JFN denies suspension

JAKARTA (JP): PT Jardine Fleming Nusantara (JFN) has denied reports its local brokerage and underwriting licenses have been suspended by the Capital Market Supervisory Agency (Bapepam).

President director Jonathan Chang said the investment management license of PT Jardine Fleming Nusantara Investment Management (JFNIM) was voluntarily returned to the agency because of business considerations.

"Its license was not revoked by Bapepam because of sanctions or breach of regulations," he said in a statement correcting an article in the May 8 edition of The Jakarta Post, which said that JFNIM had lost its brokerage and underwriting licenses.

He explained that JFN -- a separate entity from JFNIM -- still had stockbroking and underwriting licenses in the country.

The capital market watchdog announced Thursday that it had revoked licenses of 10 securities and investment management companies on the Jakarta Stock Exchange for breaching capital market regulations or ceasing to be active.

Separately, PT Schroders Indonesia, another company named on the list, also announced at the weekend that although its local stockbroking operation was no longer active, it was continuing its investment banking business in the country through PT Schroder Investment Management Indonesia. (rei)