HomeNewsVideos

Six Minna Padi mutual funds suspended by OJK

22 November 2019 15:16

JAKARTA. The Financial Services Authority (OJK) has suspended six mutual fund products managed by PT Minna Padi Aset Manajemen (MPAM) for promising profitability to customers.

In addition, OJK has also sanctioned MPAM Deputy Investment Manager Djayadi for the next one year and ruled that MPAM's boards of directors and commissioners as well as its shareholders must re-undergo fit and proper and compliance tests. MPAM has also been banned from adding new participation units and purchasing new portfolios.

Indonesian Mutual Funds and Investment Association (APRDI) Executive Director Mauldy Rauf Makmur said that investment managers are not allowed to promise certain benefits to customers. "Signaling or implying that a mutual fund is profitable is illegal, let alone promising it," said Mr Makmur as quoted by Bisnis Indonesia, Friday (22/11).

The six MPAM mutual funds suspended by OJK are Reksa Dana Minna Padi Pringgodani Saham, Reksa Dana Minna Padi Pasopati Saham, Reksa Dana Syariah Minna Padi Amanah Saham Syariah, Reksa Dana Minna Padi Property Plus, Reksa Dana Minna Padi Keraton II, and Reksa Dana Minna Padi Hastinapura Saham. (KR/MS)

© 2024 - IDN Financials - All Rights Reserved.