Day: January 19, 2017

Emir Satar, Corruption Allegations & SBY Network

Leaders of the Corruption Eradication Commission (KPK) tried hard to protect flag carrier Garuda Indonesia (GIAA) from negative impacts of the bribery case against former CEO Emirsyah Satar. GIAA shares ended lower by only 2.26% Thursday (Jan 18). Still it is interesting to see whether the bribery case implicating Soetikno Soedarjo and Rolls-Royce is only an entry to other cases.

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Soetikno Soedardjo & His Businesses

Businessman Soetikno Soedardjo, co-founder of Mugi Rekso Abadi (MRA) Group, which is famous for its luxury product/services businesses, has been named suspect alongside Emirsyah Satar, former CEO of flag carrier Garuda Indonesia (GIAA), in relation to the procurement of Rolls-Royce engine for Airbus aircrafts.

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Emir Satar, Soetikno Soedardjo, & Airbus Bribery Case

The Corruption Eradication Commission (KPK) has named Emirsyah Satar, CEO of Garuda Indonesia in the period of 2005-2014, a suspect in bribery case. Emir, who is now leader of e-commerce company mataharimall.com (Lippo Group), is accused of receiving 1.2 million euros and US$180,000 from someone identified as SS, who is also suspect in the case.

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SEMA No. 4/2016

Recently, the Supreme Court published the Circular Letter No. 4/2016 (otherwise referred to as SEMA 4/2016) regarding the Application of the Supreme Court Chambers’ 2016 Plenary Meeting Results. In SEMA 4/2014, the Supreme Court sets out the limits to applying the law in the 6 Chambers of the Supreme Court. This SEMA has sparked some controversies.

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The New KSAU, TNI’s Leadership Change, and Jokowi’s Consolidation

On Wednesday (Jan. 18), Air Marshal Hadi Tjahjanto, as we all know, was sworn in as the new Air Force Chief of Staff (KSAU) to replace Air Marshal Agus Supriyatna, who will soon enter his mandatory retirement age. We have discussed the possibility of having Air Marshal Hadi Tjahjanto’s as the next commander of the Indonesian Military (TNI) in a previous article. Today, talk considered the possibility of an expedited change of the commandership of the TNI.

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Updates on Hai Yin’s PKPU

Two months have passed since the Panel of Judges at the Commercial Court of the Central Jakarta District Court granted the lawsuit on Suspension of Debts Payment (PKPU) filed against Jakarta-based shipping company PT Hai Yin, and the process continues. The lawsuit was filed by one of the Company’s creditors PT Pelayaran Pelangi Sindumulya (PPS). This is the fifth PKPU lawsuit the Company has had to face in the past three years.

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South Sulawesi’s 2018 Gubernatorial Election

South Sulawesi is another province that will take part in the 2018 simultaneous regional elections. The province is home to the Sengkang LNG project (which is fully controlled by ASX-listed Energy World Corporation (EWC)), and two of the country’s nickel producers, Aneka Tambang (ANTM) and Vale Indonesia (INCO). Politically, South Sulawesi is significant because it has the most population in the Sulawesi island. It is also the home town of Vice President Jusuf Kalla.

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The Market & the Economy

The composite index of the Indonesia Stock Exchange (IDX) ragained from earlier losses, closing up 0.53% at 5,295 on Wednesday (Jan 18) as foreign investors returned to buying local stocks. They booked net buy of Rp63.2 billion yesterday, but year-to-date foreign investors booked net sell of Rp1.39 trillion. Trading in stocks increased, valuing of Rp6.26 trillion yesterday, higher than its average daily trading value of Rp5.33 trillion. The rupiah also strengthened to Rp13,328 against the U.S. dollar on Wednesday.

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Banking Consolidation

The Financial Services Authority (OJK) said that banking consolidation would affect the reduction of operating banks. The expectation is that 5 banks are to be acquired or taken over by foreign investors/buyers this year. The target for acquisition or merger are those categorized as BUKU 1 and BUKU 2. Per November 2016, the number of banks (BUKU 1) with the core capital of less than Rp1 trillion reached 27 banks. Whereas there are 50 BUKU 2 banks (with capital of Rp1-5 trillion).

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