EMITEN - JAKARTA. The retail investor who rejected the reverse stock action of PT Bakrieland Development Tbk (ELTY) or known as Forty, was disappointed with the reply letter from the Financial Services Authority (OJK).
Forty repeatedly asked for responses from authorities regarding the reports they submitted where they had found irregularities in ELTY's reverse stock plan. However, in his letter, the OJK said that it had not been able to review the ELTY reverse stock plan because the company had not sent documents to the OJK. However, the OJK said in their letter that it had not been able to review the ELTY reverse stock plan because the company had not sent documents to the OJK.
Forty member Deni Alfianto Amris said he was disappointed with the OJK statement. According to him, the authorities are reluctant to use their power as regulators. "We are very disappointed, this shows the regulator has no authority," Deni told Kontan.co.id on Tuesday (6/11).
Furthermore, Chairman Forty Hidayat confirmed that the ELTY case had entered its sixth month since investors sent a report to the OJK in June 2018. Forty deeply regretted the protracted investigation because the issuer had not sent documents to the OJK.
"This shows OJK's weak control and authority towards issuers," Hidayat explained in a letter sent to OJK on Monday (5/11).
Forty also questioned the commitment of ELTY directors who had not provided the document. In fact, according to OJK Regulation (POJK), 33 / POJK.04 / 2014, directors and commissioners of issuers must commit to comply with the laws and regulations.
"We ask the OJK to carry out the inspection process quickly and transparently. The longer the handling of this case, the OJK image becomes worse in the eyes of the public and investors," Hidayat said.
Kontan.co.id successfully contacted ELTY Corporate Secretary, Yudy Rizard Hakim. He said ELTY would explain the case regarding the document on Monday (11/19) which coincided with the company's public expose agenda. (Translator: Barratut Taqiyyah Rafie)
