Jouska CEO's Defense, Aakar Abyasa: We Never Manage Client Shares

JAKARTA - CEO of Jouska Finansial Indonesia, Aakar Abyasa Fidzuno claims that his party does not exceed its authority by managing funds, even transacting client's stock portfolios. Even so, Jouska doesn't even have access to customer stock accounts, so he can't manage funds, let alone trade client shares.

Not only that, Aakar said, Jouska also never received commission on client stock transactions managed by Mahesa Strategis (an investment manager who manages Jouska's client funds).

"Jouska's advisor is only limited to advising Jouska's clients who wish to be assisted in developing their stock portfolio, to be assisted by stock brokers who are members of Mahesa," he said at a virtual press conference, Tuesday, September 1.

Due to the different scope of work, continued Aakar, the client contract with Jouska was different and separate from the client contract with Mahesa. With Jouska, the client contract contains only the advisory activities between the Jouska advisor and the client.

Meanwhile, continued Aakar, with Mahesa, Jouska's client had signed a joint agreement to be transacted by a broker in Mahesa. Customer's username and password can only be accessed by clients and brokers

Aakar explained that only two parties have access to the username and password of the customer's fund account, namely the client itself and the stock broker who is part of Mahesa.

According to Aakar, what happened was a broker in Mahesa who traded the client's shares, with the client's own written consent, in a joint agreement between the client and Mahesa, not with Jouska.

However, said Aakar, because Jouska's advisor communicates regularly with clients, including helping clients in almost all forms of communication with third parties, clients and the public think Mahesa is Jouska. Aakar admitted that he was negligent and fully responsible.

"I apologize for my mistakes and negligence as CEO of Jouska, where when our clients were growing rapidly and there were communication SOPs that had not been corrected. Too intense communication between Jouska's advisors and clients, including helping in communication related to third parties, apparently made the client equate that Mahesa is Jouska, "he said.

Aakar emphasized that PT Jouska Finansial Indonesia and PT Mahesa Strategis Indonesia are two different entities, located in two different office locations, and there is no cooperation agreement between Jouska and Mahesa.

In addition, Aakar claims, Jouska has never received a commission for the formation of a share portfolio by Mahesa, even though a small proportion of Mahesa's clients come from Jouska's references.

"Mahesa is a kind of trading club that contains a collection of licensed stock brokers, where Aakar Abyasa is only a passive majority shareholder who is not involved in Mahesa's operations," he explained.

On Friday, July 27, the Alert Task Force summoned Jouska to a meeting attended by Aakar Abyasa, as the owner and other Jouska leaders and administrators. During the meeting, the Head of the Investment Alert Task Force Tongam L. Tobing issued a decision to stop the activities of PT Jouska Finansial Indonesia.

Tongam explained that the termination of activities was carried out because Jouska had carried out business activities as an Investment Advisor and / or Securities Trading brokerage agent without a license.