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).

Businessman Tjeng Pik Tjong has passed away on March 23 at 98 years old. He left behind four children and five adopted children. Two of his children are involved in the property business with major residential and high-rise developments. His grandchildren are married to members of wealthy families in the country.

PT Urban Jakarta Propertindo Tbk (URBN), a company controlled by Yongky Wijaya and Robert Soeharsono, decided to acquire 51.01% shares in PT Jakarta River City (JRC) from PT Ciptaruang Persada Property (CPP) for Rp576.88 billion. This is an affiliated transaction because CPP is indirectly controlled by Yongky and Robert.

Sinarmas is one of the largest business groups in Indonesia with interests in agriculture, forestry, finance, manufacturing, mining, property, power generation, and telecommunication. Like other conglomerates in the country, Sinarmas has long entered the digital economy, including the fintech race.

The higher the tree, the stronger the wind! That’s probably what happened to Erick Thohir, minister of state-owned enterprises. Ever since he took some decisions, some have mounted allegations against his family and the broader business network. The most recent is allegation of possible loss at state EPC firm PT Rekayasa Industri (Rekind) in an international arbitration case against PT Panca Amara Utama (PAU).

When we first published the article titled ‘MOLA-MATRIX Heats Up TV Business’ last July, we predicted a heating up in the broadcasting industry. We, however, didn’t predict it would lead to dismissal of Helmy Yahya, CEO of public broadcasting company TVRI. Helmy is younger brother of Tantowi Yahya, Golkar party politician, who is now Indonesian Ambassador to New Zealand.

Minister of State-Owned Enterprises (BUMN) Erick Thohir has made Zulkifli Zaini the new CEO of PT PLN and the former chief of SKK Migas Amien Sunaryadi as the President Commissioner of PLN. Zulkifli has replaced Sofyan Basir, who’s been under the Corruption...