Otoritas Jasa Keuangan, the Indonesian banking regulator and central bank, has instructed PT Jouska Financial Indonesia to cease operations, alleging that it mismanaged investments and conducted illegal stock brokerage. Two other firms are also having to shut in the aftermath of an online grilling to which the OJK subjected Jouska's CEO.

The two related firms are PT Mahesa Strategis Indonesia and PT Amarta Investa Indonesia. At the regulator's request, the Ministry of Communication and Information has denied the public access to all three firms' sites, while also having their social media accounts suspended.

Jouska is reportedly a financial advisory firm that is popular among youger HNW investors because it managed to tap into their market on social media. Twitter, however, appears to have been the firm's downfall, with some of its customers using the platform to complain about its discretionary fund management of their assets. These are thought to have dropped in value by some 70-80% (reports vary).

Many press reports state that OJK's Investment Alert Task Force (SWI) issued a "virtual summons" to CEO Aakar Abyasa and other top brass from Jouska which enjoined them to take part in an online examination and explain themselves in the light of these public complaints. SWI chairman Tongam Tobing chaired the meeting. On Friday the SWI voiced its intention to stop the activities of PT Jouska Financial Indonesia, "which conducts business activities as an investment advisor and/or securities trading intermediary agent without permission."

It also decided to stop the activities of Mahesa Strategis and Amarta Investa because it suspected them of doing the same. It wants PT Jouska to go about solving all the problems that exist with its customers by openly inviting them to discuss matters with it. It has also asked Jouska to "immediately take care of licensing according to its business activities."

Various news services say that PT Jouska Financial Indonesia is licensed for "educational service activities." In its operations, it also provides advice about investments as referred to in the Capital Market Law and co-operates with Mahesa Strategis and Amarta Investa in managing customers' funds as investment managers.

According to one report, the allegations on social media said that Jouska invested most monies in a computer hardware-trading company called PT Sentral Mitra Informatika whose shares recently commenced trading on the Indonesia Stock Exchange.