PT Lima Satuju Utama (PT LSU) made headlines earlier this year after announcing the purchase of 13.42 percent of shares in PT Inti Komoditi Korpora Tbk (INCF). Not many know the company’s background, although PT LSU admits this corporate action was carried out for profit. So it’s not surprising that in a short time, the company’s shares have changed hands again. However, PT LSU seems to be starting to face problems. Last week, the South Jakarta District Court registered three tort lawsuits filed by PT LSU against three different companies, all related to shares trading transactions.

After months into the shortage of cooking oil in the market, earlier this year the Attorney General’s Office (AGO) announced that they had commenced investigation into allegations of corruption at the root of the problem. By May, the AGO had named several suspects, then the President decided to dismiss the Minister of Trade, M Lutfi, after serving for less than two years. Lutfi was examined by the AGO. In the midst of all that, the Business Competition Supervisory Commission (KPPU), which has been working in silence all this time, announced that it had escalate the investigation on alleged cartel-like practices in the cooking oil industry into the next phase and officially will examined 27 companies in Assembly hearings.

Earlier this year, we know the Government through the Minister of Investment / Head of the Investment Coordinating Board (BKPM) decided to revoke hundreds of mining companies’ operating licenses. Among these companies, is PT Warisan Pusaka Bangsa (PT WPB). Last week, the Jakarta State Administrative Court (PTUN Jakarta) registered a lawsuit from PT WBP which challenged the said decision. The name of the company is rarely heard, but it’s leader has begun to attract attention since 2021. Its President Director is Sofia Koswara, a businesswoman who is said to be closely related to the distribution of Ivermectin and the Chief of the Presidential Staff Office (KSP) General (retired) Moeldoko.

Several weeks ago, Vice President Real Estate of PT Summarecon Agung Tbk (SMRA), Oon Nusihono, was named a suspect after being caught in a series of sting operations carried out by the Corruption Eradication Commission (KPK). Apart from Oon, there are three other...

The past several years was quite difficult for PT Atlas Resources Tbk (ARII). In addition to the long-standing business dispute, subsidiary of the company also face lawsuits. Earlier this year, the Government through Minister of Investment/Head of the Investment Coordinating Board decided to annull operating licenses previously given to two of ARII subsidiaries. On July 18, 2022, the decision was challenged to the Jakarta State Administrative Court (PTUN Jakarta).

Textile producer PT Sejahtera Bintang Abadi Textile Tbk (SBAT) made news after conducting rights issue towards the end of 2021. Tan Heng Lok, the majority shareholder of the company, was the standby buyer. In early July 2022, SBAT delivered the realization of the use of the proceeds from the rights issue, which had all been used. Nothing out of the ordinary so far, until we learned that Tan Heng Lok had recently filed a lawsuit against PT Industri Telekomunikasi Indonesia (Persero) (PT INTI), who is also a shareholder of SBAT.

Towards the end of 2021, in a Meeting with the House Commission VI of the House of Representatives, Minister of State-Owned Enterprises (BUMN) Erick Thohir conveyed the reasons why PT Krakatau Steel (Persero) Tbk could go bankrupt. One of which was allegations of corruption in the company. This statement is by no means surprising, because for years we have wondered why the condition of the only BUMN in its field has not improved despite receiving so much help from the State Budget. The Corruption Eradication Commission (KPK) has been investigating, specifically following the sting operation three years ago. Several parties have been convicted. Then a new round of investigation started, lead by the Attorney General’s Office (AGO). Four months later, earlier this week, the AGO announced they had named five suspects in the case

Nothing is simple when it comes to State-Owned Enterprises (BUMN) in Indonesia. Hundreds of companies that have been operating for decades are more often a burden than a profit, therefore, towards the end of 2021, President Joko “Jokowi” Widodo ordered the Ministry of BUMN under the lead of Minister Erick Thohir to make improvements. Minister Erick then revealed plans to immediately disqualified seven BUMNs, including the State-owned construction company, PT Istaka Karya (Persero). However, before the plan can be carried out, news emerged that the Central Jakarta District Court had granted the request for annulment of the peace agreement that previously saved Istaka Karya from bankruptcy nine years ago. It is interesting to know that there is no record of petition for annulment in the court directory.

The convicts tried to file an appeal, but this effort did not seem to impress the Panel of Appeals that the examination process ended quickly. On May 31, 2022 the High Court decided to reject the appeal through decision No. 219/PID.SUS/2022/PT Pbr. The convicts were noted to have filed cassation to the Supreme Court on July 4, 2022.

The Salim siblings, children of the late Kayo Salim (patron of Fikasa Group), have been found guilty by the Pekanbaru District Court for being proven guilty of investment fraud earlier this year. Assets related to the convicts were also confiscated by the local Prosecutors’ Office, including The Westin Resort & Spa Ubud, which located in Bali.