OJK Revokes Paytren Asset Management Business License For Violating Capital Market

The Financial Services Authority (OJK) has imposed administrative sanctions in the form of revocation of the securities company's business license as a sharia investment manager to PT Paytren Asset Management, for violating laws and regulations in the capital market sector.

"With the revocation of the securities company's business license as a sharia investment manager, PT Paytren Asset Management is prohibited from conducting business activities as investment manager and or sharia investment manager," said Head of the Ministry of Literacy, Financial Inclusion and Communications at OJK Aman Santosa, in Jakarta, quoted from Antara, Wednesday 15 May.

Based on the results of further examinations and supervision carried out on PT Paytren Asset Management, OJK found the fact that the company's office was not found. Paytren does not have employees to carry out investment manager functions and cannot fulfill certain action orders.

Paytren also does not meet the minimum composition of directors and board of commissioners, does not have independent commissioners, does not meet the requirements of investment manager functions, does not meet the minimum adequacy of the required Clean Work Capital (MKBD), and does not fulfill the obligation to submit reports to OJK since the October 2022 reporting period.

With the revocation of the company's business license, Paytren is required to complete all obligations to customers in business activities as investment managers.

Paytren diwajibkan untuk menyelesaikan seluruh kewajiban kepada OJK melalui Sistem Informasi Penerimaan OJK, dan melakukan pembubaran perusahaan efek paling lambat 180 hari setelah surat keputusan ditetapkan.

The company is also prohibited from using the company's name and logo for any purposes and activities, apart from activities related to the limited dissolution of the company.