Developments on PKPU of Sujaya Group
A month have passed after Sujaya Group’s two subsidiaries, i.e., PT Bintang Jaya Proteina Feedmill (Bintang Jaya) and PT Sinka Sinye Agrotama (Sinka Sinye) started their period of Suspension of Debts Payment (PKPU), but the Group is still struggling to find the best way possible to settle the disputes with the creditors. At first, the Group asked for additional capital injection to the Banks, which are also their creditors, but the request received strong rejection. Now, reportedly, the Group is ready to release their valuable assets designed as collaterals for several creditors.
The Coalition of Brokenhearted: SBY & TW (Part IV)
Hengky Setiawan, CEO of Telesindo (TELE), admitted of a picture about him, Rommy Winata (younger brother of Tommy Winata), and Habibie Rizieq, chairman of Islamic Defenders Front (FPI), leader of anti-Ahok movements. “That’s not him (Tommy Winata)…It’s me, and Rommy Winata, brother of TW,” Hengky said as quoted by beritasatu.com on Monday (Nov 28).
Mobile-8 Tax Restitution Case : Pre-Trial Lawsuits are Granted
The Attorney General’s Office (AGO) is having a bad year and it’s getting worse after the South Jakarta District Court decided to partially grant the pre-trial lawsuits filed by two suspects in the case of alleged corruption in tax restitution conducted by PT Mobile-8 Telecom Tbk (Mobile-8). The two suspects, i.e., Hary Djaja and Anthony Chandra Kartawiria will be free from the criminal charges. Not only that, the Court also stated the AGO do not have the authority to investigate such case. What will be the AGO’s next move?
The Coalition of Brokenhearted: SBY & TW (Part I)
Corruption Crime Court of the Surabaya District Court in East Java has on Tuesday (Nov 29) held the first trial of Dahlan Iskan, former minister of state-owned enterprises, who is accused of causing losses to the State regarding divestment of assets of PT Panca Wira Utama (PWU), a company owned by East Java provincial government. Dahlan is suspect in his capacity as former CEO of PWU. There are two other corruption cases against Dahlan, who won the highest votes as potential president candidate from Democratic Party led by sixth president Susilo Bambang Yudhoyono.
On E-KTP Graft Case: Pre-Trial and Related Disputes (Part II)
The investigation conducted by the Corruption Eradication Commission (KPK) on the case of alleged graft on the procurement of electronic identity card (e-KTP) during the period of 2011-2012 is getting more complicated after new problems slowly arise since early October 2016. Recently, PT Sandipala Arthaputra, a company in the consortium filed for a pre-trial as the result of a different investigation on the case conducted by the Criminal Investigation Unit of the National Police’s Headquarter (Bareskrim Mabes Polri). What is the result of the trial?
On E-KTP Graft Case: Pre-Trial and Related Disputes (Part I)
The investigation conducted by the Corruption Eradication Commission (KPK) on the case of alleged graft in the procurement of electronic identity card (e-KTP) during the period of 2011-2012 is getting more complicated after new problems slowly arise since early October 2016. After the appearence of PT Biomorf, a US-based company and the sub-contractor of the winning consortium, who claimed the Government owes them US$90 million, now another company in the consortium reportedly filed for a pre-trial as the result of a different investigation on the case conducted by the Criminal Investigation Unit of the National Police’s Headquarter (Bareskrim Mabes Polri). This series of article will explain the series of events and the people allegeldy related to the case.
KPK & Regional Elections in Southeast Sulawesi
For those of you with special interest in nickel industry, political developments and corruption cases in Southeast Sulawesi deserved attentions. They could affect future dynamics of nickel industry, given new smelter projects being built and planned in the province.
Cancellation of Sariwangi’s Peace Agreement
PT Sariwangi Agricultural Estate Agency (Sari Wangi AEA Co Ltd – Sariwangi) and its subsidiary PT Maskapai Perkebunan Indorub Sumber Wadung (Indorub) escaped bankruptcy since September last year after being able to resolve the debts disputes during the period of Suspension of Debts Payment (PKPU) with peace.
Insolvency of Kaltim Supacoal and the Dispute
On November 22, 2016 the team of curators for the insolvency of PT Kaltim Supacoal published an announcement stating that the process of insolvency of the Company is finished. But the announcement did not give further explanation. Earlier in May 2016, the Singapore International Commercial Court (SICC) handed down its first judgment on dispute between “BCBC Singapore Pte Ltd and anor v. PT Bayan Resources Tbk (BYAN) and anor”, the source of the problem in Kaltim Supacoal.
Insolvency of Binamitra Sumberarta
PT Binamitra Sumberarta, a subsidiary of PT Delta Ultima Coal (Delta Coal) faced their period of Suspension of Debts Payment (PKPU) since August 2016 due to lawsuit filed by two of its business partners, namely PT RPP Contractors Indonesia (RCI) and PT Uletbulu Mining. But after three months of negotiation, the creditors cannot find agreement with the Company on the best way to resolve the disputes. Therefore, the Company is finally declared bankrupt by the Panel of Judges since November 21, 2016.