JAKARTA — The Financial Services Authority (OJK) has revoked business licenses of four micro financial institutions (cooperative units), effective starting from last week (5/1). These units are located in various regions in Central Java.

According to the information quoted today (10/1), these four cooperative units are Koperasi LKM Gapoktan (Micro-Cooperative Units for Farmers Group) Ragil Jaya, Koperasi LKM Gapoktan Tani Mandiri, Koperasi LKM Gapoktan Sarwo Akur Tani, and Koperasi LKM Gapoktan Tani Karya.

OJK has put the operations of these four cooperative units to halt since last week. Meanwhile, their management will hold members' meeting to terminate its legal institution status, form a liquidation team, and be prohibited from using the phrase "LKM." (LK/ZH)