KONTAN.CO.ID - JAKARTA. The Financial Services Authority (OJK) revoked business licenses from financial service industry players. This time, it's the company's turn from the financing industry.

The finance company whose license was revoked was PT Mandiri Finance Indonesia. Meanwhile, the license revocation date is November 25, 2022.

OJK Chief Executive for Non-Bank Financial Industry Supervision (IKNB) Ogi Prastomiyono explained the reason for the license revocation was because the company could not comply with the conditions that led to the imposition of the third warning sanction.

"That is not submitting a fulfillment plan related to violations of the productive financing ratio provisions so that they are not in accordance with the provisions of the laws and regulations that apply in the financing business sector," Ogi wrote in his official announcement, quoted on Thursday (15/12).

Furthermore, Mandiri Finance Indonesia is prohibited from conducting business activities in the field of finance companies and is required to settle rights and obligations in accordance with applicable laws and regulations.

Not only that, companies are also prohibited from using the words finance, financing, and/or words that characterize Islamic financing or institutional activities, in the name of the company.

"We urge all debtors of PT Mandiri Finance Indonesia who have repaid loans to submit requests for updating debtor data to the OJK by submitting a written application to the Banking Licensing and Information Department c.q. Deputy Director of Credit Information Management," he concluded.