In just about one year, since the end of 2022, PT Rekayasa Industri (Rekind)—a subsidiary of PT Pupuk Indonesia Holding Company (Persero) and State-owned EPCC company, has faced continuous legal problems. Apart from one high-profile case, there are at least 10 lawsuits filed against the company at the Central Jakarta District Court, nine of which are PKPU lawsuits. The company creditors seek to force the company to restructure its debt. After many attempts, the ninth lawsuit filed in September 2023 was granted by the court. Rekind entered its temporary PKPU period. Luckily, within about three months, Rekind was able to convince its creditors and resolve the dispute with a peace agreement.

Over two years since 2016, PT Eterindo Wahanatama Tbk (ETWA), a chemical products trader, has been sued four times by its creditors and all lawsuits are related to debts issues. Fortunately the company was able to resolve its issues out of court. The last lawsuit filed in the middle beginning of 2018 was also withdrawn by the plaintiff. The situation has toned down slightly for the company, the pandemic can be overcome without many obstacles, or so we thought. Towards the end of 2023, PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) filed a new PKPU lawsuit against the company, but this time there are other defendants, i.e., three subsidiaries. The process runs very quickly and is relatively far from media coverage. In just four months after the lawsuit was registered, Eterindo was declared bankrupt.

We welcome 2023 with news from the Attorney General’s Office (AGO) that they have commenced investigation into the case of alleged corruption related to PT Graha TelkomSigma (PT GTS – TelkomSigma, subsidiary of PT Sigma Cipta Caraka – Sigma). Eight individuals have been named suspects since then and the case allegedly caused State losses amounted to over Rp200 billion. Several months later, we learned that the AGO developed their investigation and managed to find an entry to a new case, which allegedly caused over Rp300 billion in State losses. The new case allegedly involving Sigma. This week, another surprise emerged as the Corruption Eradication Commission (KPK) announced that they had commenced inquisition on a case of alleged corruption which also involved Sigma. What a mess.

Two weeks ago, President Joko “Jokowi” Widodo officially appointed nine commissioners of the Business Competition Supervisory Commission (KPPU) for the 2023 – 2028 term of office. The commissioners conveyed their work targets for the first 100 days, which included supervising the energy and mineral resources sectors where the business competition index is still below average. This work target may not be a coincidence because the person appointed as the new Chief of the KPPU is M Fanshurullah Asa, former chairman of BPH Migas. Interestingly, after the inauguration, the Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, urged the KPPU to immediately take a firm stance against the alleged monopoly of aviation fuel trade in Indonesia. A problem that Luhut has been raising since 2019.

The 2024 General Election (Pemilu) will take place on Feb. 14, 2024. A total of 24 political parties will compete, there are 18 national political parties and six local political parties in Aceh. Each party, as we know, also takes part in three coalitions that nominate three presidential and vice presidential candidates. Of the dozens of parties, there are a number of political parties whose cadres or members have been caught in corruption cases. Some even still have the guts to run for office again. Which party has so far “contributed” the most to the problem?

Back in August 2023, the Indonesia Corruption Watch (ICW) asked the General Elections Commission (KPU) to immediately announce the names of candidates for legislative members at all levels who are former convicts, especially graft convicts. ICW claimed that KPU seemed to cover this up because it never made an announcement as promised. KPU made the much-needed announcement several days later. Entering 2024, The Corruption Eradication Commission (KPK) announced their new investigation and conducted two sting operations. Among the parties ensnared are representatives of a political party. This makes us wonder, which parties have corrupt politicians?

We know that the past several years were tough for PT Garuda Indonesia (Persero) Tbk (GIAA), but perhaps the problems will be over soon. The flag carrier finally was able to catch some breath in 2022 after they managed to resolve the debt restructuring process (PKPU) with a peace agreement, although there was a small obstacle. Two of the company creditors, Greylag Goose Leasing 1410 Designated Activity Company and Greylag Goose Leasing 1446 Designated Activity Company attempted to apply for the cancellation of the peace agreement, which ultimately failed. At the same time, lawsuits filed against Garuda Indonesia in other countries also failed. Garuda Indonesia then decided to file a lawsuit against the two creditors, however, Greylag Goose refused to surrender. The two companies filed lawsuits in the beginning of 2023, still seeking for cancellation of the peace agreement. This week we learned that the attempt once again failed.

In the midst of the successive attacks that were leveled at the Government, several parties used this opportunity to complain about several allegations of corruption. This is of course a very common thing, but it becomes unusual when the reported problem involves parties who have prolonged legal problems and the other party involved in this case is an admired figure. This is what happened when the Corruption Eradication Commission (KPK) received a report regarding alleged corruption carried out by the former Deputy Minister of Law and Human Rights, Eddy Hiariej. Eddy, who was at the peak of his career, was made a suspect not long after, but he fought back. This resistance bore fruit, at least for now, after Eddy’s pre-trial lawsuit was granted by the South Jakarta District Court.

For the umpteenth time, Corruption Eradication Commission (KPK) investigators have carried out a Sting Operation in East Java. This time, the KPK succeeded in securing a number of parties and uncovering a case of alleged corruption in Sidoarjo. After the initial...

Peer-to-peer lending platform (P2P lender), Investree, was ambitious to help strengthen the Indonesian economy by providing financial assistance to SMEs, especially those affected by COVID-19. This ambition is what makes them get a series of funding even in the midst...