Failed to pay IDR 1.9 T, Here’s the ‘Offal’ of Indosterling’s Investment

Jakarta, CNBC Indonesia – The case of PT Indosterling Optima Investa (IOI) default has hit the public recently for its High Yield Promissory Notes (HYPN) products. The value of potential losses experienced by customers is estimated at Rp 1.9 trillion from 1,041 customers.

The attorney for the Indosterling Optima Investa customer representative, Andreas said, customers began experiencing defaults since April 2020 for the HYPN product with a yield of 9-12%.

“The customer buys this product because the agreement has already received permission from the Financial Services Authority [OJK]. This is mentioned in Article 6 of the HYPN agreement, “he said when met at the Insurtech Building, Tanah Abang, Central Jakarta, Thursday (26/11/2020).

However, in reality, the HYPN product did not have a license from the regulator. Indosterling Optima also does not have a license to manage customer funds because it is not a company registered with the OJK.

“They admit that there is no permit from OJK or BI [Bank Indonesia]. However, the next statement through the mass media said they had permission from the OJK and BI and they would prove it in court. So we actually question whether which is true, “he said.

So, what are the contents of Indosterling’s HYPN products that cause default?

In the HYPN agreement document seen by CNBC Indonesia, Article 4 states that the proceeds from the HYP issuance will be used by the issuer for investment in capital market and money market instruments.

“But not limited to instruments such as equities, bonds, repurchase agreement (Repo, share pledge), foreign exchange, pre-IPO and derivative instruments, “the document states.

Separately, Indosterling Optima Investa’s attorney, Hardodi, confirmed that the Covid-19 pandemic was the reason the company failed to pay for the investment product of Indosterling HYPN.

This investment product promises a return or investment return of 9% to 12% every year. However, the pandemic situation caused the company to be unable to pay its obligations as it should have since April 2020.

“The obligation was not carried out because the Covid factor caused payment failure [yield], “he said during a press conference at Hotel Ambhara, Kebayoran Baru, South Jakarta, Monday (16/11/2020).

According to Hardodi, currently there are 1,041 customers with funds under management of Rp 1.2 trillion who have the potential to default because they have entered into Delayed Debt Payment Obligations (PKPU) in court. Meanwhile, if combined with the non-PKPU scheme, the total potential loss reaches IDR 1.9 trillion.

However, he emphasized that 80% of all these customers are claimed to have followed the PKPU scheme or with an investment value of Rp. 878 billion, the sidanya chose to report to the Police Criminal Investigation Unit.

“The verdicts are already inkracht. Some do not follow the PKPU scheme and report [Bareskriim] Headquarters, “he said.

In the press conference, Hardodi also stated that his client was committed to compensating for the loss of customer funds worth Rp 1.9 trillion from 1,041 customers. However, this payment will be made gradually.

For information, Promissory notes (PN) or promissory notes are commercial securities issued by non-bank corporations in the form of promissory notes and have a maturity of up to 1 year registered with Bank Indonesia. This definition is contained in the Regulation of Members of the Board of Governors Number 20/1 / PADG / 2018.

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