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OJK suspends First Indo American Leasing

19 October 2020 10:24

JAKARTA - The Financial Services Authority (OJK) suspended PT First Indo American Leasing Tbk (FINN) because it did not fulfill a number of regulations needed to be fulfilled by a finance company.

In the announcement letter, which was signed by Deputy Commissioner for Non-Bank Financial Industry Supervision (IKNBII, Moch. Ihsanuddin  on 11 August 2020, OJK stated that FINN failed to meet various regulations, including gearing ratio regulation and obligation to submit its anti-fraud strategy report to OJK, among others. 

"The finance company is prohibited from conducting business activities," said OJK in the letter.

In addition, Ihsanuddin also suspended PT Nasorasudha Mega Ventura, a venture capital firm, on 24 September 2020 because it did not meet the requirements of good governance for venture capital firms regarding a reliable financial report system. (LK/AR)

 
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