Indonesia’s threat to take over part of PT Weda Bay Nickel’s operations if the company refuses to pay environmental penalties may look like a routine act of law enforcement. In reality, it could become one of the most consequential stress tests yet for Indonesia’s investment narrative—particularly its relationship with Chinese capital in the strategic nickel sector.

The government has appointed Lt General (hon, ret) Untung Budiharto as new president director (CEO) of Aneka Tambang (ANTM), a state mining company with interest in nickel and gold. This strengthens the military’s grip in the country’s mining industry. 

PT Toba Pulp Lestari Tbk (INRU), previously linked to the family of Sukanto Tanoto (RGE Group), has temporarily halted its pulp mill operation, harvesting and wood transportation in North Sumatra province after the Ministry of Forestry ordered suspension of forest product activities in its licensed areas across Aceh, North Sumatra, and West Sumatra, following the Sumatra’s flood disaster.

No exponential growth in sales. Net profit actually declined 18.3% in the first nine months of 2025. Yet, Multipolar Technology (MLPT), controlled by Lippo Group, was once worth Rp483 trillion or US$29 billion, bigger than telco giant Telkom (TLKM). That was early October.

Shares of Jaya Sukses Makmur Sentosa Tbk (RISE), a small property developer based in Surabaya, East Java, ended higher by 5.23% to Rp9,550 last Friday (Dec 12), making it one of the most expensive stocks in the country.

Indonesia’s plan to develop its first geothermal-based green data center, led by PT Pertamina Geothermal Energy (PGE), has been framed as a milestone in aligning digital growth with the energy transition. But, why is an energy state-owned enterprise (SOE) leading a project that, in many countries, would naturally be driven by a national digital or telecommunications champion like Telkom?

Indonesia has long prided itself on being Southeast Asia’s crown jewel for digital investment. With its massive user base, growing middle class, and ambition to become a regional technology hub, the country has been courted by global tech giants for more than a decade. Yet recent developments suggest that this status can quietly erode—not because of a dramatic policy shift, but due to regulatory signals that appear minor on the surface.

Sovereign wealth fund Danantara and Thakher Development Company have signed agreements related to acquisition of Novotel Hotel and 14 plots of land in Thakher City, Makkah, Saudi Arabia for undisclosed considerations.

Hashim Djojohadikusumo, younger brother of President Prabowo Subianto, made headlines since last year for his group’s new investments: tin solder factory, investments in ICT infrastructure company WIFI, and, recently, ownership in crypto currency trading company COIN.

Indonesia’s headline-grabbing tax crackdown on mineral and coal (minerba) companies is being presented as a routine enforcement effort. It is nothing of the sort. This is a political maneuver—one that signals an aggressive realignment of power within a sector long controlled by oligarchs who have survived every administration through a combination of regulatory opacity, regional patronage, and sheer financial muscle.