Northstar Tambang Persada Pte Ltd is the new controlling shareholder of PT Delta Dunia Makmur (DOID). The company spent US$400 million to acquire 40% shares in DOID, which acquires coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA).
Read MoreCiliandra Fangiono, CEO of First Resources Ltd, is named among the richest in Indonesia. His father was sentenced 1.5 years in prison for a corruption case implicating former East Kalimantan governor three years ago. But now the former forestry giant is among the elites in palm oil business.
Read MorePT Adimitra Baratama Nusantara has just awarded a US$200 million five-year mining contract to PT Petrosea (PTRO) Tbk to develop its Sanga Sanga coal mine in East Kalimantan. Who’s behind Adimitra? The new contract with PT...
Read MoreThe Joker agreed to return US$60 million disputed funds from the high-profile Bank Bali scandal about a decade ago, media reported in the last few days. The Joker, identified in a controversial phone conversation between then junior attorney general for special crime Kemas Yahya Rahman and businesswoman Artalyta Suryani who has been accused of bribing state attorney Urip Tri Gunawan for US$660,000 (upon the order of Itjih Nursalim, wife of tycoon Sjamsul Nursalim), is Mr Joko Soegiarto Tjandra. (Read our previous report on The Joker). Marwan Effendy, Rahman’s successor, disclosed the commitment to return the US$60 million fund to the State on Friday just days after AGO announced its plan to file judicial review on the case where Mr Tjandra was released from charges few years ago.
Read MoreAgung Sedayu Group is a fast growing property developer in the country. Sugianto Kusuma, partner of Tommy Winata in developing Artha Graha Group, is the man behind Agung Sedayu. The group is working on several projects such as...
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