The Financial Services Authority (OJK) announced the revocation of the business license of PT Tani Fund Madani Indonesia (TaniFund) as stipulated in the Decree of the OJK Board of Commissioners Number KEP-19/D.06/2024 dated 3 May 2024.
This revocation was carried out because TaniFund had been subject to compliance enforcement in accordance with applicable regulations, namely not meeting minimum equity requirements and not implementing OJK supervision recommendations.
OJK has carried out supervisory actions and imposed administrative sanctions in stages up to Business Activity Restrictions (PKU). OJK has also communicated intensively with the Management and Shareholders to ensure commitment to resolving the TaniFund problem.
However, by the specified time limit, the Management and Shareholders were unable to resolve the problem, so TaniFund was subject to the sanction of revocation of its business license.
OJK’s supervisory actions and the imposition of administrative sanctions on TaniFund up to the revocation of its business license are in accordance with OJK Regulation Number 63/POJK.05/2016 concerning Amendments to OJK Regulation Number 11/POJK.05/2014 concerning Direct Examination of Nonbank Financial Services Institutions and Regulations OJK Number 10/POJK.05/2022 concerning Information Technology-Based Joint Funding Services (LPBBTI).
The revocation of TaniFund’s business license was carried out in the context of consistently and firmly implementing statutory provisions to create a healthy and trustworthy LPBBTI industry. OJK has also handed over criminal cases related to TaniFund to law enforcement officials for further processing in accordance with applicable statutory provisions.
With the revocation of the business license in question, TaniFund must stop business activities in the LPBBTI industry. Furthermore, TaniFund shareholders, management and/or employees are prohibited from transferring, pledging, pledging, using assets, and/or taking other actions that might reduce assets or reduce the value of TaniFund assets.
In an effort to provide legal certainty to protect users and other related parties, TaniFund is obliged to carry out liquidation and provide an Information Center and Public/User Complaints Service. (RO/Z-6)
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