7 - Eleven Must Provide Transparency, OJK Says

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  • Chains are used to lock the front door of a 7-Eleven convenience store in Jakarta,  June 27, 2017. REUTERS/Agoes Rudianto

    Chains are used to lock the front door of a 7-Eleven convenience store in Jakarta, June 27, 2017. REUTERS/Agoes Rudianto

    TEMPO.CO, Jakarta - Nurhaida, the Financial Services Authority's director for market supervision, asks 7-Eleven's holding company Modern Internasional's (IDX: MDRN) to provide transparent public disclosure following the closing of all 7-Eleven stores in June.

    Nurhaida said the 7-Eleven's closing has become a public discourse.

    Read: Seven Eleven Closes Its Business in Indonesia

    "Because their parent company is an open company, then in accordance to provisions, there must be an information disclosure. They must report the business decisions that they take," Nurhaida said yesterday.

    The company is obliged to submit the disclosure within two days after a business decision is made. "Since we had a 10-day holiday, the OJK has not been notified."

    Nurhaida added that the OJK will send a letter to MDRN to immediately make a public announcement.

    On June 30, MDRN said it would close all of the 7-Eleven's convenience stores due to "limited resources to support operations."

    More than 100 7-Eleven stores in Indonesia will be vacant until there are new tenants.

    Roy Mandey, Chairman of the Indonesian Retail Entrepreneurs' Association, said 7-Eleven collapsed because of poor regulations. The definition of convenience store or mini market, he said, is obscure, and in Indonesia, 7-Eleven's business category is neither not a supermarket nor a restaurant. "Our government regulations are behind times," he said.

    GHOIDA RAHMAH | ANDI IBNU