OJK shuts down Jouska, two other investment firms

first_img“We’ve asked PT Jouska to settle the disputes with its clients transparently and invite the customers to settle the issues,” the task force said in a press statement. “We ask Jouska to process its licenses in line with its business activity as soon as possible.”The task force revealed that Jouska received a license as an education-services company through the Online Single Submission (OSS). It further said in the statement that Aakar had accepted the decisions.The case was uncovered when several clients and former clients of Jouska, which claims to be an independent financial advisory company and which gained its popularity among young investors via social media, took to Twitter, saying Jouska’s decision to invest their funds in low quality stocks had resulted in a slump in their portfolio values by more than 70 percent.A former client also uploaded an offering letter and a contract he received from the company when using its services in 2018 and 2019. The Financial Services Authority (OJK) has instructed financial advisory company PT Jouska Financial Indonesia to cease operations over allegations of illegal stock brokerage and investment mismanagement.The OJK’s Investment Alert Task Force also shut down PT Mahesa Strategis Indonesia and PT Amarta Investa Indonesia, which are alleged to have provided investment management services and financial advice without proper licenses. It has also blocked all three companies’ websites, applications and social media accounts through the Communications and Information Ministry.The decision was made after the task force summoned and questioned Jouska CEO and founder Aakar Abyasa Fidzuno following complaints on social media from its clients. The offering letter stated that aside from educating the client and helping them to pick the right investment instrument based on their profile, Jouska would have the right to manage the client’s funds, as well as to buy and sell stocks in their portfolio. The client then entered into a fund-management contract with Amarta Investa while others said they signed a contract with Mahesa Strategis.The Jakarta Post has learned that Jouska, Amarta Investa and Mahesa Strategis are not registered as investment-management companies or securities companies at the OJK.“Independent financial planners are not allowed to sell a financial product or investment management service to their clients,” financial planner Safir Senduk told the Post over the phone on Wednesday.The International Association of Registered Financial Consultants (IARFC) Indonesia has stressed that a financial advisor is prohibited from managing clients’ funds and trading stocks in their portfolios even with full discretion and consent from the clients.“We have to be proactive so we are now establishing a task force to list those who are claiming to be a financial planner but are actually in violation of the code of ethics,” said IARFC Indonesia chairman and president Aidil Akbar Madjid said on Thursday.“We hope the people who want to use financial planners’ services will be aware of which ones are licensed and which are not,” he said, adding that the profession was still self-regulated and yet to be regulated by the OJK.The Jouska case shared a similarity with the investment mismanagement that led to a corruption case involving ailing state-owned insurer PT Asuransi Jiwasraya, as both had used other parties’ funds to invest in questionable stocks, said University of Indonesia (UI) capital markets expert Budi Frensidy on Thursday.“[Jouska] case’s impact may be small on our stock market, but it can discourage new and potential equity investors from trying to invest,” he said.He suggested investors choose reputable and licensed asset-management firms to help them manage their investments if they do not feel confident enough to manage their own funds.Jouska’s clients shared on social media their portfolio details revealing that the company invested the majority of their funds in newly listed computer hardware-trading company, PT Sentral Mitra Informatika, trading on the Indonesia Stock Exchange (IDX) under the code LUCK. Advisors at Jouska are also reported to have prevented clients from selling the shares when the prices had dropped more than 80 percent, an allegation that has neither been denied nor confirmed by the company.Sentral Mitra, which was listed on the bourse on Nov. 29, 2018, saw its share price increase exponentially from Rp 285 (2 United States cents) to its highest level of Rp 2,020 apiece just around eight months after its IPO. Sentral Mitra’s share price has since dropped to near its IPO price, trading at Rp 322 on Friday.Jouska previously claimed in a written statement that it always informed clients of all economic, industry and corporate analyses, including the risks in every financial decision. It also denied the claims that Jouska had full access to its clients’ securities accounts and had managed their funds.“We are now building a credible and trusted capital market. [On that basis,] we call on people who want to invest in the capital market to always check out whether or not an advisor, investment manager or broker has a license,” the task force chairman, Tongam L. Tobing, said on Friday. (prm)Topics :last_img read more

Yokohama F Marinos 3-2 Manchester United

first_imgYokohama F Marinos consigned Manchester United to their second successive pre-season defeat this afternoon.The Red Devils lost 1-0 to a Singha All-Star XI in David Moyes’ first game in charge, and a late goal from Yoshihito Fujita gave Yokohama a 3-2 win this time out.The hosts began the game quickly and took the lead inside 30 seconds, when Marquinhos seized on a Fabio mistake and fired past David De Gea at the second attempt.However, they could not keep hold of their lead and Jesse Lingard equalised in the 19th minute, when he tapped home from close-range after a fine cross from Wilfried Zaha.Moyes’ men then took the lead on the half hour mark, when Masakazu Tashiro bundled the ball into his own net.However, the home side continued to press forward and levelled proceedings just after half-time, when Fabio Aguiar headed home. And Yokohama then sealed a famous victory in the 88th minute, as Fujita found space and slammed the ball into the bottom corner.last_img read more

Rio Olympics 2016: Usain Bolt wins 200m gold, his eighth Olympic gold

first_imgUsain Bolt won the men’s 200m to claim his second Rio 2016 gold, his eighth at an Olympics, and keep alive his hopes of an unprecedented ‘treble treble’.The Jamaican ran 19.78 seconds to come home ahead of Canada’s Andre de Grasse and France’s Christophe Lemaitre.Britain’s Adam Gemili clocked the same time as Lemaitre, but was denied his first Olympic medal in a photo finish.Bolt, 29, has already won the 100m in Rio and will run in the 4x100m relay final on Friday (02:35 BST, Saturday).Adam Gemili ‘gutted’ with fourthBolt is aiming to match his achievement of claiming gold in the 100m, 200m and 4x100m relay at both Beijing 2008 and London 2012.The Jamaican, who said in February he would retire after the 2017 World Championships, has won all eight of the Olympic finals in which he has appeared. “The fact I came here and executed what I wanted to is a brilliant feeling,” he told BBC Sport.”I wasn’t happy with the time when I crossed the line but I’m excited I got the gold medal – that’s the key thing.”Only US sprinter and long jumper Carl Lewis and Finnish long-distance runner Paavo Nurmi have won more Olympic gold medals in athletics.Lewis won nine golds between 1984 and 1996, while Nurmi also won nine between 1920 and 1928. “What else can I do to prove I am the greatest? I’m trying to be one of the greatest, to be among Ali and Pele,” added Bolt.”I have made the sport exciting, I have made people want to see the sport. I have put the sport on a different level.”Bolt believed he could break his world record of 19.19 and even go under 19 seconds in Rio’s Olympic Stadium.So the slow time – by his standards at least – left the Jamaican gesticulating angrily as he crossed the line more than two tenths of a second ahead of De Grasse. But Bolt quickly broke into a beaming smile, celebrating with a trademark ‘Lightning Bolt’ as thousands of fans chanted his name.  –Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img read more