Trikomsel’s Last Chance
PT Trikomsel Oke Tbk (TRIO), which is now in the process of Suspension of Debts Payment (PKPU), only has less than 10 days left to reach an agreement with its creditors. If until next week the creditors cannot agree to the debt payment scheme offered in the draft of the peace proposal, TRIO will be declared bankrupt. Can the troubled company resolve the dispute peacefully?
Updates on Dwi Aneka Jaya Kemasindo’s PKPU
PT Dwi Aneka Jaya Kemasindo (DAJK)’s period of Suspension of Debts Payment (PKPU) will end in less than two weeks, but the Company’s negotiation with its creditors has not yet produced a conclusive outcome. Several foreign companies, however, have reportedly conveyed their interest in investing in the corrugated carton company.
Putu Sudiartana’s Case: First Trial
The trial of Yogan Askan, a suspect in the case of alleged corruption that also brought down the former member of the House Commission III of the House of Representatives (DPR) I Putu Sudiartana (Democratic Party), was conducted last week. The indictment read by the Public Prosecutor of the Corruption Eradication Commission (KPK) revealed the modus operandi in this case and new names were mentioned.
Irman Gusman & Corruption: The Arrest
The Corruption Eradication Commission (KPK) delivered shocking news on September 17, 2016. They had conducted their latest Sting Operation (OTT) in Jakarta and caught the Chairman of the Regional Representatives Council (DPD) Irman Gusman in a bribe transaction. Irman, who is known as an anti-corruption ambassador, is the first member of the DPD to be arrested by KPK.
Benny Tjokro v. Goldman Sachs et al.
On September 8, 2016, Benny Tjokrosaputro the founder and President Director of PT Hanson International Tbk (MYRX) filed a tort lawsuit to the South Jakarta District Court against Goldman Sachs International and two other parties related to alleged illegal sales of Benny’s shares in MYRX. The first hearing is scheduled to be held on September 27, 2016. But what is the problem exactly?
The Latest on the Cap Kaki Tiga Brand Dispute
The trademark dispute between Wen Ken Drug Co Ltd, owner of the brand and logo “Cap Kaki Tiga”, with an Englishman named Russell Vince ended in late December 2015. Wen Ken was thus no longer allowed to produce or sell any products using the brand name. But the copy of the verdict was only delivered in August 2016 and the Government had spent almost a year revoking all licenses related to the brand. Wen Ken, however, refuses to stop the production and distribution of “Cap Kaki Tiga”.
Tax Amnesty in Action (24): More Promising Results
Tax Office recorded Rp21.3 trillion of revenues from tax amnesty and payments of tax liabilities in arrears as of Thursday, Sept 15. This is significantly higher than the amount recorded yesterday at Rp11.2 trillion. Tommy Soeharto, son of the late president Soeharto, and famous lawyer Hotman Paris Hutapea, joined the program.
The End for Doddy Aryanto Supeno?
The trial of Doddy Arianto Supeno, an employee of PT Artha Pratama Anugerah (APP) that was caught handing bribes to the Registrar of the Central Jakarta District Court Edy Nasution, has ended. Doddy is deemed guilty of all charges, and so now we only have to follow the Edy’s trial. Now the question is, what will happen after this verdict? Can the Corruption Eradication Commission (KPK) bring down more suspects, or will things simply evaporate into thin air?
Updates on Bhineka Karya Manunggal’s PKPU
The process of Suspension of Debts Payment (PKPU) for PT Bhineka Karya Manunggal (BKM), a subsidiary of Guna Group, continues. The Company presented the draft of their peace proposal in the last meeting of creditors, but most of the creditors still expressed rejection. To enhance this peace proposal, BKM was given 45 more days.
PKPU for Sumatera Persada Energi
A new lawsuit for Suspension of Debts Payments (PKPU) was filed against PT Sumatera Persada Energi (SPE), the subsidiary of PT Asiabumi Petroleo. The lawsuit is the second lawsuit for SPE in the past two years. In the first PKPU lawsuit in 2014, the oil and gas company managed to escape bankruptcy after its creditors agreed on the peace proposal offered. For this latest lawsuit, the process has begun. If the creditors can prove to the court that SPE indeed owe debts, SPE must once again undergo the process of debt restructuring.