Juniver Girsang & Partners, attorney of Lek Chui Eng, Ms Lynn Hermijanto, and Ms Stacey Hermijanto, issued half-page announcement Thursday (Oct 13) to rebuff claims by client of Rudy Lontoh & Partners published earlier on Wednesday regarding the inheritance of the late Toto Hermijanto, founder of Shinta Group.
Read MoreYesterday (Oct. 12), the Corruption Eradication Commission (KPK) finally examined Gamawan Fauzi, the former Minister of Home Affairs in Susilo Bambang Yudhoyono (SBY)’s presidency, in connection with the allegations of graft in the procurement of electronic identity card (E-KTP). Gamawan, however, is just one of the many big names that the graft convict Muhammad Nazaruddin mentioned as parties involved in the graft case. So, who’s next?
Read MoreThe debt dispute between PT Grahalintas Properti against one of its creditors PT Bank CIMB Niaga Tbk (BNGA) continues. In the last meeting of creditors held on October 11, 2016 the creditors agreed to give Grahalintas a time extension of 30 days. The extension is needed because the Company still has to discuss the requirements demanded by BNGA. BNGA, who’s the only separatist creditor with the biggest amount of bill registered, demanded a personal guarantee from Samin Tan.
Read MoreSince last week, Sujaya Group’s two subsidiaries—PT Bintang Jaya Proteina Feedmill (Bintang Jaya) and PT Sinka Sinye Agrotama (Sinka Sinye)—has had to face a lawsuit on Suspension of Debts Payment (PKPU) filed by HSBC Banking Corporation Ltd. HSBC claims that both companies owe the Bank Rp685.12 billion. Sujaya Group, however, begs to differ. At the hearing held on October 11, 2016, Sujaya Group through its legal counsel Aji Wijaya said that the petition for debts restructuring had a legal formal defect and there was confusion about the legal system used.
Read MoreMohammad Saleh, a member of the Regional Representatives Council (DPD) from Bengkulu, has been elected as the new speaker of the DPD to replace Irman Gusman, who is now a graft suspect. Saleh beat Her Royal Highness (GKR) Hemas and Farouk Muhammad in last night’s (Oct 11) election with a landslide victory. The question is, who is Mohammad Saleh?
Read MoreFinance Minister Sri Mulyani Indrawati on Wednesday spoke about the risks of continuing global economic slowdown, which would also affect Indonesia’s economy. Sri Mulyani said that the global economic slowdown is expected to continue to 2017, signalled by the decline in investment in emerging countries, low commodity prices in global market, and the uncertainty of global geopolitics which would later affect trust in the financial market.
Read MoreApexindo Pratama (APEX), an oil and gas supporting services company, suffered net loss of US$7.35 million in the first half of 2016 as sales revenues collapsed 51.2% to US$71.3 million. Elnusa (ELSA), another supporting services company, on the other hand, booked net profit of Rp145 billion, an increase of 9.2% from the same period of 2015, while sales revenues slipped only by 5.1% to Rp1.71 trillion (US$132 million).
Read MoreJapanese companies continue to expand their businesses in Indonesia. Few months back, Mitsui & Co Ltd and Fujimori Kogyo acquired majority shares in PT Champion Pacific Indonesia Tbk (IGAR), a manufacturer of flexible packaging materials, with focus on pharmaceutical products. This week, Nanbu Plastics Co Ltd, which manufactures plastic molded parts and synthetic resins, also announced acquisition of Indonesian assets.
Read MoreGovernment spending in the first nine months of 2016 reached Rp767.7 trillion or 58.7% from full year target. Minister of finance Sri Mulyani Indrawati said spending by ministries/central government agencies reached Rp428.6 trillion or 55.8% from target, significantly faster than Rp374.18 trillion or 47% in the same period last year. Sri Mulyani highlighted accelerated infrastructure development from earlier tender conducted by some ministries behind the improvement.
Read MoreDevelopment of Bakeuheni-Terbanggi Besar toll road (141 KM) in southern part of Sumatra Island is one of signature projects of Jokowi-Kalla administration under the trans-Sumatra toll road program. Unlike the previous administration, Jokowi-Kalla pushed physical construction of the toll road concurrently with land acquisition.
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