Day: December 3, 2018

Update on Pertamina’s Refineries

The President Director of Pertamina has the huge responsibility of finalizing big projects under the Refinery Development Master Plan (RDMP). Ever since Nicke Widyawati became the President DIrector of Pertamina, she’s made it clear that the RDMP projects will show progress, particularly the one in Balikpapan, which should show progress this year for it requires no help from an investment partner.

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Law Journal

Last week was an eventful week for the Corruption Court of the Central Jakarta District Court as they continued the trials of several important cases, including the case involving former officials of PT Pertamina (Persero), the case that ensnared PT Nusa Konstruksi Enjiniring Tbk (DGIK), and the E-KTP graft case which recently ensnared the notorious advocate Lucas.

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On Petroselat’s Insolvency : Lawsuit

Petroselat Ltd, the subsidiary of PT Sugih Energy Tbk (SUGI), as we all know is in insolvency after being declared bankrupt last year. Unlike it’s fast bankruptcy process, the Company’s insolvency process is too complicated. On November 22, 2018, the curator of the insolvency process one Jun Cai filed a new lawsuit against PT Petronusa Bumibakti, also a subsidiary of SUGI and the majority shareholder of the Company. The first hearing of the other lawsuit filed by Petronusa against SKK Migas is scheduled on December 5, 2018.

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The Riau Power Plant Graft Case – Indictment for Eni Saragih

On November 29, 2018, as scheduled, the Corruption Court of the Central Jakarta District Court finally held the first hearing of Eni Maulani Saragih, the former Deputy Chairman of the House Commission VIII of the House of Representative (Golkar), as defendant in the case of alleged corruption related to the construction of the Riau Power Plant. The indictment for Eni mentioned that she received bribes from Johannes Kotjo, but there’s more. The indictment also mentioned Eni received grafts from Samin Tan and three other businesspeople. Eni did not object to the indictment, but she said the indictment was not detailed. She promised to uncover more during the next hearings. This is exciting.

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TBIG-GOLD Acquisition

Telco tower operator Tower Bersama Infrastructure (TBIG), a company co-owned by Saratoga Group and Provident Capital, had on Friday last week (Nov 30) signed the sale and purchase agreement (SPA) for 51% shares in telco tower operator Visi Telekomunikasi Infrastructure (GOLD).

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