regulated by the PT Law,” he explained.
To note, this POJK 3/2021 not only regulates zombie companies, but later the OJK will also be able to prohibit certain parties from being controllers, directors, and commissioners of issuers.
“In order to create an investment climate in the capital market that is trusted, accountable, and with integrity, OJK has the authority to prohibit ‘problematic’ parties from becoming controllers, directors and commissioners of SROs. [self regulatory organization], securities companies and/or issuers.”
OJK can also give written orders to parties to comply with laws and regulations and order them to take or not to take certain actions.
On the other hand, OJK also has the right to increase the value of fines with the aim of encouraging industrial actors in the capital market to comply with existing regulations and provide a deterrent effect.
(my / hps)
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