REPUBLIKA.CO.ID, JAKARTA -- The Financial Services Authority (OJK) announced the results of an investigation and continued supervision of violations of statutory regulations in the field of Capital Markets by PT Paytren Aset Manajemen.

Through the official statement submitted on Monday (13/5/2024), taking into account the facts and information obtained in the process of further examination and supervision, on May 8, 2024, the OJK established an Administrative Sanction in the form of the revocation of the Efek Company's Business License as a Sharia Investment Manager to PT Paytren Aset Manajemen, which was found to have violated the legal regulations in the capital market sector.

There were a number of violations found by OJK, including no office found, not having employees to perform the functions of the Investment Manager, not being able to fulfill Certain Action Orders, and not meeting the minimum composition of the Board of Directors and the Board of Commissioners.

In addition, it does not have an Independent Commissioner, does not meet the requirements of the functions of the Investment Manager, does not meet the minimum adequacy of the required Adjusted Net Working Capital (MKBD), does not meet the obligation to submit reports to the Financial Services Authority since the October 2022 reporting period.