25 Mar 2015
CHANGES TO BANKRUPTCY LAW IN RESPECT TO INSURANCE COMPANIES
The Government has revoked the applicability of the bankruptcy provisions of Law No. 37 of 2004 concerning Bankruptcy and Suspension of Payment to insurance companies and re-insurance companies. The revocation is done through Law No. 40 of 2014 concerning Insurance (“Law 40/2014”), which also provides that the prevailing implementing regulations of the old Insurance Law will remain effective…
25 Mar 2015
NEW REGULATIONS REGARDING FINANCIAL SERVICES INDUSTRY
In November 2014 the newly established Financial Services Authority (OJK) issued a set of regulations governing the financial services industry: Regulation 17 (POJK.03/2014) regarding the application of integrated risk management for financial conglomerates; and Regulation 18 (POJK.03/2014) regarding the application of integrated governance for financial conglomerates. The OJK noted in its preamble…
25 Mar 2015
NEW RULES ON THE MANAGEMENT OF OFFSHORE DEBT BY NON-BANK DEBTORS
Bank Indonesia has issued Regulation No. 16/20/PBI/2014 dated 29 October 2014 (“BI Reg 16”) on the application of prudence principles in managing offshore debt taken out by a non-bank debtor (“NBD”). The requirements entail observance of a hedging ratio, a liquidity ratio and a credit rating. Bank Indonesia has also introduced Circular Letter No. 16/24/DKEM dated 30 December…
25 Mar 2015
NEW MEMR REGULATION ON DIRECT ELECTION AND DIRECT APPOINTMENT OF IPP BY PT PLN
To accelerate power plants development by PT Perusahaan Listrik Negara (Persero) (“PLN”), on 12 January 2015 the Minister of Energy and Mineral Resources (“MEMR”) issued Regulation Number 03 of 2015 on Procedures for the Purchase of Electricity and Benchmark Prices for the Purchase of Electricity from Mine Mouth Steam Power Plant (PLTU Mulut Tambang), Coal Steam Power Plant…
25 Mar 2015
NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulation No. 4/2015 comes into effect from 1 April 2015. Regulation No. 4/2015 applies to the export of the following prescribed products; Coal; Unprocessed or partially refined Minerals including;oIron concentrate;oCopper concentrate;oLead concentrate;oZinc concentrate;oAlumina;oNickel;oSilver;oGold;…
19 Mar 2015
ABNR wins IFLR Asia “Project Finance Deal of the Year” Award
Ali Budiardjo, Nugroho, Reksodiputro (ABNR) acted as counsel to lenders in the financing of Sarulla project, which International Financial Law Review (IFLR) announced as “Project Finance Deal of the Year” during the IFLR Asia Awards ceremony in Hong Kong that took place on March 11, 2015. ABNR advised Asian Development Bank (ADB), Japan Bank for International Cooperation (JBIC), and six…
17 Mar 2015
International Seminar on Maritime Arbitration and Law
Ali Budiardjo, Nugroho, Reksodiputro is pleased to sponsor "International Seminar on Maritime Law and Arbitration" which will be held on April 6, 2015 at Hotel Pullman Jakarta. The full day seminar isorganized by BANI & SCMA and will discuss to what extent arbitration and other forms of alternative dispute resolution can be used for settling disputes, such disputes not only between parties, but…