The last time I met Itjih Nursalim was 19 years ago. She was accompanied by famous lawyer, the late Adnan Buyung Nasution. This was the period when Attorney General’s Office (AGO) named her husband Sjamsul Nursalim a suspect related to the infamous BLBI scandal. At the heart of our discussion was ‘asset recovery’ and the willingness of the family to ‘top-up’ assets.

So, not only Sjamsul Nursalim. The Corruption Eradication Commission (KPK) also named his wife Itjih Nursalim suspect in the infamous BLBI scandal.The pair is accused of causing State losses of Rp4.58 trillion, and, while both are said living overseas (Singapore?), they will likely be on an in absentia trial.

President Joko ‘Jokowi’ Widodo has appointed nine scholars and leaders of NGOs as members of the Selection Committee for new leadership of the Corruption Eradication Commission (KPK). On Schedule! The Committee will select candidates for new commissioners of KPK to serve in the period of 2019-2023.

TVOne is one of TV stations widely known as ‘Prabowo’s TV station’ because of tendency of its programs to support president candidate Prabowo Subianto. Prabowo’s supporters love the TV station because it ‘shared’ their views about president Joko ‘Jokowi’ Widodo. Visi Media Asia (VIVA), parent of TVOne, unfortunately, should be questioned about its compliance to the State.

Visi Media Asia (VIVA), parent of TVOne and ANTV, booked net loss of Rp1.1 trillion last year against net profit of Rp151.66 billion in 2017. Higher interest and finance charges, which reached Rp460 billion, and loss on foreign exchange translation (Rp242.6 billion), might have contributed to the losses. But, there are more fundamental questions about the group’s operations.

Some profitable business groups paid more cash dividends last year ahead of this year’s elections. Anthony Salim’s Indofood Sukses Makmur (INDF), for example, paid out Rp2.65 trillion of cash dividends, an increase of 28.6% from 2017. Prajogo Pangestu’s Barito Pacific (BRPT), meanwhile, paid out US$47.2 million of cash dividend against zero in 2017.

We’re only 12 days from the election day, considered one of the most complex elections in the world. The arrest of Bowo, lawmaker candidate from Golkar Party, and the seizure of billions of rupiah in cash provide us with nothing more than the fact that money politic is still at play in Indonesian elections. 

Indika Energy (INDY) is now valued Rp9.43 trillion, way below its equity (Rp16 trillion) even though the stock has gained 14.2% year-to-date. Indika, one of the largest energy groups, is still 56% below its peak last year. Two listed subsidiaries, Petrosea (PTRO) and Mitrabahtera Segarasejati (MBSS), are also valued way below their respective equities. Why?

PT ACE Hardware Indonesia Tbk (ACES) is currently valued Rp31.4 trillion or 7.4 its equity (Rp4.23 trillion as at Dec 31, 2018). Without serious challenger in the market, ACE Hardware booked net profit of Rp964.55 billion last year, an increase of 24% from 2017. 

Bumi Resources (BUMI), the largest coal producing group, booked net profit of US$220.4 million last year, collapsed 41% from 2017. Strange, however, that the Company reported substantial weakening in the third and fourth quarter of 2018. Is the group deserved an extension of mining rights?