Author: yosefardi.com

On Cemerlang Abadi’s Case

It has been over a year since we learned about the allegation of violations committed by PT Cemerlang Abadi, a palm plantation company, in running their operation, and also the allegations of environmental crimes the Company committed. The last time the local media outlet reported on the case was back in October 2018, when the regional police summon the Company’s president director to be examined. But since then there is no other news regarding the continuation of the investigation. On June 19, 2019, however, the Jakarta State Administrative Court registered a lawsuit filed by the Company against several parties including the State Minister for Agrarian Affairs and Spatial Planning. What is going on?

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On the Cirebon Graft Case: Development

As we previously reported, the KPK confirmed on October 24, 2018, that they had arrested seven individuals, including the Regent of Cirebon Sunjaya Purwadisastra. Sunjaya (PDI-P) allegedly received bribes from businesspeople in the region and also abused his power as a regent. Sunjaya demanded compensation from regency officials seeking promotion.

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More Aggressive Investment in City Gas

Subject to approval from the House of Representatives (DPR), the ministry of energy & mineral resources’ budget for 2020 could be doubled to Rp9.67 trillion. Most of the increase is attributable to a more aggressive approach in the development of city gas infrastructure, which could save the State budget from a ballooning subsidy for liquefied petroleum gas (LPG). 

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Fund Raisings

Life insurer PT Asuransi Jiwa Sinarmas MSIG, unit of Sinar Mas Multiartha (SMMA), is offering 420 million shares through the initial public offering (IPO), representing 40% of its total issued and paid-up capital, priced at Rp12,100, to raising Rp5.04 trillion in total.

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Mineral Processing Continues to Attract Investments

Indonesia’s mineral processing industry continues to attract investments. Four major projects are now looking for financing from banks, bonds, and equity market. They include Freeport Indonesia’s copper smelter project in Gresik, East Java and Amman Mineral Nusa Tenggara’s copper smelting project in Sumbawa Island, East Nusa Tenggara. 

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Market This Week

Global stocks mostly closed in the red zone on Friday last week (June 21) as investors turned their attention to political tensions between Tehran and Washington, and the United States (U.S.) and China trade war. Wall Street edged lower on Friday, though U.S. Vice President Mike Pence’s decision to defer a speech on China policy increased optimism on upcoming trade talks between Washington and Beijing.

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Banking Update

The central bank (Bank Indonesia/B.I.) on Friday last week (June 21) decided to reduce the minimum statutory reserves (GWM) by 50 basis point, aiming for loosening the banking liquidity. B.I. expects to add banking liquidity by Rp25 trillion this year. The new policy will come into effect on July 1, 2019. The GWM ratio for conventional banks is set at 6% while Syariah banks at 4.5%. This policy will boost the credit or lending, also third-party funds.

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Dynamics in Golkar

Yorrys Raweyai, a deputy head of Golkar Party’s strategic & intelligence study division, joined the chorus opposing Airlangga Hartarto’s reelection in the Party’s chairmanship congress (Munas). He’s calling for a leadership change.

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Post-Election Dispute & Security Concern

The Constitutional Court (MK) has completed the post-presidential election dispute trial. They’re expected to read their ruling this week on June 28, or earlier. The question is whether the situation can remain conducive when and after the judges read their final ruling.

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Anies on Reclamation: Corruption in the Making

Thanks to Jakarta governor Anies Baswedan’s recent statements about reclamation of North Jakarta, shares of Agung Podomoro (APLN) surged 8.85% to Rp246 on Friday (June 21). That means the stock gained 50% in about one month. Defending his policy in the issuance of building permits to the developers, Anies came up with his new version of definition of the islets. He classified them only as ‘extension of the beach’, not islets. 

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