So, Bintang Perbowo, former CEO of PT Hutama Karya, a state-owned EPC firm tasked to develop the trans-Sumatra toll road, has been named suspect in a corruption case. The Corruption Eradication Commission (KPK) has also seized 54 plots of land owned by IZ, one fellow suspect in the case.
Read MoreLast year was bad enough for state steel producer Krakatau Steel (KRAS) with net loss of US$66.54 million. In the first half of this year, however, the company already recorded US$64.2 million of net losses, surged by 75% from the corresponding period last year.
Read MoreShares of MD Pictures or MD Entertainment (FILM), controlled by the family of Manoj Punjabi, ended higher by 3% to Rp4,120 on Friday (Aug 9) to make a market capitalisation of Rp39.2 trillion. This is one of overvalued stocks in the market, not justified by its earnings outlook.
Read MoreAmidst the intense demands of business partners to State-Owned Enterprises (BUMN) to restructure their debts, now it is the turn of PT Wijaya Karya Realty (WIKA Realty), a subsidiary of PT Wijaya Karya (Persero) Tbk (WIKA). At the end of July 2024, four of the company’s business partners filed a PKPU lawsuit in two separate lawsuits. The trial has taken place and will continue this week.
Read MoreIn addition to WIKA Realty, another BUMN subsidiary that has to face a PKPU lawsuit is PT Rajawali Nusindo (Rajawali Nusindo), a subsidiary of the food holding company PT Rajawali Nusantara Indonesia (Persero) (PT RNI) or ID Food. The lawsuit was filed in June 2024 and as of this week Rajawali Nusindo is officially in a temporary PKPU period.
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