Day: December 5, 2016

Luhut Sells Toba Bara Sejahtra

Coal producer Toba Bara Sejahtra (TOBA) informed market authorities Monday that it has on December 5th received a letter from Highland Strategic Holding Pte Ltd, a company based in Singapore, regarding its plan to acquire majority shareholding in TOBA, which is controlled by the family of Luhut Binsar Pandjaitan, coordinating minister for maritime affairs.

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Rokan Group’s Assets Recovery

Sumatera-based plantation company Rokan Group, and its owner Rustian a.k.a Ang Tiong Kang were brought down following the investigation into corruption in the issuance of Bank Indonesia Liquidity Credit (KLBI) in the 1990s. All of the Group’s assets were confiscated by the Attorney General’s Office, but in 2005 the Supreme Court decided to acquit Rustian from all criminal charges. The AGO, however, did not follow up on the Supreme Court’s verdict until 2014. And now, the Group’s assets recovery process is almost over.

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Mobile-8 Tax Restitution Case: The AGO’s Persistence

The Attorney General’s Office (AGO) received a bad news last week when the South Jakarta District Court decided to partially grant the pre-trial lawsuits filed by the two suspects in the PT Mobile-8 Telecom Tbk (Mobile-8) tax restitution fraud case. The two suspects Hary Djaja and Anthony Chandra Kartawiria were acquitted from the criminal charges and the Court also decided that the AGO had no authority to investigate tax restitution cases.

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A Plot Against Jokowi? (3)

The National Police’s Criminal Investigation Division (Bareskrim POLRI) has named 11 activists and high-profile figures as suspects in treason. The Police said that they had been monitoring said suspects for the past three weeks. Three out of said 11 suspects are detained. Who are they and what network do they have?

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Infrastructure Journal

PT Kereta Api Indonesia, the state-owned railway operator, has today started trial operation of train service connecting Sei Mangkei special economic zone (SEZ) and the existing railway connecting Medan-Belawan in North Sumatra. The train transports containers in the 139-KM route to ease public road congestion. Also today, PT Kereta Api Indonesia signed MoU with state plantation firm PT Perkebunan Nusantara III and state port management company Pelindo I for the transportation of goods between Sei Mangkei and Belawan Port.

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Market Snapshots & Corporate Actions

While most Asian stocks indices were in the red zone on Friday last week (Dec 2), Indonesian stocks bucked the trend. The composite index of the Indonesia Stock Exchange (IDX) gained 0.9% to close at 5,246, while the rupiah strengthened to Rp13,524 against the U.S. dollar on Friday. Domestic investors poured money into Indonesian stocks.

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Jokowi & Islamic Politics

President Joko “Jokowi” Widodo successfully changed the December 2nd rally from what was meant to be an anti-Ahok rally to a Friday prayer event. But as we’ve mentioned before, Muslim organizations behind the said rally will not stop targeting Ahok until the Court decides the fate of the Governor of Jakarta. In that context, those seeking to destabilize Jokowi’s administration, ahead of the 2019 elections or for whatever purpose, may use these Muslim groups for their own agenda. Islamic politics has thus become a new challenge for Jokowi.

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Metal Prices & Mining Stocks

Aneka Tambang (ANTM), Vale Indonesia (INCO), and Timah (TINS) are among top gainers year-to-date with over 100% gain respectively even though their financials were severely hit by falling prices of nickel and tins. Investors were mostly betting on improvement in these commodities next year.

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