OJK Revokes Business Permit Of PT Sarana Sulut Ventura

Illustration (Photo: Doc. ANTARA)

The Financial Services Authority (OJK) revoked the business license of PT Sarana Sulut Ventura (PT SSV) which is located at the Graha Camar Baru Housing Complex Block A3, Jalan Daan Mogot, Tikala Baru Village, Tikala District, Manado City, North Sulawesi Province.

The revocation of the business license is determined through the Decree of the OJK Board of Commissioners Number KEP-3/D.06/2025 dated February 5, 2025.

Plt. Head of the Department of Literacy, Financial and Communication Inclusion M. Ismail Riyadi said the revocation was carried out considering that PT SSV could not meet the provisions regarding minimum equity until the due date of the Sanctions for the Freeze of Business Activities ended.

"Before the decision to revoke the business license, PT SSV has been subject to administrative sanctions in the form of freezing business activities for violations of provisions related to minimum equity," he said in his statement, Thursday, February 6.

Ismail said that the OJK had given PT SSV time to carry out strategic steps to fulfill the minimum equity provisions as stated in the fulfillment plan.

"However, until the agreed deadline, there is no resolution of the problem regarding the fulfillment of the minimum equity provisions," he said.

In accordance with the provisions of Article 33 paragraph (2) letter a of the Financial Services Authority Regulation Number 35/POJK.05/2015 concerning the Implementation of Venture Capital Company Business (POJK 35/2015) in conjunction with Article 116 of the Financial Services Authority Regulation Number 25 of 2023 concerning the Implementation of Venture Capital Companies and Sharia Ventura Capital Companies (POJK 25/2023), Article 59 paragraph (11) POJK 35/2015 in conjunction with Article 118 paragraph (15) POJK 25/2023, Article 119 paragraph (13) POJK 25/2023, Article 143 POJK 25/2023, and Article 144 POJK 25/2023, then PT SSV will be subject to sanctions for revocation of business license.

Ismail conveyed that the supervisory measures carried out by the OJK mentioned above, including the revocation of PT SSV's business license were carried out in the context of implementing the provisions of laws and regulations consistently and firmly to create a healthy and trusted venture capital industry and protect consumers.

With the revocation of the business license in question, Ismail emphasized that PT SSV is prohibited from carrying out business activities in the venture capital company sector and is required to settle rights and obligations in accordance with applicable laws and regulations.

Ismail said that PT SSV must immediately settle the rights and obligations of Debtors, Creditors and/or other parties, hold a general meeting of shareholders no later than 30 working days from the date of the revocation of business license to decide the disbandment of the legal entity PT SSV and form a Liquidation Team.

Then, provide clear information to Debtors, Creditors and/or other parties who have an interest in the mechanism for determining rights and obligations.