Indonesia's Financial Services Authority (OJK) has revoked PT Porto Ventura Kapital's business license after determining that the venture capital company could not be rehabilitated. The firm failed to resolve the issues that led to its placement under special supervision within the remediation period set by OJK. PT Porto Ventura Kapital may no longer conduct venture capital business and must 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 its dissolution and establish a liquidation team. Pending that team's formation, the company must appoint staff to handle debtor and public inquiries, report those appointments to OJK within five working days of receiving notice of the revocation, and explain the settlement process to affected parties.

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