Month: February 2024

Over two years since 2016, PT Eterindo Wahanatama Tbk (ETWA), a chemical products trader, has been sued four times by its creditors and all lawsuits are related to debts issues. Fortunately the company was able to resolve its issues out of court. The last lawsuit filed in the middle beginning of 2018 was also withdrawn by the plaintiff. The situation has toned down slightly for the company, the pandemic can be overcome without many obstacles, or so we thought. Towards the end of 2023, PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) filed a new PKPU lawsuit against the company, but this time there are other defendants, i.e., three subsidiaries. The process runs very quickly and is relatively far from media coverage. In just four months after the lawsuit was registered, Eterindo was declared bankrupt.

We welcome 2023 with news from the Attorney General’s Office (AGO) that they have commenced investigation into the case of alleged corruption related to PT Graha TelkomSigma (PT GTS – TelkomSigma, subsidiary of PT Sigma Cipta Caraka – Sigma). Eight individuals have been named suspects since then and the case allegedly caused State losses amounted to over Rp200 billion. Several months later, we learned that the AGO developed their investigation and managed to find an entry to a new case, which allegedly caused over Rp300 billion in State losses. The new case allegedly involving Sigma. This week, another surprise emerged as the Corruption Eradication Commission (KPK) announced that they had commenced inquisition on a case of alleged corruption which also involved Sigma. What a mess.

Two weeks ago, President Joko “Jokowi” Widodo officially appointed nine commissioners of the Business Competition Supervisory Commission (KPPU) for the 2023 – 2028 term of office. The commissioners conveyed their work targets for the first 100 days, which included supervising the energy and mineral resources sectors where the business competition index is still below average. This work target may not be a coincidence because the person appointed as the new Chief of the KPPU is M Fanshurullah Asa, former chairman of BPH Migas. Interestingly, after the inauguration, the Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, urged the KPPU to immediately take a firm stance against the alleged monopoly of aviation fuel trade in Indonesia. A problem that Luhut has been raising since 2019.