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Jakarta’s 2017 Election: Political Break-ups (2)

Jakarta’s 2017 gubernatorial race is heating up. We’re slowly learning who’s cheering for who. The most high profile expression of support so far has come from Vice President Jusuf Kalla who, unlike President Joko “Jokowi” Widodo, has thought it was appropriate to let the public know who he’d like to see win the gubernatorial race. Other than Kalla, we also heard from another Golkar politician, Ahmad Doli Kurnia, who criticized his party’s decision to endorse the incumbent.

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Infrastructure Journal

President Joko ‘Jokowi’ Widodo inspected construction of two of his signature projects: Jakarta mass rapid transit (MRT) and the greater Jakarta light-rail transit (LRT). He was accompanied by incumbent Jakarta governor Basuki Tjahja Purnama (Ahok) and state-owned enterprises minister Rini Soemarno.

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Merger & Acquisition Updates

Bisnis.com reported that the conglomerate of Panin Group, Mukmin Ali Gunawan, had divested 80% stake in PT Asuransi Multi Artha Guna Tbk (AMAG) at premium price of US$225 million, equivalent Rp2.9 trillion (Rp300-400 per share). This is a backdoor listing for new investor/buyer. AMAG shares was traded at Rp326 Thursday with market capitalization reaching Rp1.63 trillion.

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Updates on Irman Gusman’s Case

The Corruption Eradication Commission (KPK) continued to investigate the bribery in the distribution of additional quota of sugar for West Sumatera; the case that brought down the former Chairman of the Regional Representatives Council (DPD) Irman Gusman. On September 29, 2016, the KPK summoned several witnesses for questioning, one of them was the Director of the National Logistics Agency (Bulog) Djarot Kusumayakti. On the same day, Irman through his legal counsel officially filed for pre-trial against the KPK at the South Jakarta District Court.

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Time Extension on Bumi Resources’ PKPU

PT Bumi Resources Tbk (BUMI), which is currently in a period of Suspension of Debts Payment (PKPU), is still working towards reaching a peace agreement with its creditors. In the hearing held on September 28, 2016, the Panel of Judges of the Commercial Court of the Central Jakarta District Court decided to accept the request for time extension. BUMI now has 31 more days for their PKPU.

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Manufacturing Investments to Watch

State-owned oil and gas company Pertamina has signed agreement with Repsol for the construction of Treated Distillate Aromatic Extract (TADE), an additive for the production of rubber for tires, at Pertamina’s refinery complex in Cilacap, Central Java. PT Kaltim Methanol Industry (KMI), the largest methanol producer in Indonesia, meanwhile, plans US$900 million for the expansion of capacity.

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Tax Amnesty in Action (34): Next

The State has collected Rp93.5 trillion or about US$7.2 billion of penalties from the tax amnesty program as of Thursday (Sept 29). A total of Rp3196 trillion (US$245 billion) of assets have been declared and repatriated since the program was started in July 1st. One of the region’s richest men, Anthoni Salim, is scheduled to participate Friday (Sept 30), which is the program’s last day of first phase.

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Market & Corporate Actions/Results

Asian stocks declined this morning (Friday) as concerns mounted over Deutsche Bank AG’s finances, spurring a selloff in global financial shares, Bloomberg reported. Wall street market ended lower on Thursday as investors are cautious over the OPEC member’s agreement to cut oil production. Nymex’s crude oil declined 0.06% to US$47.80 per barrel in Asian trading this morning and gold inched down 0.06% to US$1,325.20 per ounce.

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E-KTP Graft Case: New Dirt

The Corruption Eradication Commission (KPK) has once again questioned Muhammad Nazaruddin, a graft convict and former Treasurer of Susilo Bambang Yudhoyono’s (SBY) Democratic Party, related to the electronic identity card (E-KTP) procurement case. After the questioning session, Nazaruddin told the press that he hoped the KPK would name Gamawan Fauzi, former Minister of Home Affairs under SBY’s administration, as a new suspect. But Gamawan was not the only big name that Nazaruddin had mentioned before in connection to the case.

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The Debate on Inpres No. 8/2016

The biggest worry of today is that State revenues for 2016 will fall far below the target. This worry had forced the Government to take extraordinary measures, one of which is reducing state expenditure. This austerity measures was ratified by President Joko “Jokowi” Widodo with the issuance of Presidential Instruction (Inpres) No. 8/2016 aimed at reducing the budget of 83 ministries and state institutions. Some have criticized the austerity policy, but the most interesting criticism is on the choice to issue the instruction with a presidential instruction paper. Critics believe that issuing an inpres to modify the budget, which is affixed by law, is unconstitutional. Is this a correct assessment?

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