JAKARTA. At least 2,000 investors were affected by default of four mutual fund products managed by Emco Asset Management, with a total value of Rp 2.4 trillion.
The four troubled products are Emco Mantap, Emco Growth Fund, Emco Barokah Syariah Shares and Emco Pesona.
A source quoted by KONTAN revealed that Emco's management had stated to its customers that the default was related to investments in shares related to Benny Tjokrosaputro. The source also said that the disbursement could not have been carried out since 5 November 2019.
According to the source, Emco mutual funds provide fixed returns, and usually, the returns are always paid on time. However, after PT Hanson International Tbk (MYRX) owned by Benny Tjokro was hit by the OJK regarding the collection of public funds, there are problems in disbursement.
"The NAV continues to decline," said the source. As of 31 December 2019, the NAV of those mutual fund products was around Rp 1.06 trillion. (AM/AR)