Category: Profiles

Adiguna Sutowo passes away

Adiguna Sutowo, co-founder of MRA, a diversified business group with interest in media, hospitality, retail, consumer electronics, and automotive, has passed away. Adiguna is son of the late Ibnu Sutowo, the controversial former CEO of state oil and gas company Pertamina, whose family controls Nugra Santana Group.

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Arsjad Rasjid vs Anindya Bakrie

Arsjad Rasjid MP, CEO of Indika Energy (INDY), and Anindya Bakrie, CEO of Bakrie & Brothers (BNBR) are competing to become the next chairman of Indonesian Chamber of Commerce and Industry (KADIN Indonesia), replacing Rosan P Roeslani, former CEO of Berau Coal Energy (BRAU) and partner of Sandiaga Uno at Recapital Advisors. 

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The End for Joker?

Joko Tjandra surprised the nation with his appearance in the country last year. The incident caused a stir because he was supposed to be an international fugitive but no one noticed his arrival to Indonesia except the Attorney...

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On Jiwasraya’s Graft Case : Another Lawsuit from Benny Tjokro 

The Corruption Court of the Central Jakarta District Court continues to examine the latest defendant in the case of corruption involving PT Asuransi Jiwasraya (Persero). One person refused to surrender. On March 31, 2021, Benny Tjokro filed another lawsuit against the Supreme Audit Agency (BPK) at the State Administrative Court (PTUN Jakarta). This is the third lawsuit Benny has filed against the BPK since April 2020. Before that, Benny also sued a senior auditor of the BPK and the Solicitor General for Specific Crimes.

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EV Disruption Players: Elvindo Group

For many decades, the country’s motorcycle market has been dominated by Japanese brands like Honda, Yamaha, Suzuki and Kawasaki. Indonesia is one of the world’s largest markets for motorcycle, among others due to poor public infrastructure, with a population of 112 million motorcycles in circulation. Some people see this a big market for conversion from internal combustion engine (ICE) to electric motorcycle.

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Haji Isam, Tax Case & Politics

On Thursday (March 18), investigators from the Corruption Eradication Commission (KPK) searched the office and other compounds related to Jhonlin Baratama, a company controlled by Haji Isam, in South Kalimantan. On Friday (March 15), the Constitutional Court ruled in favor of Denny Indrayana related to dispute over South Kalimantan governor election results. 

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Shamrock Group

European plantation group SIPEF, which operates oil palm, natural rubber, and tea plantations in Indonesia, has recently signed an agreement in principle with Shamrock Group (SG) on the sale of 100% of the share capital of its Indonesian subsidiary, PT Melania, for US$36 million. 

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Demands for Joker 

Joko Tjandra’s appearance last year caused a stir and led to investigations on three new cases, two of which were investigated by the POLRI. The cases are one general crime namely case of alleged forgery and obstruction of justice, the other is a specific crime namely case of alleged bribery. Towards the end of the same year the East Jakarta District Court had convicted all defendants in the case of forgery. Meanwhile, a corruption examination began in November 2020. Joko Tjandra and two police generals alongside his friend Tommy Sumardi are the defendants. On March 4, 2021, the prosecutors read their demands for Joko. 

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SWF Directors: Who’s Who (2)

President Joko “Jokowi” Widodo has announced the board of directors of the newly established Lembaga Pengelola Investasi (LPI), Indonesia’s version of Sovereign Wealth Fund (SWF). We noted two of the directors in the previous installment of this article. Today we note the other three.

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SWF Directors: Who’s who (1)

President Joko ‘Jokowi’ Widodo has finally announced the board of directors of Lembaga Pengelola Investasi (LPI), Indonesia’s version of Sovereign Wealth Fund (SWF). Senior banker Ridha DM Wirakusumah is appointed CEO, while four other directors are Arief Budiman (deputy CEO), Eddy Porwanto Poo (CFO), Stefanus Ade Hadiwidjaja (investment director), and Marita Alisjahbana (risk director). Who are these guys?

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Nickel Groups of Indonesia (5)

Some nickel players reported substantial profit from investments in the smelters, but others failed for various reasons, including selection of technology. That’s probably why one of the nickel companies listed on Indonesia Stock Exchange (IDX) is valued only slightly above equity while peers are now traded three-four times equity.

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