Franky Sibarani, head of the Investment Coordinating Board (BKPM), said the agency will revoke the principle licenses of investors who failed to submit their investment activity reports (Laporan Kegiatan Penanaman Modal/ LKPM). Based on BKPM's review, from 2007 to 2015 there were 15,500 investors who did not report their business activities, Franky said yesterday.
Franky claimed to have sent warning letters to some 5,000 investors on January 13. "If within 30 days the still fail to submit the reports, we will suspend their principle licenses," he said.
BKPM's record shows that 70 percent of the 15,500 investors who haven't submitted their reports are foreign investment companies. The remaining 30% are domestic investors.
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