Creditors vs Dhiva Inter Sarana & Richard Setiawan (2)
Richard Setiawan, owner of PT Dhiva Sarana Metal (DSM), has filed bankruptcy protection for DSM as creditors busy to figure out ways to recover Rp4.07 trillion from PT Dhiva Inter Sarana (DIS) and Mr Setiawan.
No More Beers In Indonesia’s Minimarkets
To protect the “morality” of the nation, and local culture, Trade Minister Rachmat Gobel issued the Ministerial Regulation Number 6/2015, barring the sales of alcoholic beverages with less than 5 percent alcohol content, i.e., beer, in convenience stores throughout the country. The regulation comes into effect this coming April or three months after it was released.
Casualty of Coal: Bankruptcy Petition against Mega Coal
Five years ago, Orpheus Energy Ltd was traded at A$0.18 on the stock exchange of Australia (ASX). Today, it is only A$0.01 as coal ventures in Indonesia collapsed, while Indonesian partner failed to repay funds invested in the projects.
KPK Politics & Nazaruddin Case
Deputy chief of the Corruption Eradication Commission (KPK) Bambang Widjojanto, who is named crime suspect by national police, issued an important statement about cases surrounding M Nazaruddin, former treasurer of Democratic Party (led by sixth President SBY), which might only confirm political motivation of cases handled by the anti-graft agency.
KPK Politics & BLBI Investigation
Bambang Widjonarko, deputy chief of the Corruption Eradication Commission (KPK), who has recently been named crime suspect by national police, suddenly talked about KPK’s investigation into the infamous BLBI Scandal (bailout of banks worth US$70 billion in 1997) yesterday. We know why he mentioned in specific about BLBI, which is rooted in KPK’s limited understanding or misleading investigation into the case. KPK or Bambang to be exact seems to retaliate PDI-P, whose politician filed the police report against Bambang in the first place, because of a shortcut investigation into the complex scandal rooted in the policy of Soeharto, who is now rested (peacefully???) in ???
Jokowi On BUMI (Bakrie) Tax-Royalty Disputes
Financial statement of Bumi Resources, controlled by Bakrie Group, for the period ended September 30, 2014, which has just been released to public yesterday, pointed to US$895 million of liabilities due to the Government of Indonesia. BUMI also recorded tax liabilities (short-term) of US$270 million, jumped US$100 million in nine months of 2014. What the new administration has done?
Targeting 4000 Tax Evaders
Minister of finance Bambang Brodjonegoro said there are around 4000 foreign-owned companies (PMA), which never paid taxes since their inceptions even though they continuously giving out bonuses to staffs.
Going After Rosan Roeslani (and The Ghosts)
In a bid to recover the ‘missing’ US$175 million funds, PT Berau Coal Energy (BRAU) Tbk and its main shareholder Asia Resource Minerals Plc (ARMS) claimed to have asked for seizure of some assets privately owned by Mr Rosan P Roeslani, former CEO of BRAU.
The Revision on Foreign Workers Employment Procedure
Ministry of Manpower is working to revise the 2013 Ministerial Decree Number 12 Year 2013 on the Procedure for Employing Foreign Workers in Indonesia. The revision, which would include, among others, the requirement for foreign workers to be able to communicate in Bahasa Indonesia, is expected to be finalized by February 2015.
Creditors vs Dhiva Inter Sarana & Richard Setiawan
Bisnis Indonesia reported this morning that Bank International Indonesia (BNII), subsidiary of Maybank, has filed bankruptcy protection (PKPU, Suspension of Debt Payment Obligation) against PT Dhiva Inter Sarana (DIS), supplier of OCTG for oil and gas companies, to restructure US$67.66 million debts in arrears.