Defult, Indonesian Fintech TaniFund Sued by Lender

FINTECH - JAKARTA. Several lenders seem to be getting frustrated with the default issues plaguing the fintech peer-to-peer (P2P) lending PT Tani Fund Madani Indonesia or TaniFund. As a result, several lenders have decided to take legal action to resolve the issue.

Based on Kontan's observation, at least 3 lenders have sued TaniFund for breach of contract or default. The lawsuit was registered at the South Jakarta District Court on January 18, 2023, with case number 64/Pdt.G/2024/PN JKT.SEL.

The disputed value is listed as IDR 131 million. However, no further details have been displayed in the case.

TaniFund Lender's Legal Counsel, Grace Sihotang, explained to Kontan the case of the problems experienced by the lenders. She stated that the breach of contract that occurred at TaniFund is suspected to have occurred since 2022.

"Initially, the TaniFund Lenders, the plaintiffs, were still receiving returns and portfolios as promised. However, since mid-2022, some problems began to occur. Around November 2022, almost all TaniFund lenders, including the plaintiffs, no longer received returns," she explained to Kontan, Friday (19/1).

Grace stated that TaniFund's management blamed the farmers' crop failure on natural factors like rain and pests. This then triggered the default to the lenders.

She stated that on the day the lawsuit was filed at the South Jakarta District Court, the realization of promises in the agreement was never carried out. Thus, it can be said that a breach of contract has occurred.

Grace recounted that the lenders, who are positioned as plaintiffs, have repeatedly asked about the delay in payments from TaniFund through letters, emails, and social media.

"However, the defendant or TaniFund only said to wait patiently. This of course causes losses to the lenders, both material losses in the form of money and immaterial including feelings of anxiety because the invested funds are not returned," she revealed.

Furthermore, Grace explained, that the occurrence of a breach of contract or default was actually acknowledged by TaniFund itself and also acknowledged by the Financial Services Authority (OJK). The default was even followed up by the OJK by sanctioning TaniFund on March 10, 2023.

The OJK finally asked TaniFund to make improvements, namely to settle funding in the default category.

Grace said, the lenders have not been able to access the TaniFund application since May 2023. In addition, she said on the official TaniFund website there is a status of being under OJK supervision.

She also mentioned that the lenders hope that TaniFund can immediately pay all debts both principal funding and returns according to the amount, plus running interest according to the provisions of Article 1239 of the Civil Code or according to the actual interest value set on the application or official TaniFund site at the time the case is resolved either through mediation or court decision.

On the other hand, the Head of the Executive Supervisor of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions (PVML) OJK Agusman said his party has given time to TaniFund to be able to settle the rights and obligations of users. In addition, he said the OJK is currently monitoring TaniFund.

"The OJK is currently investigating the potential fraud committed by TaniFund," he revealed in a written response, Friday (12/1).

In the further process, Agusman stated that the OJK is currently evaluating the process of settling rights and obligations and the improvement process carried out by TaniFund. He said further action would certainly be taken based on the results of the evaluation.

Based on Kontan's observation through the official TaniFund website, it is stated that the company is under OJK supervision. TaniFund's TKB90 is 36.07%.