Corruption in Taspen Life
The Attorney General’s Office (AGO) has been very busy recently. After proudly exposing corruption at the state-owned insurance firm Asuransi Jiwasraya, the AGO continues to uncover similar cases in State-owned enterprises (BUMN). Interestingly, several ongoing cases are related to the case that occurred in Asuransi Jiwasraya. On March 29, 2022, the AGO announced the progress related to the alleged corruption case at Taspen Life and named two suspects. In the chronology of the case described, a familiar name was mentioned.
Corruption in ANTM
The past two years have been difficult for PT Aneka Tambang Tbk (ANTM). In addition to the Company’s declining performance, especially in the bauxite and alumina business operations segment, the Company was also the target of an investigation into allegations of corruption by two different law enforcement institutions. Towards the end of last week, the Attorney General’s Office (AGO) announced that it would soon escalate the investigation process to the inquisition stage.
PKPU/Bankruptcy Journal: Additional Time for Franky Tjahyadikarta
Franky Tjahyadikarta, the figure behind some of Indonesia’s most luxurious travel stays, including PT Bukit Uluwatu Villa Tbk (BUVA), is currently in a period of debt restructuring (PKPU) after voluntarily submitting a PKPU petition on himself. Although this action deserves appreciation, the process is not easy. With the value of incoming bills reaching more than Rp2 trillion, the peace proposal offered by Franky has not been able to satisfy all creditors. Towards the end of last week, the creditors again approved the request for an extension of time. The Panel of Judges will confirm this decision in a hearing scheduled today, March 28, 2022.
On the BLBI Scandal: Updates
Satgas BLBI (Satuan Tugas Penanganan Hak Tagih Negara Dana Bantuan Likuiditas Bank Indonesia), a task force under Minister of Finance Sri Mulyani Indrawati’s supervision to recover funds related to the 1997-1998 financial crisis, recently confiscated some of the assets on behalf of Irjanto Ongko, son of Kaharudin Ongko of Ongko Multicorpora. Confiscation of assets related to other obligors also continues. Interestingly, the Police announced that they had named suspects asset embezzlement related to BLBI. The Police suspect individuals in the Ministry of Finance had colluded with land mafias.
Development on the Budget Mafia Case
It has been over three years since the Corruption Eradication Commission (KPK) revealed a grand criminal scheme, which was later dubbed the Budget Mafia case. The case started with a simple arrest of Amin Santono, a former Democratic Party politician. It has now brought down dozens of parties, including too many regional leaders. The latest catch is the former Regent of Tabanan, Ni Putu Eka Wiryastuti (PDIP), and Rifa Surya. The announcement is long overdue.
Update on the Corruption in Banjarnegara
In August 2021, the Corruption Eradication Commission (KPK) announced the Banjarnegara Regent as a suspect of corruption. The revelation made headlines because the Regent, Budhi Sarwono, strongly denied all allegations. The trial started in January 2022 and recently a witness confirmed the KPK’s allegations that the Regent received a sum of money in exchange for granting construction projects.
Revisiting the Dispute in Kawasan Berikat Nusantara: Peace?
The dispute in Kawasan Berikat Nusantara (KBN) has stretched for years. The agreement between State-Owned KBN and PT Karya Teknik Utama (PT KTU) was the root of the problem. As soon as the cooperation was agreed, the two parties got involved in a nasty conflict which resulted in many police reports and lawsuits in court. The last time we reported on this dispute was two years ago. We thought that not much could be done because even the President’s orders seemed unable to reconcile the two parties. Last week, the Attorney General’s Office (AGO) surprisingly announced that it had successfully facilitated a mediation between the two parties.
On Media Group v. China Sonangol: Development and A New Problem
The dispute between PT Media Property Indonesia (PT MPI, a part of Surya Paloh Media Group), and PT China Sonangol Media Investment (PT CSMI) and its holding CS Real Estate Pte Ltd was over. After years of uncertainty, PT MPI announced that the Media Group had owned all shares of PT CSMI as of December 2021. So PT CSMI changed its name to PT Surya Indonesia Satu Properti (PT SISP). Nevertheless, a day before Media Group made the announcement, the Commercial Court of the Central Jakarta District Court registered a lawsuit filed by one of PT SISP’s creditors, seeking to cancel the peace agreement from the PKPU result promulgated last year.
Update on Garuda Indonesia’s PKPU
PT Garuda Indonesia received a time extension for its Suspension of Debts Payment (PKPU) period. The Company presented its latest peace proposal draft earlier this week and has another 60 days to convince its creditors.
Peace for Tridomain
Producer of industrial chemical raw material PT Tridomain Performance Materials Tbk (TDPM) had a challenging year and finally faced a default on MTN with a principal value of more than Rp400 billion. In the past two years, the Company has faced four lawsuits for Suspension of Debt Payment Obligations (PKPU), and the Commercial Court granted the last lawsuit at the Central Jakarta District Court. Tridomain started drafting a peace proposal for its creditors in December 2021. The last time we reported on the process, several creditors had voiced plans to report a criminal action. Fortunately, within a tight schedule, the PKPU was peacefully resolved earlier this week.