"Bait-and-Switch" in the OJK Dissolution Discourse

By Editorial Team 24/01/2020
The Maze
Topic

The emergence of cases about Indonesian financial service companies that are experiencing problems has sparked condemnation to the Financial Services Authority (OJK). The insurance fraud scandals in Jiwasraya and Asabri and the default cases of PT AJB Bumiputera 1912 and several investment managers gave rise to questions about the effectiveness of supervision from the OJK.

The Indonesian Ombudsman even accused the OJK as the most responsible party for the emergence of various problems in the industry. Not surprisingly, the House of Representatives (DPR) brought back the discourse of returning the authority to oversee the financial sector to Bank Indonesia (BI) and the Finance Ministry.

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