AISA’s PKPU: Updates
PT Tiga Pilar Sejahtera Tbk (AISA) and its subsidiaries entered their fourth period of Suspension of Debts Payment (PKPU) after the Commercial Court of the Central Jakarta District Court decided to grant the lawsuit filed by two of Sinarmas Group’s subsidiaries several weeks ago. The latest news is that the PKPU process in Semarang has been extended following the submission of the first peace proposal. That said, problems between the board of directors and board of commissioners remain.
Fransiska Susilo v. The Soeryadjayas
It has been a while since the last time we heard of Fransiska’s name after she uncovered the case of alleged embezzlement of the asset of PT Japirex implicating Andreas Tjahyadi and Sandiaga Uno at the end of 2016. Back then, various national media outlets reported that Fransiska had acted on behalf of Djoni Hidayat and the late Happy Soeryadjaya, the first wife of Edward Soeryadjaya and the owner of the disputed asset. Several events unfolded since, including news that Fransiska and Andreas had resolve the dispute in mid-2018, and that Fransiska filed a police report against Sandi Uno. We haven’t heard of anything since then, this is why it’s surprising to see Fransiska’s name on the court’s registry last week. Fransiska filed a lawsuit against four people including Edward Soeryadjaya and Edwin Soeryadjaya. In the lawsuit, Fransiska also listed dozens of other people as co-defendants.
More on SNP Finance’s Case
Last week the National Police’s Criminal Investigation Unit held a press conference to announce that PT Sunprima Nusantara Pembiayaan (SNP Finance)—who is now in their period of Suspension of Debts Payment (PKPU)—and its officials were involved in a huge “break-in” scheme. As many as 14 banks had fallen victims. The board of directors of the Company were named suspects and immediately detained. Three individuals were named fugitives, including one Leo Chandra, the founder of Columbia group. Leo Chandra turned himself in three days after the announcement, on the evening of September 27, 2018.
Law Journal: Kertas Leces’ Bankruptcy and Riau Power Plant Graft Case
The Commercial Court of the Surabaya District Court have finally decided to grant the lawsuit filed by the former employees of PT Kertas Leces (Persero), a State-owned Enterprise (BUMN). And so PT Kertas Leces is officially bankrupt. Separately, the suspect in the case of bribery implicating the Riau Power Plant project (PLTU Riau-1) Eni Maulani Saragih continues to work with the Corruption Eradication Commission (KPK) to uncover the scheme. She had returned some of the money she received. Blackgold Natural Resources Ltd also had published several documents regarding the investigation and answered questions asked by the Singapore Stock Exchange.
Revisiting Lippo Group Bribery Case: Chasing Eddy Sindoro
On April 20, 2016, the Corruption Eradication Commission (KPK) conducted a Sting Operation and arrested the Registrar of the Central Jakarta District Court one Edy Nasution and Doddy Ariyanto Supeno, who’s an employee of PT Artha Pratama Anugerah (APP, a subsidiary of Lippo Group) for the two men were allegedly involved in a bribery scheme. After that operation, the investigation on the case developed into something bigger. The then Secretary of the Supreme Court one Nurhadi Abdurrachman resigned from his position and Eddy Sindoro, one of the people behind Lippo Group’s success today, was named a suspect by the end of the same year. But apart from the trial of Edy Nasution and Doddy Ariyanto, nothing really happened. Eddy Sindoro had left the country. On September 26, 2018, The KPK announced that they had imposed a travel ban on two individuals who they believe have knowledge on Eddy Sindoro.
Environmental Journal
The Ministry of Environment and Forestry is on a roll. In addition to chasing the perpetrators of forest fires—both individuals and corporations—, the Ministry is also investigating other crimes related to environmental issues. Recently, the Ministry’s Directorate General of Law Enforcement (Ditjen Gakkum) named three companies—all in the zircon business—as suspects of illegal mining in West Kalimantan.
Kaharudin Ongko v. BFIN: Updates
There’s a development on the ongoing share-ownership dispute between PT Aryaputra Teguhartha—a company with links to PT Ongko Multicorpora (PT Mitra Investindo Multicorpora) and Kaharudin Ongko (Bank Umum Nasional and former defendant in the BLBI graft case)—and PT Bunas Finance Indonesia Tbk (now PT BFI Finance Tbk) (BFIN). Aryaputra through its legal counsel have published an announcement explaining a lawsuit they had filed on September 24, 2018. The court has published the details of the lawsuit in question.
New Problem for SNP Finance
PT Sunprima Nusantara Pembiayaan (SNP Finance) who are now in their period of Suspension of Debts Payment (PKPU), presented the options for debts payments to their creditors with the help of a new public accountant last month. This was supposed to be a good sign of what was to come, but the latest development in this drama suggests that show is far from over. Last week in the latest meeting of creditors, the Company’s representatives said that the police had detained the Company’s board of directors. On September 24, 2018, the National Police’s Criminal Investigation Unit held a press conference and relayed the surprising news that the Company’s officials were allegedly involved in a huge “break-in” scheme.
Kaharudin Ongko v. BFI Finance : The Dispute Continues
The dispute over the ownership of shares between PT Aryaputra Teguhartha—a company with links to PT Ongko Multicorpora (PT Mitra Investindo Multicorpora) and Kaharudin Ongko (Bank Umum Nasional and former defendant in the BLBI graft case)—, and PT Bunas Finance Indonesia Tbk (now PT BFI Finance Tbk) (BFIN) is far from over. The trial of the lawsuit filed by Aryaputra at the Jakarta State Administrative Court (PTUN Jakarta) is ongoing but Aryaputra filed another lawsuit at the Central Jakarta District Court, alleging BFIN and three of its officials of tort.
Yulie Sekuritas v. Former Shareholder and Bank Mandiri
In April 2018, PT Yulie Sekuritas Indonesia Tbk (YULE) published an announcement on the series of General Meeting of Shareholders (RUPS) and Extraordinary General Meeting of Shareholders (RUPSLB). The announcement mentions the agenda to demand directors’ accountability for the disbursement of company-owned deposits in February 2018 and the appointment of a new board of commissioners and directors. The Company unfortunately did not immediately publish details, until last week. As reported by several national media outlets, the Company’s shareholders had sent subpoenas and filed a police report against PT Bank Mandiri Tbk (BMRI).