JAKARTA. Financial Services Authority (OJK) has revoked business license of PT Investree Radika Jaya, a company that manages the fintech Investree.

This license revocation follows the news regarding Adrian Asharyanto Gunadi, Co-Founder and CEO of Investree, who has reportedly fled the country.

So far, OJK has conducted a Re-Assessment for Main Parties over Gunadi. However, the result said that Gunadi failed the evaluation, and will receive a sanction of not being able to be the main party and shareholder in financial service institutions.

OJK has also blocked the access towards Gunadi’s bank account and several pertinent parties, complying with the law. In addition, OJK has also inspected Gunadi’s assets and some related parties, whilst attempting to bring Gunadi back to Indonesia.

According to the last financial report, Investree only reported total equity of IDR 48.81 billion, while default rate in 90 days (TWP90) was at 16.44%, way beyond industry’s average. (KR/ZH)