Author: yosefardi.com

Cabinet reshuffled, next battles

President SBY had announced the cabinet reshuffle on Monday. Pretty much as predicted, except the home affairs and defense ministry. The decision has long-term impact, especially the upcoming 2009 election which is not too far away and the relationship between President and Vice President. Some praise, others condemn. One thing remains, the relationship between President and Vice President wouldn’t be better. Why? First, take a look at the lineup: – State Secretary Minister: Hatta Radjasa from National Mandate Party (PAN) replacing Yusril Ihza Mahendra from Crescent Stars Party (PBB). – Attorney General: Hendarman Supandji (career promotion, a close ally of president SBY) replacing Abrurrahman Saleh (closely related to PBB). – Justice & Human Rights: Andi Mattalata (politician from Golkar Party, South Sulawesi, close ally of VP Jusuf Kalla) replacing Hamid Awaluddin (considered as adopted son of VP Kalla). – State-Owned Enterprises (SOEs): Sofyan Djalil (initially a member of Lembang Nine,  think-tank established to help VP Kalla with other members like Tanri Abeng, Setianto, Muhammad Abduh, but Sofyan has established a closer relations with President SBY’s Democrat Party). Sofyan replaces Sugiharto (initially endorsed by United Development Party/PPP, but since his appointment as minister Sugiharto has been considered of getting closer to Justice Prosperous Party/PKS). “Actually VP Kalla wanted to have industry minister Fahmi Idris moved SOEs or promoting Muhammad Said Didu. Sofyan is clearly the president’s ally, even though he...

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Asian Agri tax evasion evidence found

Tax Office claimed it had found strong evidence of tax evasion committed by Asian Agri, a subsidiary of RGM International controlled by tycoon Sukanto Tanoto, Koran Tempo reported today. The result of months of investigation would be announced in the next two weeks. Darmin Nasution, Director General for Tax at the Ministry of Finance, told the press yesterday that Corruption Eradication Commission (KPK) will investigate further the tax evasion scandal after Tax Office staffs found more interesting materials. Tax Office started the investigation early this year after a former executive at Asian Agri revealed the tax payment at the amount of US$120 million had been evaded through some phony transactions. Asian Agri is one of the largest CPO producers in the country. The man behind the saga (Vincentius) had submitted the internal Asian Agri files to Corruption Eradication Commission (KPK). Vincentius himself is currently detained. As usual, Sukanto’s side denied all the accusations (tax evasion & engineering) and that all data have been audited by tax office. Vincentius in the Tempo magazine report few months ago admitted himself was the actor of tax evasion for Asian Agri, but he didn’t disclose how tax office easily or intentionally approved the tax reports. Considering time frame of the suspected tax evasion (2002-2006), there must be lots of people...

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Sampoerna Telecom to issue high yield bond

This is a busy year for Indonesian telecommunication industry to raise funds from investors. Almost all players have launched plans to raise funds including new player like PT Sampoerna Telecom Indonesia, a company controlled by Sampoerna Family. People close to the group said PT Sampoerna Telecom Indonesia has appointed arranger to prepare the issuance of a high yield bond but the size has yet to be decided. “PT Sampoerna Telecom Indonesia has appointed UBS as the arranger for the high yield bond. But it’s not clear how big will be the issuance. Most of the proceeds would be used for network expansion,” one investment banker said this morning. Starting this week, Sampoerna Agro—also controlled by Sampoerna family, will start the roadshow for its IPO scheduled by the end of this...

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Close-Up: Jusman Syafei Djamal

People never mentioned Jusman Syafei Djamal as a potential candidate to replace Hatta Radjasa as transportation minister until Saturday when President Susilo Bambang Yudhoyono summoned the former aircraft manufacturer CEO. Who is he? Who whispered SBY? Something to do with his current job?

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Close-Up: Mohammad Nuh

President Susilo Bambang Yudhoyono would likely appoint former ITS rector Mohammad Nuh as minister for information and communication replacing Sofyan Djalil (will replace Sugiharto as minister for state-owned enterprises). Who is Mr Nuh? What political backup he has?

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New cabinet lineup: Who’s in & out

In the last 48 hours, President Susilo Bambang Yudhoyono have summoned ministers and candidates to fill cabinet posts in what some analysts called as the most interesting reshuffle in years. In the next 24 hours, the president is expected to announce the new lineup. Who’s in and out?

