OJK Issues 661 Sanctions And Revokes Business Permits For Several Troubled Online Loans In 2024

Photo: Doc. Antara

JAKARTA - The Financial Services Authority (OJK) has issued 661 sanctions and four decrees to revoke business licenses (CIU) for fintech operators P2P lending or online loans (pindar) during 2024.

The revocation of business licenses for the four lenders consisted of two organizers due to administrative sanctions, while the other two organizers applied for the return of business licenses.

"OJK enforces law enforcement in the form of revocation of business licenses for TaniFund and Investree because the two pindar do not meet the minimum equity provisions and do not implement OJK supervision recommendations," said Plt. Head of the Department of Literacy, Financial Inclusion and Communications OJK M. Ismail Riyadi in Jakarta, quoted by Antara, Monday, February 3.

After the revocation of business licenses, the Liquidation Team of PT Tani Fund Madani Indonesia has announced the disbandment of the company through several newspapers on August 1, 2024 and announced through the State News of the Republic of Indonesia (BNRI) Number 062 dated August 2, 2024.

Since the revocation of business licenses until December 31, 2024, OJK has received seven complaints related to TaniFund.

Currently, explained OJK, a TaniFund liquidation team has been formed so that people who will settle their rights and obligations can contact the TaniFund liquidation team as provided information on the TaniFund official website.

"Regarding the alleged criminal act that occurred in TaniFund, it has been followed up by reporting to law enforcement officials in accordance with their authority," said Ismail.

Meanwhile, regarding the development of the PT Investree case Badminton Jaya (Investree), OJK received 85 complaints related to Investree since the revocation of business licenses until December 31, 2024.

The Investree General Meeting of Shareholders (GMS) has decided to appoint a liquidation team that will work to settle the company's rights and obligations according to the provisions.

OJK has also carried out the process of reassessing the Main Party (PKPU) against AAG as the President Director of Investree according to POJK Number 34/POJK.03/2018 concerning the Reassessment of the Main Financial Services Institution as amended by POJK Number 14/POJK.03/2021 with a maximum penalty.

The PKPU results do not abolish the responsibility and alleged criminal acts in question for the actions taken care of Investree.

Ismail added that OJK investigators have intensively coordinated with law enforcement officials for effective handling. Through cooperation with the National Police, Interpol RI has made a red notice application to the Central Interpol in Lyon and a request for passport revocation to the Directorate General of Immigration.

"Through the collaboration between OJK investigators and the National Police, it is hoped that two suspects can be presented immediately for the continuation of the law enforcement process against the suspect's actions and provide clarity on the fate of investors in Investree," said Ismail.

With regard to the recent case of eFishery, OJK emphasized that the entity is not a financial service institution (LJK) and is not under OJK supervision. However, OJK continues to monitor developments related to the resolution of problems in eFishery and its impact on LJK.

Ismail said that the OJK continues to take steps to strengthen supervision and resolve LJK cases, including in the fintech industry P2P lending. As a commitment to realizing a healthy lending industry, the OJK has launched the Roadmap for the Development and Strengthening of Information Technology-Based Joint Funding Services (LPBBTI) 2023-2028.

In addition, OJK has issued OJK Regulation (POJK) Number 40 of 2024 concerning Information Technology-Based Joint Funding Services (LPBBTI), as a refinement of POJK Number 10/POJK.05/2022.

OJK has also published several other POJK related to the implementation of good governance, the development of quality of human resources, and the implementation of risk management.

Meanwhile, OJK is currently drafting the draft Circular Letter (RSEOJK) for the amendment to SEOJK Number 19/SEOJK.06/2023 concerning the Implementation of LPBBTI, which regulates the strengthening of the implementation of LPBBTI business activities.

Materials for changing provisions include strengthening understanding of the risk of funding and analyzing funding risks, as a risk mitigation and protection effort.