Heaptalk, Jakarta — Co-founder and CEO of Investree, Adrian Gunadi, announced to step down from the board, effective on January 31, 2024, amidst allegations of misconduct and obstacles encountering the company.
In an official letter that DealStreetAsia reported, Adrian revealed, “I agree that this letter cannot be canceled and cannot be revoked for any reason. I emphasized that I have no further demand against the company in any way.”
Furthermore, the letter reportedly stated that Adrian admitted to diverting Investree’s funds to a personal account and used his position as director to make the startup the guarantor for a personal company.
Adrian’s resignation is claimed to be the effect of the turmoil within the company. Previously, this peer-to-peer lending startup is reportedly experiencing a lousy credit issue, leading to speculation about closing the company’s operations. This speculation spread widely as Investree’s 90 success rate (TKB90) reached 87.42%, whereas the company’s 90 Default Rate (TWP90) or lousy credit reached 12.58%. TWP output soared by 3.29%, approximately three-fold, as of early December 2023.
However, Investree also denied the news of the company’s closing its operations. According to the management, this high level of bad credit remains normal as the borrowers repay their loans on average at the end of each month. Nevertheless, Investree will continue to execute improvement moves to address this issue.
In response to this resolution, Investree’s shareholders virtually performed an Extraordinary General Meeting (RUPSLB) on January 17, 2024, to retire Adrian and replace his position with the Chief of Sales of Investree, Salman Baharuddin.
Adrian’s resignation came when the company was grappling with tight liquidity. Despite securing Series D funding worth US$231 million in October 2023 from Qatar’s JTA International Holdings, the disbursement of the fund was delayed, raising concerns among investors regarding future capital inflows.
As information, Investree’s TKB90 is at 83.56% as of January 30, 2024, indicating that the tough credit or default rate (TWP) has reached 16.44%. This outcome is lower than the lending industry average of 97.18% as of September 2023.
