Author: yosefardi.com

Megawati’s Endorsement of Ahok

President Joko “Jokowi” Widodo discussed the chief of the new capital city authority with the Chairperson of the ruling party PDIP Megawati Soekarnoputri. At the heart of the discussion was the then Jakarta Governor Basuki Tjahaja Purnama a.k.a Ahok, who is now the president commissioner of state oil and gas company Pertamina.

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On Tax Corruption Scandal: A New Trial

We began 2021 with a corruption case involving tax officials. The allegation was scandalous. Officials had allegedly transacted and helped three large companies avoid their tax obligations. One of said companies was owned by the notorious Haji Isam. After several months of speculation, the Corruption Eradication Commission (KPK) announced the suspects, but nothing really interesting happened in the trial of suspect Angin Prayitno Aji. Later, the KPK named two new suspects; both were employees of the Directorate General of Taxation. The inquisition of the two suspects progressed rapidly. The details mentioned in the latest indictment is even more shocking than the predicate crime. One of the suspects allegedly laundered money with the help of his son.

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KPK’s Corporate Suspect: The Trial of PT Merial Esa

In 2016, the Corruption Eradication Commission (KPK) successfully cooperated with the Supreme Court and ratified the Supreme Court Regulation (Perma) No. 3/2016 on the procedures for examining cases involving corporations. According to the Perma, companies involved in cases of corruption can be held accountable. In 2017 the KPK named the first corporation suspect and to date, seven companies have been named suspects. Nevertheless, the inquisition process is more difficult than expected. 

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Moderate Global Growth

The United States (US) economy expanded an annualized 6.9% on quarter in Q4 2021, much higher than 2.3% in Q3. It’s the strongest GDP growth in five quarters, with the biggest upward contribution coming from private inventories (4.9 percentage points), namely motor vehicle dealers, as companies had been drawing down stocks since the beginning of 2021.

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XL Axiata-Link Net Acquisition

Axiata Group Berhad and XL Axiata (EXCL) on Thursday (Jan. 27) announced the signing of a conditional share purchase agreement (SPA) to jointly acquire an aggregate 66.03% equity interest in Link Net, internet and cable tv service provider, from Asia Link Dewa Pte. Ltd. (ALD) and First Media (KBLV).

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FY21 Results: BMRI & BBCA

State-owned Bank Mandiri (BMRI) booked profit after tax of Rp28 trillion in 2021, growing 66.83% year on year (y/y) as profit from operation rose 58.48% y/y to Rp38.44 trillion. Provision expenses meanwhile fell 21.37% y/y to Rp19.54 trillion.

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Axiata’s LinkNet Acquisition

So, Axiata Group Berhad and its Indonesian subsidiary PT XL Axiata Tbk (EXCL) have agreed to acquire 66.03% shares of PT LinkNet Tbk (LINK) from Lippo Group’s First Media (KBLV) and CVC’s Asia Link Dewa Pte Ltd for Rp8.72 trillion or Rp4,800 per share.

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Gus Yahya’s First Action

The Chairman of the Nahdlatul Ulama’s Central Board (PBNU) Yahya Cholil Staquf a.k.a Gus Yahya reprimands the leaders of the NU’s regency branches (PCNU) in Sidoarjo and Banyuwangi for their involvement in a political event of the Chairman of the National Awakening Party (PKB) Muhaimin Iskandar in relation to the 2024 presidential race. Gus Yahya firmly prohibits the NU, as an institution, to be involved in practical politics.

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