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 (IKNB) II, 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)