Adrian Gunadi Resigns from Position as CEO of Investree Amid Issues of Mismanagement

Deal Street Asia reports Investree Co-founder and CEO Adrian A Gunadi submitted his resignation to the board of directors, amid allegations of misconduct and other challenges facing the company. Salman Baharuddin (Chief of Sales Investree) is reported to be filling the vacant position.

In his resignation letter, Adrian stated that his resignation was effective as of January 31, 2024. "I agree that this letter cannot be canceled and cannot be revoked for any reason. "I confirm that I have no further claims against the company in any form," the letter said.

In another letter, it was stated that Adrian admitted to diverting Investree funds to his personal bank account and also used his position as director to make Investree the guarantor of his personal company. News of this resignation has been circulating since the beginning of this year.

Sources also said that Investree shareholders had held an extraordinary general meeting (EGMS). online on January 17 2024 to dismiss Gunadi from his position and replace him with Salman Baharuddin, who joined seven years ago. Another source said that Salman had been handling day-to-day operations for quite a long time.

Regarding this resignation letter, OJK admitted that it had not received notification from Investree regarding the change in leadership.

Stumbled upon another issue

Adrian's resignation and this act of abuse was a snowball effect that occurred within the company. The company has experienced mounting bad credit issues since last year and tight liquidity.

Source Deal Street Asia said that Investree had difficulty covering operational costs because it was unable to generate meaningful income. Plus, Series D pendanaan funding It is said that it has not been disbursed since the announcement to the public circulated in October 2023.

For the record, this Series D funding is worth 220 million Euros (Rp. 3,6 trillion) led by JTA International Holdings Qatar.

Prior to this funding announcement, since May 2023, Investree was on the OJK's radar due to the issue of default. Funders at Investree have not been paid for hundreds of days. The regulator also intervened by imposing administrative sanctions on January 9 2024 for "violating applicable regulations".

"If further violations of the provisions are found, OJK will impose administrative sanctions in accordance with applicable regulations, including written warnings, fines, restrictions on business activities, and revocation of business permits," said Agusman (Chief Executive Supervisor of Financing Institutions, Venture Capital Companies, Financial Institutions Micro and Other Financial Services Institutions).

As of today (30/1), TKB90 Investree is at 83,56%. This means that the percentage of non-performing loans or default rate or TWP has now reached 16,44%. This figure is lower than the industry average lending amounting to 97,18% as of September 2023.

The company was dragged by its funders to court and filed three lawsuits. The value of the losses revealed reached more than billions of Rupiah.