PT Sinarmas Asset Management (SAM) is taking legal action against PT Bibit Tumbuh Bersama (Bibit.id). The case began with an announcement by Bibit to its customers that SAM mutual fund products were frozen by the Financial Services Authority (OJK). SAM through the law offices of Hotman Paris & Partners sent a summons. Hotman Paris also commented through its Instagram account @hotmanparisofficial, related to the subpoena.
"Open subpoena and clarification, I am Hotman Paris attorney from PT Sinarmas Asset Management, hereby giving an open subpoena to the selling agent who spreads the issue via email and other media asking the mutual fund customers to sell, redemption the mutual fund he has, "Hotman said quoted from his Instagram account, Thursday (05/28/2020).
Bibit.id previously announced to its customers via email that there were 7 mutual fund products belonging to Sinarmas that were frozen by OJK. These products also cannot be traded temporarily.
The seven products include Danamas Definite, Danamas Stable, Danamas Rupiah, Danamas Rupiah Plus, Simas Share Featured, Simas Syariah Unggulan and Simas Syariah Develop. Bibit announced this based on the Financial Services Authority (OJK) S-452 / PM.21 / 2020 instructions that had been sent to the S-INVEST system as of May 20, 2020 at 21:01 WIB.
Investors are also advised to make transactions on Sinarmas's mutual fund products before the cut-off period. According to Hotman the information disseminated was wrong.
"The sales agent leaflet is not in accordance with the OJK's orders, the OJK only orders to suspend temporarily for repairs, the OJK does not order customers to sell mutual funds," said Hotman.