JAKARTA (TheInsiderStories) - The Financial Services Authority (FSA) has revoked business license of PT Asuransi Recapital, owned by Sandiaga S. Uno and Rosan Perkasa Roeslani. The regulator said, the insurance firm was unable to comply with the fulfillment of the minimum solvency level on time.
“Shareholders, directors, board of commissioners, and insurance employees are prohibited to transferring, pledging, using assets, or taking other actions that can reduce assets or value of the company,” wrote the regulator on Friday (10/31).
The agency urged the management to stop all business activities. Then, submit a closing balance to the regulator not later than 15 days from the date of revocation and holding a general meeting of shareholders no later than 30 days from the revocation date to decide the dissolution of the legality of Asuransi Recapital and form a liquidation team. Also, carry out other obligations in accordance with the applicable laws.
“After the formation of the liquidation team, shareholders, directors, board of commissioners and employees of PT Asuransi Recapital are required to provide data, information and documents required by the liquidation team and are prohibited from obstructing the liquidation process carried out by the liquidation team,” wrote FSA.
For the record, this is not the first time FSA Give a sanctioned to both entrepreneurs. In February, the regulator also imposed a sanction to revoke the brokerage license with a fined of Rp600 million (US$40.82 million) on former president director of PT Recapital Sekuritas Indonesia, Abi Hurairah Mochdie.
This sanction is related to his position as the person in charge of adjusted net working capital of the company. In addition, FSA also imposed sanctions on him, prohibits from his serving as management, shareholders and key employees in capital market companies for three years.
The securities company was declared to have concealed the issuance of exchange bonds between Recapital Sekuritas and PT Nexis Inti Persada and did not include the corporate action in adjusted net working capital. Previously, Indonesia Stock Exchange also revoked its membership as a stock exchange member on Jan. 29, 2018.
The two companies are part of the Recapital Advisory, which were both founded in 1997 under the name PT Republik Indonesia Funding, or Finance Indonesia. Apart from insurance and securities, the company also owned PT Recapital Asset Management, PT Global Sarana Lintas Artha, PT Recapital General Insurance, and had bought PT Bank Pundi Tbk (IDX: BEKS).
US$1: Rp14,700
Written by Editorial Staff, Email: theinsiderstories@gmail.com
