Category: Profiles

Bakrie Group’s Pending Issues with the State

Official website of cabinet secretary (setkab.go.id) posted an article about commitment from ministry of finance to collect Rp1.76 trillion of payments from Bakrie-related entities PT Minarak Lapindo Jaya/Lapindo Brantas Inc related to the bridge financing of hot mudflow disaster in Sidoarjo, East Java.

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Jababeka: Battle of the Titans? (2)

Kawasan Industri Jababeka (KIJA) is an attractive company because of its two growth projects, which could be significantly benefited from development of toll roads. They are the Kendal Industrial Park in Kendal, Central Java, and Tanjung Lesung in Banten province. The future of Jababeka, however, depends on settlement of disputes between group of shareholders.

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Jababeka: Battle of the Titans?

Shares of industrial estate developer Jababeka (KIJA) dropped further by 4.4% to Rp304 Monday (July 8), when the company issued a warning about possible default of its US$300 million Notes following a management change approved by 52.117% of shareholders two weeks ago. The management said there were parties acting in concert related to the change.

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TP Rachmat & His Empire

So, the respected Bandung Institute of Technology (ITB) has awarded an Honorary Doctorate degree to Theodore Permadi Rachmat (TP Rachmat), owner of Triputra, one of the largest business groups in Indonesia. The man is known partner of Boy Garibaldi Thohir, Edwin Soeryadjaya, and the late Benny Subianto in Adaro Indonesia (ADRO), the second largest coal group in Indonesia.

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Bakrie vs Sri Mulyani Revisited

Ministry of finance confirmed our earlier speculations that Bakrie Group yet to repay in full the bridging financing of Rp731 billion related to the settlement of hot mudflow disaster in Sidoarjo, East Java. As of late 2018, Lapindo Brantas Inc and PT Minarak Lapindo Jaya had only paid Rp5 billion.

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The Family of Jauw Tjong Kie

Businessman Jauw Tjong Kie, who brought Sharp Corporation to Indonesia through PT Yasonta, has passed away in Singapore Thursday (June 20) at 98. Born in China, October 1922, Tjong Kie leaves behind seven children and 19 grandchildren. Tjong Kie is considered pioneer of electronics industry in Indonesia with the establishment of the first assembling facility for TV in 1975.

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Ceria Nugraha Indotama & People Behind

National media reported Saturday (June 15) that PT Ceria Nugraha Indotama (CNI) had kicked off construction of US$1 billion ferronickel smelter in Wolo sub-district, Kolaka Regency, Southeast Sulawesi province. The smelter, with design capacity for nickel equivalent of 50,400 tons per annum (US$600 million at US$12,000/ton), is scheduled for commercial operation in 2021. Who’s behind the project?

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What Happened to Bakrie Media?

Visi Media Asia (VIVA), parent company of ANTV and TVOne, reported net loss of Rp90 billion in the first quarter of 2019. Surya Citra Media (SCMA), parent of SCTV and Indosiar, meanwhile, recorded net profit of Rp400 billion. Hary Tanoesoedibyo’s Media Nusantara Citra (MNCN) also posted net profit of Rp548 billion in the quarter, nearly doubled from the corresponding period of 2018. What happened to VIVA, a company controlled by Bakrie Group?

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Nursalim Case & The Asset Recovery (2)

The last time I met Itjih Nursalim was 19 years ago. She was accompanied by famous lawyer, the late Adnan Buyung Nasution. This was the period when Attorney General’s Office (AGO) named her husband Sjamsul Nursalim a suspect related to the infamous BLBI scandal. At the heart of our discussion was ‘asset recovery’ and the willingness of the family to ‘top-up’ assets.

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Nursalim Case & The Asset Recovery (1)

So, not only Sjamsul Nursalim. The Corruption Eradication Commission (KPK) also named his wife Itjih Nursalim suspect in the infamous BLBI scandal.The pair is accused of causing State losses of Rp4.58 trillion, and, while both are said living overseas (Singapore?), they will likely be on an in absentia trial.

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Depoliticization of KPK

President Joko ‘Jokowi’ Widodo has appointed nine scholars and leaders of NGOs as members of the Selection Committee for new leadership of the Corruption Eradication Commission (KPK). On Schedule! The Committee will select candidates for new commissioners of KPK to serve in the period of 2019-2023.

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Questions on Bakrie’s Visi Media (2)

TVOne is one of TV stations widely known as ‘Prabowo’s TV station’ because of tendency of its programs to support president candidate Prabowo Subianto. Prabowo’s supporters love the TV station because it ‘shared’ their views about president Joko ‘Jokowi’ Widodo. Visi Media Asia (VIVA), parent of TVOne, unfortunately, should be questioned about its compliance to the State.

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