More on Alleged Corruption at the Central Bank
Towards the end of 2024, the Corruption Eradication Commission (KPK) conducted a search at Bank Indonesia. Reportedly, this activity was related to alleged corruption in the process of distributing Corporate Social Responsibility (CSR) funds from Bank Indonesia, also known as Bank Indonesia Social Program (PSBI). At the time, the Deputy for Enforcement of the KPK, Inspector General (Pol) Rudi Setiawan had mentioned that there were two suspects in this case, one of whom was a member of the House of Representatives. However, not long after, Rudi’s statement was corrected by KPK Spokesperson, Tessa Mahardhika Sugiarto. He said, there were no suspects yet and that the suspect in question was a suspect in another case that overlapped with the case at Bank Indonesia, namely alleged corruption at the Financial Services Authority (OJK). It is interesting to note that despite the differences in information and the possibility that there are suspects in the case implicating OJK, the public is only focused on the case involving the Central Bank. Not long ago, the public learned of the alleged involvement of two politicians in this case.
Peace for Rajawali Nusindo
2024 is a tough year for State-owned Enterprises (BUMN) and their subsidiaries. Many business partners are demanding debt restructuring, including against PT Rajawali Nusindo, a subsidiary of the food holding company PT Rajawali Nusantara Indonesia (Persero) (PT RNI) or ID Food. The lawsuit was filed in June 2024 and the company has entered their PKPU period since August 2024. Debt restructuring is not a simple matter, but fortunately, far from media coverage, Rajawali Nusindo was able to reach a peace agreement with the majority of its creditors last week. Now, Rajawali Nusindo must focus on completing at least Rp3 trillion of its obligations.
MBG Food Poisoning
Within just three months, more than 200 students have suffered from food poisoning because of the free nutritious meals provided by the government. Recently, 78 students in Cianjur, West Java, had to be rushed to the hospital after showing symptoms of food poisoning, such as dizziness, nausea and vomiting. While this number might be low compared to the number of students who’ve had no problem in digesting the food so far, it will be fatal if it keeps increasing. The question is: How could similar incidents happen repeatedly in such a short time?
Revisiting United Tractors
United Tractors (UNTR), a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, gold mining, power generation, and civil construction, has appointed Ignasius Jonan, former Minister of Energy and Mineral Resources, as an Independent Commissioner. UNTR’s annual general meeting has also approved to distribute Rp2,151 per share or Rp7.8 trillion of dividends from last year’s profit, including interim dividends of Rp2.4 trillion.
Vidio and Football Passion
Through an aggressive strategy of acquiring sports broadcasting rights — particularly for football — Vidio has become the go-to subscription platform for millions of fans. The English Premier League, UEFA Champions League, even the FIFA World Cup — all are now locked behind Vidio’s paywall, making it almost indispensable for football enthusiasts.
From LG Energy Solution to Zhejiang Huayou (1)
Indonesian government said that LG Energy Solution’s decision to pull out from EV battery project in Indonesia should not be a problem because China’s Zhejiang Huayou Co Ltd has expressed interest to replace the South Korean battery giant. Really?
QRIS and the Battle for Digital Sovereignty
Amid Indonesia’s efforts to establish sovereignty over its national payment system, trade frictions with the United States have emerged. One of the focal points is the implementation of QRIS (Quick Response Code Indonesian Standard) and the GPN (Gerbang Pembayaran Nasional/National Payment Gateway) system. Both are significant milestones in Indonesia’s financial sector reform, but at the same time have become stumbling blocks in trade relations with the global superpower.
Valorant and the Revival of Indonesia’s PC Gaming Industry
Amid the dominance of mobile games in Indonesia, one title has emerged from a platform once considered obsolete: Valorant. This tactical first-person shooter, developed by Riot Games, has not only reignited interest in PC gaming among Indonesian youth but also opened up new economic opportunities in digital industries—particularly esports and content creation.
Humpuss vs Stareast Group
PT Bali Pecatu Graha, a company controlled by PT Humpuss Land (controlled by Hutomo Mandala Putra AKA Tommy Soeharto, youngest son of the late president Soeharto), has just terminated an agreement signed with PT Stareast Sejahtera Group in January 2013.
Cemindo Gemilang (CMNT): From bad to worse
Against all odds, Cemindo Gemilang (CMNT), producer of Merah Putih cement brand, came out with a rather optimistic outlook for this year despite predictions about economic slowdown and weaker purchasing power. The company, owned by GAMA Group (Sitorus brothers), projected between 4-5% growth, twice of the national growth.