OJK to set up investment alert task force

Sukabumi, W Java (ANTARA News) - The Financial Service Authority (OJK) plans to set up an investment alert task force at a district/municipal level across Indonesia, a spokesman said.

"The task force will be set up to anticipate bogus investment and curb fictitious credit scams involving financing institutions," chief of the capital market section of the OJK office in West Java Tjandra Nyatakusuma said on the sidelines of a seminar on financial education and consumer protection here on Tuesday.

OJK will audit banks and other financial service companies every year. If during the audit, OJK finds fictitious credits it will impose sanctions on them and will bring the perpetrators to justice, he said.

In addition, each financial service company supervised by OJK must put up a name board "Supervised by OJK".

He said if the public find any financial service company which does not put the name board they should report it to OJK soon.

The task force will also record any company in region which is not listed at OJK but puts up the name board and carries out illegal activities, he said.

If the company violates the OJK rule, its owner will be fined and sent to jail in accordance with the law, he said.

"If the public receive investment offer from a company, we also call on them to exercise caution by checking the identity of the company," he added.(*)