Indonesia Financial Services Authority
(OJK) herewith announces the results of
the Formal Investigation in the case of
violations of Capital Market regulations by
PT Aurora Asset Management.
Considering the role and involvementof the
relevant Parties in the violations and in
order to create a deterrence effect for
financial services industry participants, on
October 30th, 2026, OJK imposes
administrative sanctions and/or written
instruction as follows:
OJK imposes PT Aurora Asset
Management
Administrative
Sanctions in form of Penalty of
Rp2.575.000.000,00 (two billion five
hundred seventy-five million rupiah)
and a written instruction to settle the
dissolution/liquidation of Mutual
Funds as follows:
a. Aurora SMC Equity Mutual Fund;
b. Aurora Syariah Saham Amanah
Sharia Mutual Fund;
c. Aurora Dana Ekuitas Mutual
Fund;
d. Aurora Sharia Equity Sharia
Mutual Fund; and
e. Aurora Equity Mutual Fund.
within 6 (six) months from the date
of issuance of the administrative
sanction letter. In fulfilling the
written instruction, PT Aurora Asset Management is required to continue
reporting its progress to OJK.
OJK also orders the relevant
custodian bank to carry out the
dissolution of the relevant Mutual
Funds. In addition, OJK may also
impose
other
administrative
measures in connection with the
dissolution of the relevant Mutual
Funds.
The Administrative Sanctions in the
form of a Penalty and the written
instruction were imposed because PT
Aurora Asset Management was
proven to have committed the
following violations:
a. The provisions of Article 24 of
POJK
Number
23/POJK.04/2016
juncto
Article 2 paragraphs (1) and (2)
of
POJK
Number
23/POJK.04/2016, because PT
Aurora Asset Management
failed
to
pay redemption
requests submitted by investors
of the Aurora Equity Mutual
Fund in accordance with the
applicable provisions.
b. The provisions of Article 6
paragraph (1) letter d of POJK
Number
23/POJK.04/2016
juncto Article 7 paragraph (2)
and Article 8 paragraph (2) of
POJK
Number
23/POJK.04/2016, because PT
Aurora Asset Management did
not adjust the composition of its securities
portfolio,
which
comprised Securities issued by
1(one) party exceeding 10% (ten
percent) of the Net Asset Value
of the Mutual Funds managed
by
PT
Management
Aurora
Asset until
the
imposition of sanctions by OJK.
c.
The provisions of Article 14
paragraph (1) and Article 15 of
POJK
33/POJK.04/2019
Number
juncto
Article 8 paragraph (2) of POJK
Number 23/POJK.04/2016,
because PT Aurora Asset
Management did not adjust the
composition
of
Securities
issued by 1 (one) party
exceeding 20% (twenty percent)
of the Net Asset Value of the
Aurora Sharia Equity Sharia
Mutual Fund and the Aurora
Syariah SahamAmanahSharia
Mutual Fund, and continued to
commit the violation until the
imposition of sanctions by OJK.
d.
The provisions of Article 45
letter d juncto Article 48 of POJK
Number
23/POJK.04/2016,
because PT Aurora Asset
Management did not dissolve
the following Mutual Funds in
accordance with the applicable
provisions:
Aurora Dana
Ekuitas Mutual Fund, Aurora
Syariah Saham Amanah Sharia
Mutual Fund, Aurora ETF FTSE
Indonesia ESG Index Mutual
Fund, Aurora Likuid Mutual
Fund, and Aurora Likuid
Syariah Sharia Mutual Fund,
and continued to commit the
violation until the imposition of
sanctions by OJK.
e. The provisions of Article 37
paragraph (2) letter a and
Article 44 paragraphs (1) and
(2)
of
POJK
43/POJK.04/2015,
Number
which
have been revoked and re
regulated under Article 58
paragraph (2) and Article 68
paragraphs (1) and (2) of POJK
Number 17/POJK.04/2022,
because PT Aurora Asset
Management engaged in the
sale or marketing of Mutual
Funds by promising investors
or prospective investors a
specific rate of return within a
specified period.
