The Indonesia Financial Services Authority has revoked PT Credit Saison Indonesia Finance’s license to operate as a finance company after determining that the firm could not be restored to sound condition. The company failed to resolve the issues that led to its placement under special supervision within the prescribed timeframe, despite being given time to implement corrective measures. PT Credit Saison Indonesia Finance must cease finance company activities and settle its obligations to debtors, creditors and other parties. It must hold a general meeting of shareholders within 30 working days of the license revocation to approve the company’s dissolution and establish a liquidation team. Until that team is formed, the company must maintain a task force and service center for debtors and the public, identify the responsible staff to the authority within five working days of receiving the revocation notice, and provide affected parties with clear information on how their rights and obligations will be resolved.

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