The Financial Services Authority (Otoritas Jasa Keuangan/OJK) hereby announces the results of its examination concerning violations of laws and regulations in the Capital Market, Derivative Finance and Carbon Exchange sector committed by Mr. Armand E. Richir.
Based on the facts and information obtained from the examination, OJK has imposed administrative sanction in the form of a monetary fine in the amount of IDR 750,000,000.00 (seven hundred and fifty million rupiah), as well as certain action in the form of a prohibition on serving as a member of the Management and/or as a Shareholder in Financial Services Institutions in the Capital Market, Derivative Finance, and Carbon Exchange sectors for a period of 3 (three) years which is effective no later than 5 (five) business days from the date of issuance of this sanction letter. The sanction and certain action are imposed to Mr. Armand E. Richir as he has been proven to have violated the provisions of Article 9 paragraph (2) letter g and paragraph (3) letter a number 5 in conjunction with Article 24 paragraph (1) letters a and c in conjunction with Article 28 in conjunction with Article 29 paragraphs (1) and (2) of OJK Regulation Number 25/POJK.04/2018 concerning Securities Crowdfunding Institutions, as amended by OJK Regulation 27/POJK.04/2021 Number concerning Amendments to OJK Regulation Number 25/POJK.04/2018 concerning Securities Crowdfunding Institutions, due to failure to implement prudential principles and risk management, as well as failure to implement policy and procedural guidelines in handling repo transactions, thereby not meeting the required standards of integrity, competence, and expertise.
Following the imposition of the administrative sanction and certain action, Mr. Armand E. Richir is hereby required to:
pay the administrative fine no later than 30 (thirty) days after the issuance of the sanction letter, as stipulated in Article 3 paragraph (2) of OJK Regulation Number 39 concerning Procedures for the Collection of Administrative Monetary Sanctions in the Financial Services Sector; and
submit evidence of compliance with the imposed certain action to OJK no later than 5 (five) business days after the fulfillment of such action.
