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Wednesday, February 10, 2010

Brahma and Danpac permit was revoked

Irvin Avriano A.

Brahma and Danpac permit was revoked

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) revoke the fund manajer permit from two companies, PT Danpac Asset Management (used to be PT Danpac Investama) and PT Brahma Capital.

The official website of Bapepam-LK said the action taken because the two companies didn't comply with the rules or other regulations.

The fund management business licenses are taken through the letter of Chairman of Bapepam-LK number Kep-01/BL/MI/S.5/2010 and number Kep-02/BL/MI/S.5/2010 that issued in Februari 2nd 2010.

The cause of the permit revoke to fund house could happen because the company didn't manage any investment fund or didn't have even a single product.

Some of my source told me that the revoke to Brahma Capital happen because the company didn't comply with both condition, to manage any investment fund and didn't have even a single product.

The company, he said, once trying to create a mixed mutual fund in 2009. Brahma itself couldn't collect enough money to make the product survive from Bapepam-LK's other rules, that set the minimum fund for open ended fund at IDR25 billion level in 90 days.

The condition worsened by the economic crisis during late 2008 and in the beginning of 2009 and the long process that should taken to obtain the effective statement from Bapepam-LK.

"Finally, their future investor withdraw to other company product and Brahma itself can't responsible to the failure of the product."

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