The beleaguered P2P lender Investree has established a caretaker team to manage its daily operations under the guidance of Indonesia’s Financial Services Authority (OJK).
According to DealStreetAsia, this move comes as the company faces ongoing investigations and legal challenges from lenders.
Investree stated that the new team is focused on gradually restoring limited operations, supported by an operational fund for collection activities.
The identities of the team members remain undisclosed.
The company, which raised over US$200 million last October, has been grappling with a surge in bad loans and lawsuits from lenders.
In February, DealStreetAsia reported that SBI Holdings, an existing investor, provided a US$7 million rescue package to cover operational expenses.
Concerns escalated after co-founder Adrian Gunadi was dismissed in January amid fraud and contract breach allegations, leading to legal action and his removal as director.
To address these challenges, Investree has issued disclaimers on its website, clarifying that it is prohibited from providing guarantees or acting as a guarantor for loans.
The company emphasized that it only facilitates lending between parties on its platform and does not bear any responsibility for transaction outcomes, with all risks borne by lenders.
Additionally, Investree warned against false claims that it acts as a guarantor or manages loans or investments, stressing that such claims are not true and have never been approved by its shareholders or directors.
OJK commissioner Agusman stated on 6 August that the regulator is closely monitoring Investree and coordinating with law enforcement to investigate the alleged fraud.
He also noted that no capital injection from investors has been realized.
Featured image credit: Edited from Freepik
