Indonesia’s Financial Services Authority (OJK) revoked Investree’s business license on Monday, stemming from the company’s inability to meet minimum equity and financial regulations.

The revocation follows ongoing financial and operational difficulties at Investree, which have impacted its public services.

OJK had previously issued warnings and imposed business restrictions, but Investree failed to implement necessary corrective actions.

Legal actions are underway against key individuals linked to Investree.

OJK is conducting asset tracing and collaborating with law enforcement for possible criminal investigations. Investree must halt all operations related to fintech services, except those required by law.

The company is also obliged to settle employee rights and obligations to stakeholders, including lenders and borrowers.

A general meeting of shareholders must be held within 30 days to begin liquidation processes.