Author: yosefardi.com

A step closer to fully integrated EV Industry in Indonesia

After years of intense lobby, PT HKML Baterai Indonesia, a joint venture between Hyundai Motor and LG Energy Solution, has finally kicked off construction of an electric vehicle (EV) battery in Karawang, West Java province with estimated investment of US$1.1 billion. The importance of the event can be seen in the attendance of President Joko ‘Jokowi’ Widodo, chairman of Hyundai Motor, and CEO of LG Energy Solution in the ground breaking ceremony.

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The lawsuit against Ahabe Niaga

PT Ahabe Niaga Selaras (PT ANS) was greeted by a PKPU lawsuit not long ago. Two of its creditors, Erwin Setia Budi Djaja and Anggreini Candra, filed lawsuit No. 30/Pdt.Sus-PKPU/2021/PN Niaga SMg. The Panel of Judges rejected said lawsuit this week.

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On the BLBI Scandal: The Tantular Brothers

The Satuan Tugas Penanganan Hak Tagih Negara (Satgas BLBI), a task force created to recover funds related to the 1997-1998 financial crisis, has been summoning Bank Indonesia Liquidity Assistance (BLBI) obligors. Last week, a document allegedly belonging to the Satgas detailing the obligations of the obligors was circulated. The document notes several obligors as priority. Although the Satgas has not confirmed the authenticity of the document, the names that caught our attention are the Tantular brothers: Hindarto and Anton.

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General Moeldoko vs Major Agus (5)

Today (Sept. 16), the Administrative Court (PTUN) of Jakarta holds another trial of the dispute between the Democratic Party led by Major (ret) Agus Harimurti Yudhoyono (AHY) and the other Democratic Party led by General (ret) Moeldoko. Moeldoko’s faction, as we all know, is asking the Court to cancel the Law & Human Rights Ministry’s decision that recognizes AHY’s leadership in favor of legalizing Moeldoko’s leadership of the Democratic Party.

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Corporations to Watch

Bakrie Kalila Investment reduced its ownership in oil and gas firm Energi Mega Persada (ENRG), as it recently sold 559 million ENRG shares. Currently, Bakrie Kalila holds 51.97% ENRG shares, reducing from the previous 54.22%....

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Industry Update

The manufacturing sector expanded with imports in August 2021 jumping 74.20%, dominated by raw materials, boosting the productivity of the domestic industry. Import capital goods also rose, reflecting growing demand in the...

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Market & Economy

Global stock markets closed mixed on Wednesday (September 15), with United States (US) stocks gaining further boosted by a 3% jump in oil prices while a slew of economic data somehow stabilized sentiment. On Wednesday, the...

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Commodities & Metal Processing support Indonesian export

Indonesia booked trade surplus of US$4.74 billion in August 2021, a new record, thanks to 64% jump in export, while import grew 55.3% year-on-year. The country, accordingly, generated trade surplus of US$19.17 billion in the first eight months, the highest in Indonesian history. Overall, export expanded by 37.8% to US$142 billion in the period, while import increased by 33.4% to US$122.8 billion. 

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On the ASABRI Scandal: New Suspects 

The trial of the suspects involved in the PT Asuransi Sosial Angkatan Bersenjata Republik Indonesia (Persero) (familiarly known as PT ASABRI) corruption scandal is ongoing. After much speculation, on the evening of Sept. 14, 2021, the Attorney General’s Office (AGO) named three new suspects, those whose names we mentioned even before the case was revealed to the public.

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