Category: Profiles

Lin Che Wei

The Attorney General’s Office (AGO) decided not to extend detention of Lin Che Wei, one of the suspects in the cooking oil scandal. Lin Che Wei, policy advisor in some ministries, is suspect for his role in helping some companies getting export quota they reportedly didn’t deserve. 

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Bank continues to weigh on Mayapada Group

Mayapada Group, controlled by the family of Tahir, who is member of the President’s Council of Advisors (Wantimpres), has in recent years expanded its property and healthcare business. But, people continue to pay close attention to the group’s banking business under Bank Mayapada (MAYA).

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Revisiting Wings Group (3)

Wings Group, widely known for its consumer goods business, has expanded in various businesses in the past few years. The most notable, of course, is its joint venture with Djarum Group in the sugar plantation and mill. But, like other major business groups, Wings also grows its property segment.

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Revisiting Wings Group (2)

Wings Group’s Bank Multiarta Sentosa (MASB) sold shares through IPO at Rp3,360 per share last year, but now traded around Rp3,430 only. The stock, unlike those selling ‘digital bank’ story, only peaked at Rp3,600. 

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Revisiting Wings Group (1)

Wings Group is one of the largest business groups yet to list its key subsidiaries in the stock exchanges. The only entity in the stock market is PT Bank Multiarta Sentosa (MASB) Tbk, a ‘digital bank’ with market capitalization of Rp4.21 trillion. The IPO of MASB last year, however, might be just a start of more offerings from the group.

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Tjahjo Kumolo passes away

Tjahjo Kumolo, minister of state apparatus and bureaucratic reform (Menpan RB), who is senior politician from PDIP, has passed away at Abdi Walujo hospital, Jakarta Friday (July 1st). Born December 1st, 1957 in Surakarta, Central Java, Tjahjo was interior minister in the first term of Joko ‘Jokowi’ Widodo (2014-2019). 

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Indonesian startups: Fresh Factory

The overheated global venture capital climate might have eventually cooled down in recent months, but national media reported that last Monday Fresh Factory, an integrated cold chain fulfillment and enabler startup, secured US$4.5 million of seed funding led by East Ventures with participation of PT Saratoga Investama Sedaya (SRTG), Trihill Capital, Indogen Capital, Prasetia Dwidharma, Number Capital, Y Combinator, and some angel investors. 

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The case hanging in balance, Indosurya?

So, Henry Surya, son of Surya Effendy (founder of Indosurya Group), has recently been released from the police custody as time lapsed before the State prosecutor concluding dossiers related to Kospin Indosurya scandal (US$1 billion plus losses). The chief detective of the national police, however, vows to detain Henry again because his alleged crime hurts tens of thousands members and investors of Indosurya cooperative.

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Lakuemas

Media reported yesterday that digital bank, Bank Neo Commerce (BBYB) cooperated with digital gold trader Lakuemas Indonesia (Lakuemas) for getting the easier access to gold commodity for its customers to purchase and sell gold through bank application.

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Revisiting FKS Group

FKS is one of the largest, yet underreported, business groups in the country with interest in various sectors including agriculture, food, coal mining, and logistics. The group is one of the largest importers of soybeans through...

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