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Tuesday, March 9, 2010

Bapepam quit Harvestindo examination

BI / bursa
9/3/2010
Irvin Avriano A.

Bapepam quit Harvestindo examination

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) stop the examination of PT Harvestindo Asset Management's mutual funds, Harvestindo Istimewa which allegedly failed to pay off.

"Because the agreement between clients with the investment managers has been done," said Investment Management Bureau Chief of Bapepam-LK Djoko Hendratto told the press in Bapepam-LK office this afternoon. Investment Management Bureau of Bapepam-LK supervise and monitor the activities of mutual funds and investment managers in the capital market.

He explained the capital market authority assess the existence of theses agreement, and found there is no violation, so the case can be resolved. Previously, these case has been examined by the Inspection and Investigation Bureau of Bapepam-LK because there were complaints from some investors of the investment products.

The calculation of the mutual funds, Djoko continued, also has been improved. The return of this mutual fund based from short-term debt (promissory notes/PN) from SMEs (small and medium enterprises) that had a minus for almost a full year in 2009.

However, because the computation method is replaced in late 2009, the calculation had been a surge return that has been reach 523.6% during January.

Djoko also said investors who want to withdraw its funds from the mutual fund were still able to do the action because there is guarantee that make sure the mutual fund does not default.

Based on the Bisnis record in Ferbruari, Harvestindo Asset Management President Director Teuku Helmy Azwari said the counting method changing was performed at the end of December after reaching an agreement with the custodians and investors.

"So the PN, which becomes an asset in our mutual funds, can not be included in the defaulted balance, they are only delayed, with a guarantee."

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