(MENAFNEditorial)
JAKARTA February 17 2015 - The Financial Services Authority (OJK) assessed special law is necessary to oversee the integrated Indonesia conglomeration financial system
Chief Executive of Banking Supervisor for OJK Nelson Tampubolon said Indonesia did not have specific laws for conglomeration. In terms of regulation he said that Indonesia was outdated with other Southeast Asian countries.
"We need a conglomeration Act as also already owned by Malaysia and Singapore" he said in Jakarta Monday (2/16/2015).
Nelson said the strong legal basis would facilitate the supervisor to manage the conglomeration companies in the country. In 2014 OJK has mapped 16 conglomerations that have been identified to control 60% of the total financial assets in Indonesia and 32 institutions which were integrated.
Vice Chairman of Commission XI for the House Gus Irawan Pasaribu said until now there has been no submission related to conglomeration legislation to the House. "As I recall no" he said.
Head of Banking Research and Regulation Department (DPNP) for OJK Trisnawati Ghani said the companies included in the structure of financial conglomerates must determine the main entity. The main entity should be designated by the controlling shareholders of the financial conglomeration which serves to integrate the implementation of governance. Read more…
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