BANDUNG - The Financial Services Authority (OJK) as the regulatory and supervisory authority of financial services institutions, revoked the business license of PT Bank Perkreditan Rakyat Fajar Artha Makmur, having its address at Ruko Graha Depok Mas Blok A Number 21, Jalan Arief Rahman Hakim Number 3 Depok City, Java West.
"Revocation of BPR Fajar Artha Makmur's business license is determined through Decision of Members of the Board of Commissioners (KADK) Number KEP-207 / D.03 / 2019 dated November 11, 2019 concerning Revocation of PT BPR Fajar Artha Makmur's Business License, starting from November 11, 2019," said West Java OJK Head Triana Gunawan in his press release Monday (11/11).
Previously, in accordance with POJK Number 19 / POJK.03 / 2017 and the Financial Services Authority Circular Letter (SEOJK) Number 56 / SEOJK.03 / 2017 respectively regarding the Establishment of the Status and Follow-Up to Supervision of Rural Credit Banks and Islamic Financing Banks, PT BPR Fajar Artha Makmur has been designated as a BPR Under Special Supervision (BDPK) status since 6 May 2019 because the Minimum Capital Adequacy Ratio (KPMM) is less than 0%. The determination of BDPK status is due to the weakness of management by BPR management who do not pay attention to the principle of prudence and the fulfillment of sound banking principles.
The status is determined with the aim that the Management / Shareholders make restructuring efforts. However, until the specified deadline, the restructuring efforts made by the Management / Shareholders to get out of BDPK status and can operate normally with a KPMM ratio of at least 8% are not realized.
Considering BPR's deteriorating financial condition and BPR internal problems that cannot be resolved by the BPR Controlling Shareholders and pointing to Article 38 of the POJK above, the OJK revoked the BPR's business license after obtaining notification from the Deposit Insurance Corporation (LPS).
With the revocation of the PT Bank Perkreditan Rakyat Fajar Artha Makmur's business license, the LPS will then carry out the guarantee function and conduct the liquidation process in accordance with Law Number 24 of 2004 concerning the Deposit Insurance Corporation as amended by Law Number 7 of 2009.
OJK appealed to customers of PT Bank Perkreditan Rakyat Fajar Artha Makmur to remain calm because public funds in banks including BPRs were guaranteed LPS in accordance with applicable regulations. Jo