Category: Profiles

SWF Directors: Who’s Who (2)

President Joko “Jokowi” Widodo has announced the board of directors of the newly established Lembaga Pengelola Investasi (LPI), Indonesia’s version of Sovereign Wealth Fund (SWF). We noted two of the directors in the previous installment of this article. Today we note the other three.

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SWF Directors: Who’s who (1)

President Joko ‘Jokowi’ Widodo has finally announced the board of directors of Lembaga Pengelola Investasi (LPI), Indonesia’s version of Sovereign Wealth Fund (SWF). Senior banker Ridha DM Wirakusumah is appointed CEO, while four other directors are Arief Budiman (deputy CEO), Eddy Porwanto Poo (CFO), Stefanus Ade Hadiwidjaja (investment director), and Marita Alisjahbana (risk director). Who are these guys?

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Nickel Groups of Indonesia (5)

Some nickel players reported substantial profit from investments in the smelters, but others failed for various reasons, including selection of technology. That’s probably why one of the nickel companies listed on Indonesia Stock Exchange (IDX) is valued only slightly above equity while peers are now traded three-four times equity.

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Nickel Groups of Indonesia (4)

Some emerged as nickel players because of their ability to get nickel mining area previously studied or explored by Vale Indonesia (INCO). Over the years, Vale relinquished tens of thousands of hectares to the State. Some blocks have been taken, but winners of the recent auctions yet to be announced.

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Nickel Groups of Indonesia (3)

One group with around 50,000 hectares of nickel concession in Central and Southeast Sulawesi province has been widely linked to retired military and police officers. During the presidential election campaign in 2019, Lt General (ret) Prabowo Subianto, then candidate, was said owner of the group. Prabowo’s camp, of course, strongly denied.

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Nickel Groups of Indonesia (2)

Compared to state-owned mining company Aneka Tambang (ANTM), which sits over a huge nickel resources, some private-owned groups have been more aggressive in developing their reserves. These groups not only developed nickel pig iron (NPI) and ferronickel (FeNi), but nickel and cobalt sulphates, which are key precursors for electric vehicle (EV) batteries. 

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SWF Key Persons: The Supervisors

The House of Representatives (DPR) confirmed three names promoted by President Joko ‘Jokowi’ Widodo as members of the supervisory board of the newly established Sovereign Wealth Fund (SWF). They are Darwin Cyril Noerhadi, Yozua Makes, and Haryanto Sahari. Who are they?

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Stephen Ignatius Suharya passes away

Just four months after the passing of his father Athanasius Tossin Suharya (Yo Tae Siang), popular as AT Suharya, Stephen Ignatius Suharya passed away on Sunday (Jan 17, 2021) at 48 years old. Stephen is Chief of Marine Business of Baramulti Group, one of major coal players in the country. 

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An Update on Joker’s Case 

The trial of cases related to Joko Tjandra will end soon. In the forgery case, all defendants have been found guilty. While in the bribery case, the intermediary in the case one Tommy Sumardi, Joko’s friend and in-law of Malaysia’s ousted Prime Minister Najib Razak, has been found guilty. We are still waiting for the verdict on Joko and the two police generals (Prasetijo Utomo and Napoleon Bonaparte) who are indicted for receiving approximately Rp9 billion in exchange for helping to erase Joko’s name from the fugitive list. Separately, the trial in the case of conspiracy with key defendant prosecutor Pinangki Sirna Malasari continues. After nearly four months of proceedings, the prosecutors had read their demands for Pinangki. But the demands are far from public satisfaction. 

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Oesman Soedargo passes away

Oesman Soedargo, co-founder of PT Prasidha Aneka Niaga (PSDN) Tbk, has on Monday (Jan 11) passed away in Jakarta. Prasidha is engaged in trading of agricultural commodities (coffee and natural rubber). In the period of Jan-Sep 2020, Prasidha generated Rp631.9 billion of sales revenues, dropped significantly from Rp988.9 billion in the corresponding period of 2019.

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Sukamto Effendy passes away

Sukamto Effendy, co-owner of PT Putra Dermawan Pratama, a company granted nickel concession within the area previously controlled by PT Valle Indonesia Tbk (INCO), has on January 4th, 2021 passed away in Jakarta. 

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