Tokopedia + TikTok
The Business Competition Supervisory Commission (KPPU) has imposed a fine of Rp15 billion on TikTok Nusantara (SG) Pte. Ltd. for late notification of its acquisition of a majority stake in Tokopedia. That’s not a significant amount given size of TikTok’s business after acquisition of Tokopedia early last year.
Corruption investigations at PGN (3)
Shares of PT Perusahaan Gas Negara Tbk (PGAS) or PGN, subsidiary of oil and gas company Pertamina, ended lower 0.88% to Rp1,695 on Monday (Sep 29) as the Attorney General’s Office (AGO) intensified corruption investigation into acquisition of some oil and gas assets in the period of 2012-2015.
When Cooperatives Become Political Weapons
When Coordinating Minister for Food Affairs Zulkifli Hasan (Zulhas) remarked yesterday that “not every cooperative problem should end up on the President’s desk,” it was more than a technocratic reminder. It was a coded warning. In Jakarta’s political lexicon, such statements often signal friction within the cabinet—and in this case, between two key players: Gerindra, Prabowo’s own party, and PAN, Zulhas’s political home.
Pertamina’s Downstream Merger: Efficiency or Political Cleansing?
When Pertamina’s President Director Simon Mantiri told lawmakers that the company would merge its downstream arms—Pertamina Patra Niaga, Kilang Pertamina Internasional, and Pertamina International Shipping—by the end of 2025, it sounded like a straightforward plan. The message was wrapped in the familiar language of efficiency and synergy: trimming excess structures, streamlining operations, and delivering “one Pertamina” for the downstream business. Yet, beneath this polished corporate narrative lies a far more political story.
Corruption investigations at PGN (2)
Other than investigation into acquisition of Fasken shale gas block in Texas (USA), the Attorney General’s Office (AGO) grilled some witnesses, including executives of PT Saka Energy (subsidiary of PGAS/PGN), for the acquisition of three oil and gas blocks at home: Ketapang, Pangkah, and Muriah.
Corruption investigations at PGN (1)
On May 8, 2014, we published an article titled “PGN and US Shale Gas Investment”, where some of our sources criticized PT Perusahaan Gas Negara Tbk (PGAS) or PGN’s acquisition of Fasken shale gas block in Eagle Ford, Houston, Texas (USA) from Swift Energy. That time, PGN agreed to pay US$175 million for 36% working interest in the block.
Preserving redundancy and inconsistency
Very soon, ministry of state-owned enterprises (MSOEs) will be abolished and replaced by a new agency called BP BUMN, said regulator for state companies. Sovereign wealth fund Danantara, meanwhile, acts as operator. Why state companies need a separate regulator if there are so many regulators on specific sectors in place?
The ‘Patriots’
A list of over 40 Indonesian conglomerates subscribing ‘Patriot Bonds’ issued by sovereign wealth fund Danantara has been widely circulated last week. As predicted, the list as of September 19, 2025 pointed to subscription of Rp51.75 trillion worth of bonds, more than the issued size (Rp50 trillion).
Free meal: Safety first, not politics
Upon his return from overseas visits, President Prabowo Subianto scheduled a meeting with Dadan Hindayana, Head of the National Nutrition Agency (BGN), and concerned ministers to address MBG issues. While the plan is necessary, his remark about “not politicizing” the rising food poisoning incidents raised a few eyebrows. To some people, it shows where Prabowo’s priority actually lies: Not the lives of many children at stake, but his own political career.
Prabowo’s kitchen
Minutes after landed home from overseas trips to New York (US), Canada, and the Netherlands, President Prabowo Subianto addressed public demand to review his signature free meal program (or project?) with instructions to upgrade the so-called central kitchen (the nutrition fulfilment service unit/SPPG).