Photo credit: Investree
Budi Sutrisno contributed to this report.
Indonesian online lender Investree announced that it has agreed to terminate CEO Adrian Gunadi from his position as of January 2024. The news comes after reports that Gunadi had resigned amid misconduct claims.
The CEO was said to have diverted Investree funds to his personal account while using the company as a guarantor for another firm he owned. In a statement, the company emphasized that entities under the names of PT Putra Radhika Investama and PT Radhika Persada Utama are not its affiliates, nor did Investree serve as a guarantor for either entity.
“We hope to complete the restructuring plan soon with the injection of new equity from investors,” said Kok Chuan Lim, co-founder and director at Investree Singapore Pte Ltd, the online lender’s Singapore-registered parent firm.
Tech in Asia has reached out to Gunadi but did not receive a response.
Earlier this month, Investree had denied rumors that it was shutting down. The firm had gone through a five-day system disruption around New Year’s weekend and has had a rising 90-day nonperforming loan ratio.
At the time, Salman Baharuddin – the company’s chief sales officer – told Tech in Asia Indonesia that the disruption was due to a scheduled system maintenance.
While Investree in October 2023 raised US$231 million in series D funding from Qatari company JTA International Holding, disbursement of the funds is said to be delayed.
Editing by Jaclyn Tiu
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