Author: yosefardi.com

Facebook Urged to Set Up Local Entity

Thomas Lembong, Chairman of Coordinating Investment Board (BKPM), urged United State’s social networking giant Facebook Inc. to set up local entity, called as Over The Top (OTT) entity, then the Government of Indonesia could get tax paid by Facebook Indonesia. BPKM has awarded principal permit to Facebook for setting up local entity. Now Facebook is proposing to get the said permit from DKI Jakarta City government. Indonesia has been pushing foreign technology firms to be locally incorporated since 2015. Last year, Indonesian government has released OTT rules for mobile service providers to acquire licenses in the...

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LMIR Trust Acquires Lippo Plaza Kendari

Lippo Malls Indonesia Retail Trust (LMIRT) has acquired Lippo Plaza Kendari. Then, now LMIRT Trust’s portfolio comprises 21 high-quality retail malls and seven major retail spaces located within other malls in Indonesia. The purchase consideration for the acquisition was paid in cash and is financed through  issuance  of  perpetual securities under the S$1 billion Euro Medium Term Securities...

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Prosecutors’ Demands for Handang Soekarno

The trial of the former Head of Initial Evidence Sub-Directorate at the Law Enforcement Directorate in the Directorate General of Taxation Handang Soekarno, who was caught for receiving bribes from the Managing Director of a subsidiary of Lulu Group International PT EK Prima Ekspor (EKP), will soon come to an end. Previously, interesting evidence were made public through the trial, and Handang was not holding back. Many thought that the prosecutors would thus go easy on Handang. But on June 21, 2017, the prosecutors read their demands for Handang and did not show any lenience.

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The Sting Operation in Bengkulu and the Regional Leaders Club

The Corruption Eradication Commission (KPK) conducted Sting Operations (OTT) in Bengkulu three weeks ago and arrested an active prosecutor. On June 20, 2017, however, the KPK again conducted an OTT in Bengkulu. This time, among the individuals arrested, there was the Governor of Bengkulu Ridwan Mukti and his wife. Ridwan, who kept an image as an anti-corruption activist, is the third Governor of Bengkulu involved in graft cases.

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Mark Dynamics Indonesia Kicks Off IPO

Mark Dynamics Indonesia, the premium hand former manufacturer, has set its IPO price at 250 per share, to raise Rp40 billion proceeds. It will offer 160 million shares, representing 21.05% of its total issued and paid-up capital. The offering is scheduled for July 3-5, 2017. Listing at stock exchange is set for July 12, 2017. Panin Sekuritas acts as underwriter for this...

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Car Export Grows 30%

Indonesia expectedly exported 122,000 units of completely built-up (CBU) car during the first half (H1) of 2017, grew by 30% compared to the same period of last year. During 2016, Indonesia’s car export (wholesale) reached 1.06 million units, up 4.7% from 1.01 million in 2015. Astra Group also reported its domestic car sales reached 261,743 units in Jan-May 2017 period, holding 56.04% market...

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Q2 GDP Indonesia to Fall below Predictions

The central bank (Bank Indonesia/BI) expects Indonesia’s gross domestic product (GDP) growth in the second quarter (Q2) of 2017 to be not as high as prediction because there has been a correction in Indonesia’s export performance. Earlier BI said to expect Indonesia’s economic growth to range between 5.1-5.2% year-on-year (y/y) in the second quarter of the year. Indonesia’s export performance has weakened in Q2-2017, while non-construction investment remained bleak. Therefore, the actual figure may have difficulty to reach 5.1%...

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Indonesia May Allow More Foreign Investment in Airports

The Indonesian government may soon revise its negative investment list to attract more foreign investment into Indonesia. The government is specifically seeking to allow bigger foreign stakes in the management of airports across the Archipelago. Currently, foreigners cannot own a majority stake in a joint venture (with an Indonesian party) to operate an airport in Indonesia. However, Indonesian President Joko Widodo seems eager to encourage more foreign direct investment (FDI) in order to boost Indonesia’s overall economic growth. Currently, the maximum foreign ownership is set at 49% for airport operation...

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East Java Election: Waiting for PDIP

Political parties in East Java are still waiting for PDIP to announce the gubernatorial candidate that they’d like to endorse. Gerindra, the third largest political party, repeatedly pushed PDIP to make the announcement so that East Java 2018 will not end up becoming a one-pair race. Why is PDIP taking their time?

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The Presidential Threshold: Why It Matters

A few days ago, lawyer/politician Yusril Ihza Mahendra told the press that the presidential threshold could be challenged at the Constitutional Court (MK), especially if the new Election Bill accommodates the current presidential threshold as stipulated in the Presidential Election Law 42/2008. The former Minister of Law & Human Rights under Susilo Bambang Yudhoyono’s (SBY) administration, moreover, said that he’d challenge the constitutionality of the threshold because it’s no longer relevant.

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