Friday 29 Mar 2024
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KUALA LUMPUR: Practice Note 17 (PN17) company MAA Group Bhd’s Indonesian operating licence has been revoked by the Indonesia’s financial services authority, Otoritas Jasa Keuangan (OJK), effective Sept 3.

In a filing with Bursa Malaysia yesterday, MAA said its indirect subsidiary PT MAA General Insurance (PTMAAG) received a letter dated Sept 10, 2015, from OJK stating that its operating licence has been revoked with effect from Sept 3, 2015.

MAA has an 83% indirect stake in PTMAAG through its wholly-owned subsidiary MAA International Assurance Ltd.

OJK performs its regulatory and supervisory duties over financial services activities including insurance activities in Indonesia.

“Based on the terms and conditions contained in the said letter, PTMAAG is required to appoint a liquidator or form a liquidation team within 30 days from the date of the revocation letter,” said MAA.

On Dec 30, 2014, MAA announced a regularisation plan that included the proposed settlement of all obligations and liabilities of PTMAAG and the subsequent dissolution of the company.

 

This article first appeared in digitaledge Daily, on September 15, 2015.

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