PKPU and Bankruptcy Journal
On June 25, 2018, the Commercial Court continued the trial of Suspension of Debts Payment (PKPU) lawsuit filed against PT Mahkota Sentosa Utama, a subsidiary of Lippo Group in charge of the Meikarta township project. Tomorrow, June 27, 2018, the same court is scheduled to hold the trial on the prolonged dispute involving the life insurance company PT Asuransi Jiwa Bumi Asih Jaya (AJBAJ).
Problems around SNP Finance
The sudden downfall of PT Sunprima Nusantara Pembiayaan (SNP Finance), controlled by the Columbia Group, surprised a lot of parties. It caused confusion because before the problems were made known to the public, the Company’s partners believed that it was in good condition as per the financial report arranged with supervision from a well-known independent public accountant. After the problems were revealed to the public, the Financial Service Authority (OJK) suspended the Company’s operational license. Its creditors are now waiting for the Company to restructure its debts. Troubles loom as several parties are reportedly keen on taking other legal steps.
The Latest on the BLBI Graft Case
Last week, the Corruption Eradication Commission continued the trial of Syafruddin “Syaf” Arsyad Temenggung, the former chairman of the Indonesia’s Bank Restructuring Agency (BPPN), who is now a defendant in the Bank Indonesia Liquidity Assistance (BLBI) graft case. In the latest hearing the court listened to accounts of witnesses including from one Iwan Ridwan Prawiranata, former Bank Indonesia’s deputy governor for supervision, who’s also a former chairman of BPPN.
PT Newmont Nusa Tenggara v. Governor of West Nusa Tenggara
At the end of 2011, the Governor of West Nusa Tenggara issued two decrees authorizing two Regional Tax Assessments (SKPD) for PT Newmont Nusa Tenggara (now PT Amman Mineral Nusa Tenggara). The Company was required to pay taxes for heavy equipment motor vehicle, but the Company refused to comply with the decision and filed an appeal to the Tax Court two years later. The Tax Court sided with the provincial government and rejected the appeal petitions. The verdicts eventually became legally binding. In March 2014, however, the Company decided to file two Reconsideration petitions. It took the Supreme Court more than four years to rule.
More Reconsideration Petitions
Over a month has gone by since Justice Artidjo Alkostar officially retired. We previously reported on the petitions for Reconsideration (PK) that famous graft convicts filed as soon as Artidjo retired. The latest update is that the Central Jakarta District Court have received a total of twelve PK petitions. Six of which were filed by graft convicts. Who are they?
A New AGO Investigation
Last week, news emerged that the Attorney General’s Office (AGO) was investigating the share swap agreement between PT Telekomunikasi Indonesia (Persero) Tbk (TLKM), through its subsidiary PT Dayamitra Telekomunikasi (Mitratel), with PT Tower Bersama Infrastructure (Tbk) (TBIG). What’s going on?
Law Journal
The Bandung-based textile company PT Mimi Kids Garmindo entered their PKPU period back in November 2017. They were not able to resolve their dispute with their creditors and was deemed bankrupt on June 5, 2018. A week later the team of curators announced the next steps in the bankruptcy process. Around the same time, the Central Jakarta District Court registered a lawsuit filed by PT Surya Indotim Imex, a gas supplier Company, against Singapore-based CS Eurasia Leasing SEA Pte Ltd.
Avanti Communications v. Government of Indonesia
Several days ago Avanti Communications Limited, subsidiary of UK-based Avanti Communications Group Plc (LSE: AVN), announced on its official website that the Company had won the arbitration against Indonesia’s Ministry of Defence. The dispute they brought to court is related to the lease of the Company’s ARTEMIS satellite and the court ordered the Ministry to pay over US$20 million.
Corruption Journal
The trials of the suspects arrested by the Corruption Eradication Commission (KPK) continues. The latest trials are the trial of Wilhelmus Iwan Ulumbu, president director of PT Sinar 99 Permai (S99P), who allegedly bribed the Regent of Ngada in East Nusa Tenggara one Marianus Sae; trial of Mayor of Malang Moch. Anton; and the trial of one Inna Silestyowati, who allegedly bribed Regent of Jombang Nyono Suharli Wihandoko.
More on Bank Mandiri’s Credit Facility Case
A year has passed since the Attorney General’s Office (AGO) announced their investigation into the irregularities in Bank Mandiri’s issuance of a credit facility to PT Tirta Amarta Bottling. At the time, the investigation which commenced after Bank Mandiri asked for assistance from the AGO, recorded an estimated losses sustained by the State at a little over Rp1 trillion. Bank Mandiri and the Company have built their relationship since 2008 and Bank Mandiri stated that the relationship with the Company went smoothly from the beginning, but something strange happened between the 2015-2016 fiscal year, so that the Bank begin to build coordination with the AGO.