Investigating Allegations Of The Pinjol Cartel, KPPU Is Still Looking For Evidence

Rupiah (photo: dock. Antara)

JAKARTA - The Business Competition Supervisory Commission (KPPU) is still carrying out investigations into alleged cartels in the information technology-based lending-taking service sector or known as online loans (pinjol). The Director of KPPU Investigation, Gopprera Panggabean, said a number of lending companies were allegedly violating Law no. 5 of 1999 concerning the Prohibition of Monopoly Practices and Unhealthy Business Competition. Meanwhile, the investigation process began on October 25, 2023, the investigation task force had sent data requests and documents in writing to all peer to peer (P2P) lending companies that had permits from the Financial Services Authority. Responses have been received from 48 P2P companies. "In addition, KPPU has also requested information from the Chairman of the Indonesian Joint Funding Fintech Association (AFPI), 4 lenders (lenders), and 17 P2P providers. These various information are still being collected and processed by Investigators," he said in his statement, Wednesday 27 December.

For information, the investigation process is a series of activities carried out by KPPU Investigators in order to collect at least 2 valid pieces of evidence, the investigation period is valid for 60 days and can be extended 30 days each according to the needs of the Investigation Task Force in order to obtain sufficient evidence. In the investigation into the alleged loan interest rate cartel, KPPU is aware of the complexity of this case because it involves a number of parties who will be asked for quite a lot of information, both the Reported Party, witnesses, and regulators. Gopprera said that the investigation process could take longer because the number of parties to ask for is quite a lot of information. "As a result, the investigation process can take a longer time. It is possible that the addition of the number of Reported parties will depend on evidence related to the behavior of P2P companies suspected of making an agreement to set interest rate rates that are close to the maximum interest rate," he said.

Goppera said that KPPU needed to prove whether the behavior of several P2P lending organizers who applied the same loan interest rate was the result of an agreement between the organizers.

In addition, Goppera said the investigation process would certainly be faster if all cooperative parties fulfilled the summons and submitted the requested letters and or documents. "Therefore, KPPU asks all parties who have not fulfilled the summons to provide information, or have not submitted the document requested during the investigation process, to show a cooperative attitude," said Gopprera. Gopprera emphasized that the KPPU does not need to ask for the help of investigators to present uncooperative parties, or submit to investigators for investigation in accordance with applicable regulations as stipulated in Article 41 paragraph (3) of Law No. 5 of 1999.