Joko Soegiarto Tjandra, otherwise known as Djoko Tjandra, was convicted in the Bank Bali cessie case and is an international fugitive. Joko only has to stay in prison for two years and only has to pay a fine of Rp15 million subsidiary three months in prison. In addition, the Rp500 billion saved in the escrow account seized by the prosecutors was to be returned to the State. 

Joko Tjandra’s appearance in public at the beginning of last month caused a stir across the country. Many are questioning how it is possible for a fugitive to return to Indonesia without anyone knowing other than his legal counsels. What happened is not surprising, though, knowing that Joko has always been nicknamed the Joker. There are many legal loopholes that cause debate and need to be answered, but thanks to this issue we are reminded again that after all these years Joko Tjandra remains powerful. Although the public knew Joko Tjandra because of the Bank Bali case, there were several other cases related to him, one of which is the case of default which caused prolonged dispute between Bank BRI and its Pension Fund against PT Mulia Persada Pacific, a part of Mulia group controlled by the Tjandra family.

Bank Bukopin (BBKP), which suffered liquidity issue in the past few months, has issued a fresh prospectus for the issuance of 4.66 billion new shares at Rp180 per share this morning. That means Bukopin will get fresh capital of Rp838.8 billion. Is it enough to restore public confidence in the bank, which is still controlled by Bosowa Group?

Bank Bukopin has reportedly settled issues with some depositors who failed to get their funds released from the bank due to liquidity problem. It is not entirely clear of what kind of settlement with the depositors, but the bank pointed to ‘technical assistance’ from Bank Rakyat Indonesia (BBRI) as one of key factors contributing to the improvement.

Connections and power politics matter! Some politicians campaign for ‘bail-out’ of Bank Bukopin (BBKP) using the government’s National Economic Recovery (PEN) funds because the bank is considered a bank for small-medium enterprises (SMEs). If you followed our series of articles, Bukopin is bank for ‘big boys’ to place funds (cash and time deposits).

We have earlier pointed to huge funds placed by State agencies and major state companies, especially electricity provider PT Perusahaan Listrik Negara (PLN), in Bank Bukopin, a bank controlled by Bosowa Group—-owned by the family of Aksa Mahmud, brother-in-law of former vice president Jusuf Kalla.

Relationship and politics matter! Two state agencies under ministry of finance placed Rp15 trillion of funds in Bank Bukopin (BBKP). We have no idea when the funds were placed there, but it is understandable in the context of the government as minority shareholder in the bank, which suffered liquidity issue for quite sometime now.

State-owned enterprises minister Erick Thohir has appointed some retired high-ranking military and police officers as commissioners in some major state companies. Major General (ret) Dody Usodo Hargo, for example, is appointed chairman of PT Adhi Karya Tbk (ADHI), state EPC firm tasked to build the Greater Jakarta light-rail transit (LRT).

Former ICT minister Rudiantara has been appointed chairman of PT Semen Indonesia Tbk (SMGR) Tbk, the largest cement producer in the country. Interestingly Hendi Prio Santoso is maintained as chief executive officer (CEO) of the company. The decision from Erick Thohir, minister of state-owned enterprises, triggered speculations.

President Joko “Jokowi” Widodo has made Setia Untung Arimuladi the new vice attorney general to replace Arminsyah, who died in a car accident earlier this month. Untung will take his oath in an inauguration ceremony to be held at the headquarters of the Attorney General Office (AGO) next Monday (May 4).