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Investment Alert Task Force to summon Jouska next week amid claims of client losses

23 July 2020 14:21

JAKARTA - The Financial Services Authority's (OJK) Investment Alert Task Force will summon financial planner PT Jouska Finansial Indonesia next week amid claims of millions of rupiah in losses made by several clients.

According to Investment Alert Task Force Chair Tongam L. Tobing, the task force will summon Jouska to clarify its legality and business activities.

"We will summon [Jouska] next week. Two things need to be clarified, namely its legality and business activities," Mr Tobing told CNN Indonesia on Wednesday (22/7).

This week a number of Jouska clients have taken to Twitter to reveal their experience investing in stocks using Jouska's service, which they claim has resulted in millions of rupiah in losses.

Jouska allegedly used funds placed by its clients to purchase PT Sentral Mitra Informatika Tbk's (LUCK) shares, despite the company only having debuted on the Indonesia Stock Exchange (IDX) in January 2019, without consideration to clients' consent. The company's share price has continued to plunge since its IPO, dropping to Rp 294 per share at the close of the first session on Thursday (23/7).

Although authorised as a financial planner, Jouska is not licensed as an investment manager that can manage clients' funds and investment portfolios.

As a financial planner, Mr Tobing said, Jouska is only authorised to provide investment advice without intervening in clients' investment portfolios.

"Financial consultants can only provide advice and information about investment, and connect [clients] with authorised investment managers," Mr Tobing said. (MS)

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