Finally, The Investment Alert Task Force Stopped Jouska's Activities

Founder and CEO PT Jouska Financial Indonesia Aakar Abyasa Fidzuno. (Photo: Instagram aakarabyasa)

JAKARTA - The Investment Alert Task Force (SWI) in its task of preventing illegal actions in the field of public fund collection and investment management, today Friday 24 July has summoned PT Jouska Finansial Indonesia to a virtual meeting. The virtual meeting was attended by Aakar Abyasa as the owner and leader of the company, as well as other Jouska administrators.

The summons were made to respond early to public complaints regarding the viral Jouska case, in which the financial planner company reportedly deliberately harmed the public. In the meeting chaired by the Head of the Tongam L. Tobing Investment Alert Task Force, facts were found about the legality and business model of Jouska, namely:

1. PT Jouska Finansial Indonesia is licensed for Online Single Submission (OSS) for other educational service activities.

2. In its operations, PT Jouska carries out activities such as Investment Advisors as referred to in the Capital Market Law, namely parties who provide advice to other parties regarding the sale or purchase of securities in exchange for services.

3. Whereas PT Jouska cooperates with PT Mahesa Strategis Indonesia and PT Amarta Investa Indonesia in managing customer funds such as investment manager activities.

From the findings of the meeting, the Investment Alert Task Force issued a meeting decision:

a. Terminate the activities of PT Jouska Finansial Indonesia which is conducting business as an Investment Advisor and / or Securities Brokerage Agent without a license.

b. Terminate the activities of PT Mahesa Strategis Indonesia and PT Amarta Investa Indonesia which are suspected of carrying out activities of Investment Advisors, Investment Managers or Securities Companies without permission.

c. Blocking the websites, websites, applications and social media of the three companies through the Ministry of Communication and Information.

d. Asking PT Jouska to be responsible for solving all problems that occur with customers openly and inviting customers to discuss resolving these problems. People who feel aggrieved are asked to contact PT Jouska.

e. PT Jouska was asked to immediately take care of permits according to its business activities.

Tongam explained that Aakar Abyasa accepted the decision of the Investment Alert Task Force meeting. "We are currently building a credible and trustworthy capital market. People who want to invest in the capital market should always scrutinize company activity licenses either as investment advisors, investment managers or securities companies," said Tongam.

It is appropriate to manage client's stock portfolio

Previously, PT Jouska Finansial Indonesia was a conversation in the world of social media. A thread from an account named @yakobus_alvin opens up about the losses he has suffered since deciding to work with the financial planner.

The thread begins with uploading a screenshot showing the loss from the purchase of shares in PT Sentral Mitra Informatika Tbk (LUCK). From the screenshot, it shows that he suffered a loss of up to IDR 35.63 million from one of his stock portfolios. From the price of Rp1,965, LUCK shares plunged to the level of Rp394 per share.

He stated that he had 43,500 LUCK shares at the time the price was Rp1,965 per share. Alvin claims to have sold part of his portfolio, so that when the price of LUCK plunges to Rp394 per share, the remaining ownership will be 33,500 shares.

From This To ThisSharing, how is @Jouska_id and Amarta Investa handling their clients. THREAD pic.twitter.com/GFyOzBJuxB

- Alvin Alvin (@yakobus_alvin) July 21, 2020

"I am a client of Jouska in 2018-2019. Above I share my portfolio in shares managed by Jouska. My total assets under management are IDR 65 million," he tweeted, Tuesday, July 21.

Then, there is another account on Twitter called @terperdaya which also feels aggrieved by Jouska.

Jouska, he said, offered to manage funds in the Investor Fund Account (RDI) and assist in the transaction process. This is in the cooperation agreement point at point 4.

So the client only needs to deposit money into the company's RDI, and then Jouska will make the transaction. Herein lies the mistake of Jouska who likens himself to an investment manager

It is very clear, yes, that they offer to manage funds in the client RDI and assist with transaction processing. It's at point 4. So I created RDI, then they said we only had to deposit money to our RDI, and they were going to make transactions. pic.twitter.com/eII3awT08j

- Terperdaya Branding (@terperdaya) July 23, 2020

Institute for Development of Economics and Finance economist Bhima Yudhistira told VOI Thursday, July 23, that the initial problem in the case of Jouska as a financial planner was that he was not registered as an investment manager and financial institution with the right to collect customer funds.

According to Bhima, Jouska's authority should only be limited to providing advice, not managing customer funds. Moreover, said Bhima, the capital market is very volatile and has high risks.

In the future, it can be a lesson for the community, especially millennials, to learn the contents of contracts with financial planners. The public must see a financial planner who has no conflict of interest with a particular business, and has integrity.