JAKARTA - The Financial Services Authority (OJK) has officially suspended financial planning service provider PT Jouska Finansial Indonesia's operational activities as of Friday (24/7).
The decision was made amid claims of client losses which have surfaced on Twitter and resulted in the company being summoned by OJK's Investment Alert Task Force.
"In order to ensure that the [investigation] process can run smoothly and to minimise inconduncive public debate, all of Jouska's online and offline communication platforms will be temporarily shut," Jouska CEO Aakar Abyasa Fidzuno said in an official statement on Friday.
"Jouska will remain in contact with all clients in relation to their complaints, and we will resolve them in good faith."
Effectively since July 24, 2020, Jouska will temporarily shut all official channels such as website, social media accounts, and mobile app for an indefinite time.
Following its meeting with Jouska, the Investment Alert Task Force has instructed the company to resolve the issues faced by its clients in a transparent manner and obtain a proper licence in accordance with its business activities.
As previously reported by IDNFinancials.com, Jouska allegedly managed clients' funds to be invested in the stock market despite not being licenced as an investment manager.
Several clients have claimed losses amounting to millions of rupiah due to Jouska using their funds to purchase shares in PT Sentral Mitra Informatika Tbk (LUCK), which had only made its debut at the Indonesia Stock Exchange (IDX) in January 2019, without their consent.
According to the Investment Alert Task Force, Jouska directed its clients to open investment accounts with PT Mahesa Strategis Indonesia and PT Amarta Investa Indonesia. It has recently been revealed that Mr Fidzuno owns majority shares in both companies, which are not licenced as investment managers and securities firms. (MS)