On Sritex PKPU: Cassation
Textile giant PT Sri Rejeki Isman Tbk (SRIL or Sritex) and its subsidiaries made it through a tough year. After facing various lawsuits for Suspension of Debt Payment (PKPU), with the threat of being delisted from the stock exchange, on Jan, 21, 2022, the group was able to convince its creditors and resolved the dispute. Nevertheless, not all were satisfied. The peace agreement has been promulgated, but two of Sritex’s creditors have challenged it.
The East Jakarta Land Mafia Case: Prosecutors’ Demands
The trial of Yoory Corneles Pinontoan, the former president director of the Regional Public Corporation Pembangunan Sarana Jaya (PD Sarana Jaya) began towards the end of last year. Yoory is suspected of abusing his authority to enrich himself and several other parties, namely Anja Runtuwene and more. Soon after, trials of the other suspects started. The prosecutors have read their demands for all defendants, including the corporate defendant in the case.
PKPU/Bankruptcy Journal: Franky Tjahyadikarta
Entering the third year of COVID-19, the economic situation in several industries has begun to improve, but some are still struggling. One of the parties is Franky Tjahyadikarta, the force behind some of Indonesia’s most luxurious travel stays. Franky has faced too many lawsuits in recent years. His companies and business partners also face the same problems. After holding on for so long, towards the end of 2021, Franky finally decided to apply for debt restructuring on his own behalf. Now the process of Suspension of Debt Payment (PKPU) is still ongoing with the bill value reportedly reaching nearly Rp3 trillion.
Graft Allegation in Krakatau Steel, Again
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 State-owned company 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. Now, it looks like a new round of investigation has begun. The Attorney General’s Office (AGO) announced that it had launched an investigation.
Bambang Tri v. Everyone
The list of opponents of the Ministry of Finance is getting longer every year. In addition to cases that are indirectly related to the Ministry, there are also cases that directly involve the Ministry, one of which is the feud with Bambang Trihatmodjo, which has been going on in public for the past two years. Not long ago, we learned that Bambang filed a different lawsuit against several other individuals, whom Bambang thinks should be involved in the ongoing feud instead of him. Among the names of the defendants is the former Minister of Trade, Enggartiasto Lukita.
Revisiting MCOR’s Cessie Dispute
Nearly six years ago, the Police named two suspects in the case of alleged embezzlement related to the dispute on debt-claiming rights (cessie) involving PT Geria Wijaya Prestige (GWP). The announcement is only the beginning of more complicated matters. Lawsuits after lawsuits came into four different courts in two different provinces. One advocate was sentenced to contempt of court, several key persons were sentenced to the predicate crime, but the most important thing has not been resolved. The two suspects previously named by the Police have not even been tried, and the disputed assets are still being disputed. The Ministry of Finance has tried to auction the assets twice but failed both attempts. We learned that a new lawsuit was registered again to the South Jakarta District Court. What do the plaintiffs want to pursue this time?
On the Tax Corruption Scandal: Decisions
At the beginning of last year, a tax scandal was exposed. It involves the tax obligations of three large companies. Towards the middle of the year, the Corruption Eradication Commission (KPK) announced the chronology of the case and named two suspects. Both are employees of the Directorate General of Taxation at the Ministry of Finance. The trial proceeded without much surprise. The two key persons in this case were found guilty towards the end of last week.
KPK’s Corporate Suspect: The Latest Trial
Nearly four years ago the Corruption Eradication Commission (KPK) named two companies suspects of corruption for the construction of the Sabang unloading port. They are a local construction company from Aceh PT Tuah Sejati and the State-Owned Enterprise (BUMN) PT Nindya Karya (Persero). We did not hear of any update since then, even though the individual suspects in the same case have been convicted since 2014. Fortunately the KPK has not forgotten the case. The trial of the two corporate suspects begins this week.
Revisiting the E-KTP Graft Case
After years of waiting, the Corruption Eradication Commission (KPK) finally announced the continuation of the investigation into the case of corruption in the procurement process of the electronic identity card (E-KTP). Back in 2019, the KPK named four new suspects. Last week, the KPK officially detained two of the suspects. Despite the prolonged process, there are a lot of unanswered questions. Will this latest development reveal things that have been bugging the public for so long?
On Corruption in South Sumatera: Alex Noerdin’s Trial
Towards the end of 2021, the Attorney General’s Office (AGO) announced the inquisition into the case of corruption in the purchase of natural gas by Perusahaan Daerah Pertambangan dan Energi of South Sumatera (PDPDE Sumsel). It named two suspects including former Governor of South Sumatera Alex Noerdin (Golkar). Just days after that, the local prosecutors’ office, with the help from the AGO, announced the development of investigation and inquisition into the case of corruption in the construction of the Sriwijaya Mosque, and named several new suspects including Alex Noerdin. Last week, Alex stood trial as defendant in the two cases.