A $1 million lawsuit against P2P lender UangTeman in a Jakarta court has been withdrawn. In a separate development, Indonesian fintech company Akulaku has officially taken over Bank Neo Commerce.
UangTeman gets relief from $1m lawsuit
A lawsuit against Indonesian P2P lender UangTeman, in a local court in Jakarta, has been withdrawn by the complainant, according to a statement on Wednesday.
Real Kapital — which was referred to as Real Capital in initial court documents — has withdrawn its $1 million lawsuit accusing UangTeman of defaulting on its loan obligations. Real Kapital also requested the South Jakarta District Court to erase the case from the database.
On Wednesday, the case page was no longer available online.
“UangTeman would like to thank FTI Consulting for leading the discussions with Real Kapital that have led to the withdrawal of the lawsuit,” the statement by the company read.
The lawsuit, filed earlier this month, demanded that the company honour a letter of undertaking signed on April 21, 2021, which states that UangTeman is liable to pay Real Capital $1 million, along with a 6% annual interest.
In a media statement, following the lawsuit, UangTeman CEO and founder Aidil Zulkifli said his company never had any legal or contractual relationship nor signed any documents with Real Capital. He added that UangTeman, being a P2P lender, is forbidden by law to hold loans on its balance sheet.
Zulkifli said he was not aware of Real Kapital’s motive behind the lawsuit.
Akulaku takes over Bank Neo Commerce
Akulaku, an Indonesian fintech company, has officially taken over the lender Bank Neo Commerce (BNC) following a near landslide approval from its shareholders, according to a filing on Indonesia Stock Exchange on Monday.
The lender’s shareholders agreed for Akulaku, officially known as PT Akulaku Silvrr Indonesia, to become a controlling stakeholder with a 24.98% shareholding in Bank Neo Commerce.
According to the lender’s filing to the stock exchange, Yellow Brick Enterprise Ltd. has an 11% stake, Rockcore Financial Technology Co. Ltd. has a 6.12% stake, and PT Gozco Capital has a 16.53% stake in the lender as per end-September 2021.
The decision came at the second extraordinary shareholders meeting on October 8. The first one, on Sept. 20, did not meet the quorum. The September 20 meeting, however, agreed that the lender will increase its paid-up capital to 3 trillion rupiah ($211 million) to meet authorities’ demand.
DealStreetAsia has previously reported that Akulaku was seeking to raise capital to inject more funds into its digital lending unit Bank Neo Commerce. Akulaku reported $274 million in total revenue from its consumer finance, digital banking, and insurance brokerage services, a 153% YoY growth, in the first six months of 2021. The company did not disclose its net profit.