​Indonesia Financial Services Authority herewith announces the results of formal investigation and continued supervision in the case of violations of Capital Market regulations by PT Paytren Aset Manajemen.

Considering the facts and information obtained during the formal investigation and continued supervision, on May 8th 2024 Indonesia Financial Services Authority imposed Business Licence Revocation on PT Paytren Aset Manajemen as Investment Manager Sharia for being proven to violate Capital Market Regulation and PT Paytren Aset Manajemen fulfilled the following conditions as mention​ed in the provisions of number 7 letter a point 2) jo. letter f point 1) letter a), letter c), and letter d) Regulation Number V.A.3 Attachment to the Decree of the Chairman of Bapepam and LK Number Kep-479/BL/2009 dated 31 December 2009 concerning Licensing of Securities Companies Conducting Business Activities as Investment Managers as follows:

1. office not found;

2. did not have employees to carry out Investment Manager functions;

3. unable to comply with the Specific Action Order;

4. unable to comply with minimum composition of Board of Directors and Board of Commissioners;

5. did not have independent commissioner;

6. unable to comply with requirement of Investment ManagerFunctions;

7. unable to comply with minimum requirement of Net WorkingCapital;

8. did not submit periodic reports to Indonesia Financial Services Authority since October 2022; 

Following the revocation of the business license as Investment Manager Sharia mentioned above, PT Paytren Aset Manajemen:

1. is prohibited from conducting business activities as Investment Manager and/or Investment Manager Sharia;

2. is required to settle all obligations to customers in the business activities as an Investment Manager, (if any);

3. is required to complete all obligations to Indonesia Financial Services Authority through Sistem Informasi Penerimaan Otoritas Jasa Keuangan or SIPO (if any);

4. is required to execute dissolution of the Securities Company no later than 180 (one hundred and eighty) days after this decision letter is stipulated, as regulated in Article 46 paragraph (1) and paragraph (2) of theFinancial Services Authority Regulation Number 3/POJK.04/2021 concerning Organizing Activities in the Capital Market Sector; and

5. is prohibited to use the name and logo of the Company for any purposes and activities, other than for activities related to the dismissal of the Limited Liability Company.