RIMO & The Suspicious RTO of Hokindo Property
PT Rimo International Lestari (RIMO) TBk, a small retail company with total assets of Rp34 billion, has relaunched the reverse takeover (RTO) of property company PT Hokindo Properti Investama for total consideration of Rp4.06 trillion, roughly half of the earlier plan. After the RTO, RIMO will have total assets of Rp4.75 trillion.
Development on LuLu Group’s Tax Case
Late last year, the Corruption Eradication Commission (KPK) uncovered the bribery involving one official in the Directorate General of Taxation and a Managing Director of a subsidiary of LuLu Group International in Indonesia. A few months have passed, and the KPK have finalized their docket of investigation. The docket has been transferred to the prosecutor’s office so the prosecutorial process can commence very soon.
The Discontinuation of the Hotel Indonesia Case
It has been almost a year since the Attorney General’s Office (AGO) began investigating the allegation of corruption involving PT Hotel Indonesia Natour (HIN), PT Citra Karya Bumi Indah (CKBI) and PT Cipta Karya Bersama or Grand Indonesia. The AGO had escalated the investigation into inquisition. Several important figures allegedly familiar with the case had also been questioned. Last week, however, the AGO announced that it had discontinued its inquisition.
Oil & Gas Regulation: Gross Split (2)
Compared to the cost recovery scheme, the gross split scheme promises fairness to investors and less bureucratic in business process. Fair, because investors may proceed with the cost recovery scheme if their oil and gas blocks are extended, but the terminated blocks will have to implement the gross split scheme.
Oil & Gas Regulation: Gross Split (1)
Minister of energy and mineral resources Ignasius Jonan has issued Regulation No. 08/2017 about gross split production sharing contract (PSC). Offshore North West Java (ONWJ) block is the first PSC to use the scheme to replace the existing cost recovery scheme. What should you know?
Emir-Soetikno Case: More Names
More names will likely be dragged into the bribery scandal for the procurement of Rolls-Royce engines of Airbus A330-200. Other than Emirsyah Satar, former CEO of Garuda Indonesia, and Soetikno Soedarjo, beneficial owner of Connaught International Pte Ltd (Singapore), who have been named suspects, two other former executives of the flag carrier have been banned from overseas travel.
Emirsyah Satar and Corruption in Garuda Indonesia
On January 19, 2017 the Corruption Eradication Commission (KPK) announced that they’d named the Chairman of MatahariMall.com and former CEO of PT Garuda Indonesia (Persero) Tbk Emirsyah Satar as a suspect of graft. It was later known that the case is a bribery case involving the UK-based engineering company Rolls-Royce.
Momentum to Clean Up Garuda Indonesia
Shares of Garuda Indonesia (GIAA) opened lower by 1.16% to Rp342 this morning with small trading volume. Looks like that investors subscribed the view of Corruption Eradication Commission (KPK) about bribery case implicating the airline’s former CEO Emirsyah Satar. They also expect the case as momentum to take off.
Amran Batalipu and Corruption in Buol
In June 2016, the Corruption Court in Palu District Court ruled in favor of the former Regent of Buol Amran Batalipu. Amran was found not guilty of embezzling the Regional Budget of Buol. But the Supreme Court later annulled the verdict and declared Amran guilty of corruption. And so Amran is deemed guilty in two different cases of corruption.
Emir Satar, Corruption Allegations & SBY Network
Leaders of the Corruption Eradication Commission (KPK) tried hard to protect flag carrier Garuda Indonesia (GIAA) from negative impacts of the bribery case against former CEO Emirsyah Satar. GIAA shares ended lower by only 2.26% Thursday (Jan 18). Still it is interesting to see whether the bribery case implicating Soetikno Soedarjo and Rolls-Royce is only an entry to other cases.