JAKARTA - Otoritas Jasa Keuangan (OJK) has suspended the operational activities of venture capital firm PT Ventura Investasi Prima through Letters No. SS-229/NB.2/2019 and No. S-230/NB.2/2019 on May 2, 2019 due to regulation violations.
As reported by Kontan.co.id on Monday (13/5), one of the regulations violated by the company is Article 20 Clause (1) of OJK Regulation No. 35/POJK.05/2015 concerning the Business Operation of Venture Capital Companies. The company also violated Article 30 Clause (1) of OJK Regulation No. 35/POJK.05/2015 concerning the Business Operation of Venture Capital Companies.
Another regulation violated by the company is Article 31 Clause (1) of OJK Regulation No. 35/POJK.05/2015 concerning the Business Operation of Venture Capital Companies.
With the suspension, Ventura Investasi Prima has been temporarily banned from conducting any operational activity. If the company meets the requirements in Article 20 Clause (1) of OJK Regulation No. 35/POJK/2015 concerning the Business Operation of Venture Capital Companies before the sanction ends, the OJK will revoke the sanction.
Otherwise, if the company still does not meet the aforementioned requirements after the sanction ends, the OJK will revoke the company’s business permit. (MS)