OJK: There Are Seven Financing Companies That Have Not Met The Minimum Equity Provisions As Of May 2024

Illustration. (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) revealed that there are seven finance companies that have not fulfilled the provisions of their minimum equity obligations as of May 2024.

"In the May 2024 position, there are 7 PPs out of 147 PP that have not fulfilled the provisions of the minimum equity obligation," said the Chief Executive of the Financing Institution, Ventura Capital Company, Micro Financial Institution, and Other Financial Services Institutions OJK, Agusman during a press conference at the OJK Board of Commissioners Meeting (RDK) in Jakarta, quoted from Antara, Monday, July 8.

In addition, Agusman said that currently there are 1 in 100 peer to peer (P2P) Lending operators who have not fulfilled their equity obligations of at least IDR 2.5 billion.

"OJK continues to take the necessary steps related to the progress action plan for efforts to fulfill the minimum equity obligation in the form of capital injection from shareholders, as well as from strategic local/assing investors who are credible, including restoring business licenses," he said.

Agusman said, as an effort to enforce provisions in the Ventura Capital Company sector, Micro Financial Institutions, and Other Financial Services Institutions (PVML), the OJK has frozen the business activities of PT Sarana Aceh Ventura because it has not yet obtained approval from the OJK for the main party candidate.

Then the OJK also frozen PT Sarana Riau Ventura because it had not met the minimum equity requirements.

Meanwhile, during June 2024, OJK has imposed administrative sanctions on 28 Financing Companies, 13 Ventura Capital Companies, and 16 P2P Lending Organizers for violations committed against the applicable OJK Regulation (POJK), as well as follow-up to the results of supervision and/or examination.

The imposition of administrative sanctions consists of 34 fines and 53 written warning sanctions. OJK hopes that efforts to enforce compliance and impose sanctions can encourage industry players in the PVML sector to improve aspects of good governance, the principle of prudence, and compliance with applicable regulations so that in the end they can perform better and optimally.