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Cabinet Reshuffle Updates: Clearer picture

Several people summoned by President Susilo Bambang Yudhoyono this morning have sent clearer signs of the much awaited cabinet reshuffle. People close Sofyan Djalil claimed that the minister for communication and information would almost certain move to state-owned enterprises ministry. But it’s not clear yet who will take his job. The announcement itself is expected on Monday, May 7.

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Tjia Family & The Thousand Tower Project

Early last month President Susilo Bambang Yudhoyono launched ambitious housing project, build 1,000 low-class apartment towers in 10 cities that would cost around US$6 billion. Pintu Air Mas (PAM) Group controlled by Tjia Family is one of the developers of the giant project with plans to build seven towers (4,550 units of apartment) in Jakarta alone. Indonesians are familiar with giant property developers like Sinar Mas, Agung Podomoro, Tan Kian, Artha Graha, Mulia, Ciputra, Metropolitan, etc. Not many Indonesians aware of PAMG Group. But if we take a tour to the company’s website, you’ll be surprised with the group’s property business. The group operates three medium-size hotels in Pekanbaru (Sumatra), Jakarta, and Bali. PAM also developed residential projects in many cities. In the commercial property sector, the group developed Pekanbaru mall in Sumatra and Cirebon Town Square in West Java. The group is developing a Rp500 billion superblock complex in Balikpapan, East Kalimantan. But the group’s biggest project is clearly the seven apartment towers to be built in Jakarta. The group has presented the project before president SBY early last month. Besides property, PAM group has business ventures in tours & travel (Jatra), finance (PT Kapita Sekurindo), automotive (Jatra Motor), and mining. Who are the people behind the group? The group’s management is in the hands of family members. Ady Sumasto Tjia is the chairman, while Christopher Sumasto Tjia,...

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SBY & Tommy’s new projects

What is the relationship between Tommy Soeharto and President Soesilo Bambang Yudhoyono? No family relationship, for sure. How about business relations? No direct relationship! Except that one legislator from Partai Demokrat (where SBY is the patron leader) is also the CEO of property arm of Tommy’s Humpuss Group. We’re talking about Mr Roestanto W Dirdjojuwono, president director of PT Mandalapratama Permai, developer of Mandala Pratama Industrial Estate in Cikampek, West Java and the new SeaView apartment project in Balikpapan, East Kalimantan with Rp300 billion investment in partnership with PT Sesi Property Indonesia where Mr Ari Sigit Soeharto (Tommy’s nephew) is the commissioner. Mandalapratama’s intention to control the renovation of Tanah Abang market renovation raised eyebrows especially because legislator Roestanto in his capacity as Mandalapratama CEO signed the MoU with traders/tenants.  Three NGOs filed complaints to The House of Representatives (DPR) late last year with documents of what they consider as violations committed by Mr Roestanto and Mandalapratama. They also questioned ethical aspect of Mr Roestanto’s ‘intervention’ in the project. Ari Sigit’s PT Sesi Properti currently works with PD Jawi owned by Bandung administration to renovate Hotel Royal Corner at Jl Wastukencana, Bandung with Rp150 billion investment. But the most prestigious one is Bali Pecatu Graha in Bali which may cost US$1.5...

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Japfa’s financials improved

PT Japfa Comfeed Indonesia Tbk, one of the largest and most integrated agri-food companies in Indonesia, reported signigicant improvement in sales revenue, operating profit, and net profit last year. Its net profit grew almost 500% from 2005. According to Japfa’s financial statement published Saturday, May 4, the company reported net sales revenue of Rp6.4 trillion (around US$700 million) in 2006, representing a 19.9% growth from 2005. The company’s business activities include animal feed manufacturing, chicken breeding, poultry processing, and aquaculture farming. While the cost of goods sold increased almost at the save level of 19.4%, the company which once planned to move its operation overseas managed to book gross profit of Rp1.109 trillion or a 21% growth from 2005 and subsequently an operating profit of Rp267 billion in 2006. Japfa then reported net profit of Rp238 billion or a 495% growth from 2005. Creditors control the company following a debt restructuring agreement signed few years ago. As of March 31, 2007, the company’s shareholders were BNP Paribas (6.7%), Coutts Bank Von Ernst (9.15%), JP Morgan Chase Bank qq Japfa Creditors (9.65%), Pacific Focus Enterprises Ltd (29.8%), and Rangi Management Limited...

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