f. The provisions of Article 27
paragraph (1) of the Law of the
Republic of Indonesia Number 8
of 1995 concerning the Capital
Market junctis Article 18, Article
19, Article 25, Article 28, Article
33, and Article 34 paragraph (1)
of
POJK
43/POJK.04/2015
regulated
in
Number
as
Article
re
23
paragraph (1), Article 31 letter
a, Article 36, Article 42, and
Article 43 paragraph (1) letter a
of
POJK
Number
17/POJK.04/2022, because PT
Aurora Asset Management
failed to perform its duties to the
best of its ability in the interests
of the Mutual Funds, including
by failing to execute securities
transactions on behalf of the
Mutual Funds under the best
available
conditions, as evidenced by cross transactions between Mutual
Funds at prices outside the
applicable stock exchange price
range. In addition, transactions
were conducted with affiliated
parties at prices that did not
reflect
the best conditions
available at the time of the
transactions.
g. The provisions of Article 27
paragraph (1) of Law of the
Republic of Indonesia Number 8
of 1995 concerning the Capital
Market juncto Articles 2, 7, and
18
of
POJK
Number
43/POJK.04/2015, as re
regulated under Article 2 letters
a, b, and c, Article 8 letters a
and b, and Article 23
paragraph (1) of POJK Number
17/POJK.04/2022, as well as
Article 2 paragraph (1) and
Article 4 paragraph (1) of POJK
Number 10/POJK.04/2018,
because PT Aurora Asset
Management
conducted
investment management and
Mutual
Fund
marketing
activities based on instructions
from another party and not in
accordance with the applicable
provisions.
h. The provisions of Article 2
paragraph (1), Article 34
paragraphs (1) and (2), and
Article 35 paragraph (6) letter a
of
POJK
Number
23/POJK.04/2016, Article 2 of
POJK
Number
39/POJK.04/2014 concerning
Mutual Fund Selling Agents
juncto Article 31 of Law of the
Republic of Indonesia Number 8 of 1995 concerning the Capital
Market,
and
Article
2
paragraph (1) of POJK Number
45/POJK.04/2016, because
PT Aurora Asset Management
marketed Mutual Funds using
marketing personnel (referral
personnel) who were not
licensed as Mutual Fund
Selling Agents (APERD) or
Mutual Fund Selling Agent
Representatives
(WAPERD),
with such referral personnel
appointed by the Shareholder.
Furthermore, the marketing of
Mutual Funds by the referral
personnel was not supported
by a written agreement.
OJK imposes Mr. Piter Rasiman, as
the Shareholder of PT Aurora Asset
Management a prohibition from
becoming a member of the Board of
Commissioners, Board of Directors,
Shareholders and/or managementof
companies in the Financial Services
Sector for 20 (twenty) years, effective
from the date of issuance of the
prohibition letter, because he was
proven to have caused PT Aurora
Asset Management to commit the
violations referred to in point 2 (two)
above.
OJK imposes on Mrs. Ferra, as the
President Director of PT Aurora Asset
Management, the following sanctions
and measures:
a.
administrative sanction in the
form
of
a Penalty of
Rp610,000,000.00
(six
hundred ten million rupiah);
b. written instruction to carry out
the dissolution of the Mutual
Funds managed by PT Aurora
Asset
Management
in
accordance with OJK’s written
instruction to PT Aurora Asset
Management; and
c. prohibition on becoming a
member of the Board of
Directors or the Board of
Commissioners,
and
a
shareholder of PT Aurora Asset
Managemen, the prohibition
shall
take
effect
upon
completion of the dissolution of
the Mutual Funds,
These sanctions and measures are
imposed because Mrs. Ferra was
proven to have caused PT Aurora
Asset Management to commit the
violations referred to in point 2 (two)
above.
OJK imposes on Mr. Manuel
ManahanMaleaki, as aDirector of PT
Aurora Asset Management, the
following sanctions and measures:
a. administrative sanction in the
form
of
a Penalty of
Rp610,000,000.00
(six
hundred ten million rupiah);
b. written instruction to carry out
the dissolution of the Mutual
Funds managed by PT Aurora
Asset
Management
in
accordance with OJK’s written
instruction to PT Aurora Asset
Management; and
c. prohibition on becoming a
member of the Board of Directors or the Board of
Commissioners,
and
a
shareholder of PT Aurora Asset
Management, the prohibition
shall
take
effect
upon
completion of the dissolution of
the Mutual Funds,
These sanctions and measures are
imposed because Mr. Manuel
Manahan Maleaki was proven to
have caused PT Aurora Asset
Management to commit the
violations referred to in point 2 (two)
above.
