PKPU for Brent Ventura
After more than 2 years in dispute, with all attempts at debt restructuring and bankruptcy petition repeatedly rejected by the Court, on June 6, 2016 the Commercial Court of the Central Jakarta District Court (henceforth referred to as the Court) granted the request on Suspension of Debts Payment (PKPU) against PT Brent Ventura filed by one of its customers. Brent Ventura officially entered a temporary period of PKPU for 45 days.
Updates on BUMI’s PKPU
PT Bumi Resources Tbk (BUMI), as we all know, is in a period of Suspension of Debts Payment (PKPU). The Company’s debt verification process has not been running as smoothly as expected. The process was once postponed to June 2, 2016, and yet it has now been delayed once more due triple billing of some debts. The recognized creditors have agreed unanimously to extend the period of verification of bills for 21 days.
The End of Innospec-Pertamina Scandal?
The bribery scandal implicating Innospec Ltd (previously known as Associated Octel Company Ltd), a subsidiary of Nasdaq-listed US Innospec Inc (Octel Corporation) and the state-owned oil & gas company PT Pertamina (Persero), has reached closure. On June 6, 2016, the Corruption Court of the Central Jakarta District Court read the verdict against the last defendant in the case, namely the Director of PT Soegih Interjaya Muhammad Syakir.
On OC Kaligis’ Case: The Court Granted KPK’s Appeal
The Jakarta High Court granted the Corruption Eradication Commission (KPK)’s appeal against the senior advocate Otto Cornelis (OC) Kaligis in connection with the latter’s involvement in bribing three judges and a registrar of the Medan State Administrative Court (PTUN Medan). The Panel of Appeals also aggravated Kaligis’ sentence.
The Court Rejected Suryadharma Ali’s Appeal
The Jakarta High Court reportedly rejected the appeal filed by the former Minister of Religious Affairs and the PPP politician Suryadharma Ali—he was found guilty of mismanaging the organization of Hajj and abusing the Ministerial Operation Funds (DOM). The High Court read said decision on May 19, 2016 but the Corruption Eradication Commission (KPK) received the formal notice on May 30, 2016. In addition to rejecting the petition, the Panel of Appeal’s aggravated Suryadharma Ali’s sentence by adding a new sentence.
Prada v. Manggala Putra Perkasa (Part II)
The trademark dispute between Prada SA against PT Manggala Putra Perkasa (MPP) continues. The Commercial Court of the Central Jakarta District Court granted the lawsuit filed by Prada SA and annulled the same trademark registered by MPP in the Directorate General of Intellectual Property (Ditjen HKI) on April 2016, but on May 2016, MPP decided to challenge the verdict.
Updates on Geo Cepu’s PKPU
The Commercial Court of the Central Jakarta District Court decided to give PT Geo Cepu Indonesia (Geo Cepu), the partner of PT Pertamina EP, additional time for its Suspension of Debt Payments (PKPU). With this decision, Geo Cepu officially entered their period of fixed PKPU and have an additional 60 days to revise their peace proposal.
The Collapse of Inovisi Infracom: Where’s The Money? (2)
Inovisi Infracom (INVS) was a small company with sales revenue of Rp48 billion in 2008, but then jumped to Rp88.7 billion in 2009, mainly to the growing campaigns through people’s phone/gadget, which was classified ‘unwarranted SMS’ or premium SMS. They skyrocketed in 2010-2011 before the government changed the policy because of public outcry over the so-called ‘phone credit theft’.
The Collapse of Inovisi Infracom: Where’s The Money?
Three years ago, Inovisi Infracom (INVS), whose business include ICT and coal mining—-what a strange combination, was valued US$1.5 billion or so. Trading in the stock, however, has been suspended since February 2015. At the last quoted price, Inovisi’s market value is Rp1.17 trillion or about US$86 million. If the suspension is lifted, the stock might fall further to Rp50, the lowest quotable price on IDX.
The High Court of East Java v. La Nyalla (2)
On May 30, 2016 the High Court of East Java issued a new warrant of inquisition (Sprindik) on a case of alleged corruption implicating the Chairman of the Football Association of Indonesia (PSSI) La Nyalla Mattalitti. The day after, after being in hiding for more than two months, La Nyalla was captured by authorities in Singapore and deported to Indonesia. La Nyalla is now detained at the Salemba Prison in the complex of the Attorney General’s Office for the sake of investigation. He will remain in custody for 20 days.