KONTAN.CO.ID - JAKARTA. The position of President Director of PT Woori Finance Indonesia Tbk (WFI) is currently still vacant. Rhee Heon Joo, who was appointed as main director at the General Meeting of Shareholders (GMS) on June 27 2023, was declared not to have passed the fit and proper test (FPT) of the Financial Services Authority (OJK).

Woori Finance Indonesia management explained that up to now there has been no decision regarding plans to fill the vacant top management position. Management is still waiting for a decision from the controlling shareholder, namely Woori Card.

Previously, the multi-finance company registered as Batavia Prosperindo Finance Indonesia (BPFI) was acquired by Woori Card Co. Ltd and became the controlling shareholder (PSP) in 2022.

In October 2022, shareholders appointed Seo Hyeok Jin as president director, but then resigned in January 2023.

Furthermore, the Company appointed Chief Financial Officer (CFO), Rhee Heon Joo as the new CEO, at the June 2023 GMS. Rhee Heon Joo was then declared not to have passed the fit and proper test from the OJK in November 2023.

Woori Finance Indonesia management also said that there had been no decision regarding plans to fill the vacant top management position.

"Management is still waiting for a decision from the controlling shareholder, Woori Card," said Woori Finance Indonesia management in an official statement, Friday (8/12).

Woori Finance management also expressed concern because many investors in the market were questioning the stability of the company's management.

It is hoped that this vacancy can be filled soon, because this is considered important in order to maintain the stability of the Company's performance while maintaining investor confidence, including financial companies from South Korea who are interested in investing in Indonesia.

If we look at its performance, since it was acquired by Woori Card, this multi-finance company has recorded positive business performance. Until September 2023, its total assets reached IDR 1.68 trillion, or grew 128.1% year on year (YoY). Meanwhile, in terms of profit, it experienced a jump of 158% to IDR 64 billion.
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