Citra Maharlika’s Bankruptcy
PT Citra Maharlika Nusantara Corpora Tbk (CPGT) (formerly known as Cipaganti) entered their period of Suspension of Debts Payment (PKPU) in November 2016 as a result of lawsuit filed by Armand Yapsunto Muharamsyah and Partners (AYMP) Law Office (formerly known as DNC Advocates). The troubled transportation company have been struggling to pay their debts and initially offered the creditors with the company’s shares. The majority of the Company’s creditors, however, rejected the offer and voted for the Company’s bankruptcy.
Update on the Bakamla Corruption Case
After several postponement, and later with the guarantee made by the Commander of the Indonesian Military (TNI), the Head of the Maritime Security Agency (Bakamla) finally attended the trial of Fahmi Darmawansyah, who is one of the defendants in the Bakamla bribery scandal. The of Head of Bakamla was confronted with the statements of the defendants and the other witnesses regarding his involvement in the case.
The End for Andi Taufan Tiro?
On April 26, 2017 the Corruption Court of the Central Jakarta District Court read their verdict for Andi Taufan Tiro, the former lawmaker from PAN and the former member of the House Commission V of the House of Representatives, who is a defendant in the Trans-Seram road construction corruption trial. Andi is deemed guilty of all charges and the Panel of Judges decided to revoke his political rights.
Benny Tjokro v. Goldman Sachs et al
The dispute between the stock trader Benny Tjokrosaputro against Goldman Sachs International and two other parties on the alleged illegal sales of Benny’s shares in PT Hanson International Tbk (MYRX) continues. On April 25, 2017, the defendant presented their evidence in trial.
Former IBRA Chairman Named Suspect, Next?
The Corruption Eradication Commission (KPK) has finally named Syafruddin Arsyad Temenggung, chief of Indonesia Bank Restructuring Agency (IBRA), an agency established to handle bad loans and assets related to Bank Indonesia Liquidity Assistance (BLBI) from financial crisis 1997, as corruption suspect.
SinemArt’s Shareholding Dispute: Hary Tanoe v. Sariaatmadja
Two of the biggest television companies, PT Media Nusantara Citra Tbk (MNCN) belonging to Hary Tanoesoedibjo and PT Surya Citra Media Tbk (SCMA) controlled by the Sariaatmadja family, are having a dispute over shareholding in PT Sinemart Indonesia, one of the biggest entertainment and production house companies in Indonesia. The dispute occurred after a court decision stating that the sale of shares of PT Sinemart Indonesia to SCMA’s subsidiary, which was conducted in January 2017, is not valid. What’s interesting is that the decision was made in an in absentia trial and PT Sinemart Indonesia had no knowledge of the trial whatsoever. How is that possible?
The End for Dahlan Iskan?
Dahlan Iskan was found guilty of corruption by abusing his power in the release of assets of PT Panca Wira Usaha, a company owned by the East Java Provincial Government. The Corruption Court of the Surabaya District Court punished Dahlan to 2 years of city arrest, but Dahlan immediately filed for an appeal.
Update on the E-KTP Graft Case: Accounts of Witnesses
The trial of the two defendants in the electronic identity cards (E-KTP) graft case continues. In the hearing held on April 20, 2017 the Court was set to hear the testimonies of twelve witnesses, but only six witnesses attended the hearing. There were confirmations on the alleged involvement of the Speaker of the House of Representatives Setya Novanto and the former Minister of Home Affairs Gamawan Fauzi.
Regulatory Journal: A New Regulation from the Ministry of Environment and Forestry
The Minister of Environment and Forestry recently published several Minister Regulations (Permen KLHK) to implement the terms set forth in the Goverment Regulation (PP) 57/2016 regarding the Protection and Management of Peat Ecosystem. One of the implementing regulations is the Permen No. P.17/MENLHK/SETJEN/KUM.1/2/2017 on Commercial Plantation Forest Development, which revised Permen No. P.12/MENLHK-II/2015. But the revision written down in the Permen P.17 raised objections from various parties, especially from the owners of forest utilization permit.
Hanjung Indonesia’s PKPU
A construction company based in Lampung PT Hanjung Indonesia entered their period of Suspension of Debts Payment (PKPU) in March 2017 after the Panel of Judges of the Commercial Court of the Central Jakarta District Court decided to accept the PKPU lawsuit filed by one of the Company’s creditor PT Hermes Cargo Service. The PKPU process is a second chance for the Company after escaping a bankruptcy lawsuit in February 2017.