Indonesia Authority Financial (OJK) Services herewith announces the results of the Formal Investigation in the case of violations of Capital Market regulations by Ms. Rufizul Manfiah.
Considering the violations and in
order to create deterrence effect for
financial services industry players,
on February 28th, 2025 OJK
imposes administrative sanctions in
the
form
of
Revocation
of
individuals's license as Mutual
Fund Selling Agent Representative
to Ms. Rufizul Manfiah.
The Administrative Sanctions in the form Revocation of individuals's license as Mutual Fund Selling Agent Representative because Ms. Rufizul Manfiah Based on the provisions of Article 15 letter b in conjunction with Article 13 letters a and b of POJK 17/POJK.04/2019 concerning Licencing Of Mutual Fund Selling Agent Representative, regarding the actions of Ms. Rufizul Manfiah in providing false or misleading information related to the sale of Mutual Fund securities, which is not in accordance with the obligations of a Licensed Mutual Fund Selling Agent Representative. A license holder is required to understand and comply with capital market laws and regulations related to Mutual Fund securities sales activities and to act professionally in conducting such sales, as follows:
Instructing investors to transfer funds to Ms. Rufizul Manfiah's personal account from 2016 to 2024.
Using client funds for personal interests instead of for the purchase of Mutual Funds or client investments.
Providing false information of falsifying Mutual Fund portfolio reports of PT Panin Asset Management, causing losses to clients and PT Panin Asset Management.
