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.
Updates on Nur Alam’s Case
The Corruption Eradication Commission (KPK) continues to investigate the case of alleged corruption involving the Southeast Sulawesi Governor Nur Alam. Dozens of Southeast Sulawesi Regional Government officials are being examined, including representatives from private sectors and the Ministry of Energy and Mineral Resources. The KPK has already imposed a travel ban on four individuals.
Updates on Bumi Resources’ PKPU
PT Bumi Resources Tbk (BUMI), which has been in a period of Suspension of Debts Payment (PKPU), submitted a disclosure to the Financial Services Authority (OJK)’s Securities and Exchange Commission on August 30, 2016 concerning the sale of shares of its subsidiaries. In this process, BUMI acted as a guarantor and the proceeds were used for paying BUMI’s debt to one of its creditors. The PKPU administrators approved of these transactions even though it was reported within the period of PKPU. BUMI’s PKPU is supposed to end on September 30, 2016.
PLN v. Betasurya Tatagraha
PT Perusahaan Listrik Negara (Persero) (PLN) is once again facing a dispute with one of its partners PT Betasurya Tatagraha. The object of the disagreement is the implementation of an employment agreement. This dispute was supposed to have been resolved at the Indonesian National Arbitration Board (BANI) in May 2016. BANI declared PLN guilty of default and must compensate Betasurya no later than 45 days after the verdict was read, but Betasurya claimed that PLN had not honored the verdict.
Updates on Brent Ventura’s PKPU
PT Brent Ventura received a 45-day extension of period of Suspension of Debts Payment (PKPU). The Panel of Judges of the Commercial Court of the Central Jakarta District Court read the decision on September 6, 2016. Brent Ventura asked for the extension because the majority of their creditors still refused to agree on the peace proposals they had offered. What makes this process even more interesting is that there are several creditors that have acted on their own and directly brought their bills to the Director of Brent Ventura, who is currently serving his sentence in prison.