Day: December 21, 2023

Extension of the Term of Office of the KPK Leaders

In the middle of this year, the Constitutional Court granted the Judicial Review petition filed by Nurul Ghufron, deputy chief of the Corruption Eradication Commission (KPK), and extended the term of office of the KPK leaders for five years. In the midst of public criticism that this decision is political, our concern is whether the Government will implement this decision retroactively. This week, our questions were answered after the President decided that Nurul Ghufron et al’s term of office would be extended until the end of 2024.

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Corporations to Watch: ANTM & AGII

State-owned PT Indonesia Asahan Aluminum (Inalum) confirmed that its megaproject with fellow state miner Aneka Tambang (ANTM), Smelter Grade Alumina Refinery (SGAR) Mempawah, in West Kalimantan province has again been included in the national strategic project (PSN), eligible to earn some supporting policies from the government. 

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M&A Update

The unbelievably pricy Petrindo Jaya Kreasi (CUAN), a mining company controlled by Prajogo Pangestu’s Family (Barito Pacific Group), expects to complete acquisition of mining contractor Petrosea (PTRO) and high-calorie coal mine PT Multi Tambangjaya Utama/MUTU (MTU Coal) in the first quarter of 2024.

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The end of Carl’s Jr in Indonesia

A fast-food restaurant Carl’s Jr., under the management of MahaDasha Group, officially announced that the company will close all its outlets in Indonesia by the end of this year after 10 years of operation in the country. 

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VP Ma’ruf & 2024 Race (3)

Siti Nur Azizah, the daughter of Vice President (VP) Ma’ruf Amin, has on Wednesday (Dec. 19) declared her endorsement for Ganjar Pranowo-Mahfud MD. Azizah’s endorsement is truly worth highlighting, not only because she is the daughter of VP Ma’ruf but also a politician from Democratic Party, one of the political parties backing Prabowo Subianto-Gibran Rakabuming Raka.

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