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Wednesday, February 3, 2010

Manulife's candidate director do not pass fit & proper test

Irvin Avriano A.

Tuesday, 02/02/2010
Manulife's candidate director do not pass fit & proper test

One of the candidate director of PT Manulife Aset Manajemen Indonesia does not pass fit and proper test (fit and proper test) because of lack of experience leading financial companies.

Some market sources said the Chief Investment Capital Stock (Head of Equity) Manulife Aset Manajemen Nicolaus Oentung (Nico) does not pass the fit and proper test conducted by the Capital Market Supervisory Agency and Financial Institution (Bapepam-LK) two weeks ago.

"Nico is prepared to replace two directors who filed the resignation, Denny Rizal Thaher and Li Ming Suryaputra since December, but Nico did not qualify," said a source last week.

Other sources explain the reason Nico don't pass the fit and proper test held by Bapepam-LK is caused by a lack of experienced as director in investment managers company who had been required as the capital market authority.

He explained besides Nico who had a career as an analyst at PT CLSA Indonesia, Manulife Aset Manajemen also filed Eli Djurfanto as the new candidate director. Eli had a career at PT Kresna Garaha Sekurindo Tbk, a director at PT ABN Amro Aset Manajemen, and the Royal Bank of Scotland Plc Indonesian branch.

When confirmed, Investment Management Bureau Chief of Bapepam-LK Djoko Hendratto, who in charge of mutual fund and investment manager, confirmed the news, but can't explain the details of what was cause of Nico's failed to pass fit & proper.

"Indeed he does not pass the fit and proper, we not rejected him, the reason is because he is being not in accordance with our rules, please check the details directly to the companies."

He said the company which is subsidiary of PT Manulife Indonesia was still allowed to sell mutual funds this month because one director who had resign, Suryaputra Li Ming, was still extending to stay from the company.

Manulife Aset Manajemen got a sanction of suspension of sales of new units of mutual funds since the beginning of January for two weeks due to the resignation of Denny Thaher and Li Ming Suryaputra, leaving only Raymond Gin as a director and chief investment officer.

The withdrawal of two of the three directors that made the company violated the Law No.40/2007 on Limited Liability Companies and strengthened by the rule of Bapepam-LK No.V.A.1 about Securities Company Licensing.

He explained previously, Li Ming was sent a letter of resignation in December and will last in the company until the end of January, so the company must find a replacement for Li Ming before end of this month.

However, Djoko continued, Li Ming's resignation pending make the company still able to sell mutual fund new units.

By Irvin Avriano A.

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