What Ahok’s Testimony Reveals
The ongoing corruption trial over Pertamina’s crude oil and fuel trading governance gained renewed public attention this week with the testimony of Basuki Tjahaja Purnama, widely known as Ahok. As the former chief commissioner of Indonesia’s state-owned energy company, his appearance was widely expected to be politically charged. Yet beyond the headlines, his statements warrant a sober assessment of what they actually add to the case.
Credibility issues of IDX & MSCI
Both Indonesia Stock Exchange (IDX) and Morgan Stanley’s MSCI shall be blamed for what happened in the market for years now: trading manipulation and poor supervision/compliance. The rally to be included in the MSCI indexes, for large and small cap alike, led to creation of hundreds of highly inflated stocks in the market.
From Agrinas to Perminas
Unlike the previous statement from Prasetyo Hadi, minister of State Secretary, that Martabe Gold will be handed over to MIND ID (parent company of state mining companies) and ANTM (state gold miner, under MIND ID), Danantara leaders and energy & mineral resources minister pointed to Perminas as future ‘owner and operator’ of the third largest gold mine.
Hostile takeover of Martabe Gold: The law of the jungle
Total (France) and Inpex (Japan) lost economic rights in Mahakam, used to be the largest gas producing block, and Chevron (USA) left Rokan Block, then the largest oil producing block, under the Jokowi administration (2014-2024) under the ‘nationalism campaign’. Total, Inpex, and Chevron, however, had enjoyed huge economic benefits for decades, and that their contracts were legally not extended.
Market necessary corrections
Composite index of Indonesia Stock Exchange (IDX) opened substantially lower by 6.5% this morning, dragged down by inflated stocks which contributed to substantial rally in the composite index for quite sometime.
Holiday bonuses, mergers, and the quiet reshaping of gig economy
The confirmation that ride-hailing drivers will again receive a Bonus Hari Raya (BHR) ahead of Lebaran 2026 has been welcomed as rare good news in Indonesia’s gig economy. Executives at GoTo Group framed the move as proof that digital platforms can balance commercial discipline with social responsibility.
Indonesia draws a red line on AI platforms
Indonesia’s warning that it may permanently block Grok AI if it refuses to comply with national regulations marks a decisive shift in how the country positions itself in the global artificial intelligence debate. This is no longer a technical dispute about content moderation. It is a political statement about sovereignty in the digital age.
From revocation to hostile takeover
Indonesia’s decision to revoke the permits of 28 companies linked to environmental destruction in Sumatra was initially welcomed as a long overdue assertion of state authority. After years of weak enforcement, the move appeared decisive. Yet the subsequent decision to hand over former concessions to state-owned entities has pushed the issue into a more complex and legally sensitive phase.
RH Petrogas & Bribery Allegations in Indonesia
SGX-listed RH Petrogas Limited with oil and gas operations Indonesia has on Tuesday (Jan 27) released an Independent Review report from PwC related to allegations from whistleblower about bribery committed by former president director of Petrogas Indonesia.
Doubts in nickel production cut
Nickel dropped 1.91% to US$18,235 in the London Metal Exchange (LME) Tuesday (Jan 27) on persistent surplus outlook and doubts over Indonesian government’s plan to significantly cut production of nickel ores.