2016 Capital Injection
The Government proposed a series of Capital Injections (PMNs) for State-Owned Enterprises (BUMN) in the 2016 Revised State Budget (2016 RAPBN-P) after failing to secure the approval for the first PMN round proposed in the 2016 Budget (2016 APBN). This time, the Government has planned to inject Rp53 trillion in the 2016 RAPBN-P, or Rp13.5 trillion more compared to the allocation in the 2016 APBN.
Tax Amnesty Bill & Wibawa Family Dispute
Tax Amnesty bill might be considered the most important macroeconomic story in Indonesia by some fund management companies. A decision from Singapore court judge Belinda Ang Saw Ean two weeks ago in the family dispute of Kuntjoro Wibawa vs his mother Harianty Wibawa and siblings is indeed an interesting case in the context of tax amnesty bill.
Updates on the Tax Amnesty Bill
The fourth deliberation session of the year 2015-2016 is almost over, and yet the House of Representatives (DPR) is still struggling to perform its legislative duties. Of the dozens of bills included in the 2016 Prioritized National Legislation Program, not one bill has good progress to show. The problem is that there are crucial Bills that the DPR must pass into law in the near future. One of them is the Tax Amnesty Bill, for the passage of this bill determines the passage of the 2016 revised budget.
Updates on the 2016 APBN-P Discussion
The Government submitted the Bill on the 2016 Revised State Budget (RAPBN-P 2016) to the House of Representatives on May 2, 2016, but the discussion on the Bill has only began on June 2, 2016. The process is expected to continue to July 2, 2016.
Gatot Pujo Nugroho’s Graft Case: Verdict for Kamaludin Harahap
The trial of the 5 members of the Regional Representatives Council (DPRD) of North Sumatera, who allegedly received bribes from the disgraced Governor of North Sumatera Gatot Pujo Nugroho, has been on the way since February 2016. On June 8, 2016, the Corruption Court of the Central Jakarta District Court read out the verdict against the Deputy Chairman of DPRD 2009-2014 Kamaludin Harahap (PAN).
Indictment for Damayanti
The Commission V Lawmaker of the House of Representatives Damayanti Wisnu Putranti, who is allegedly involved in the Trans-Seram project bribery, faced her first hearing on June 8, 2016, during which the public prosecutor of the Corruption Eradication Commission (KPK) read out the chronology of the case and the indictment.
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.