JFN denies suspension

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stockbroking operation was no longer active, it was continuing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)