ABNR Acts for Online Used-Car Marketplace Moladin in USD 32 Mio Loan Deal
14 Nov 2022
We are pleased to announce that ABNR acted for Indonesian used-car marketplace and e-commerce platformPT Moladin Digital Indonesia (a subsidiary of Singapore-based Zinfinity Pte. Ltd) for their approx. USD 32 million credit facility from Indonesian publicly listed, technology-focused lender PT Bank Jago Tbk.The original credit facility agreement was signed on 6 July 2022 in Jakarta,…
ABNR Wins Twelve Awards from HK-based Asia Business Law Journal
08 Nov 2022
Following hard on the heels of ABNR being named “Indonesia Law Firm of the Year” at the 2022 Asian Legal Business (ALB) Indonesia Law Awards, the firm received a raft of awards at the recently announced Asia Business Law Journal (ABLJ)’s Indonesia Law Firm Awards 2022, which recognize the country’s very best law firms, legal work and lawyers, and is one of only two law-firm…
ABNR Named ALB Indonesia Law Firm of the Year 2022
28 Oct 2022
We are very pleased to announce that ABNR Counsellors at Law was named Asian Legal Business (ALB) Indonesia Law Firm of the Year 2022 at a glittering awards ceremony at Shangri La Hotel Jakarta on Thursday, Oct. 20. The annual ALB Indonesia Law Awards recognize the country’s best law firms, legal work and lawyers across all major practice areas. Speaking about this latest recognition…
Indonesia’s SOE Ministry to Require Proactive Risk Management in Public Companies
20 Oct 2022
1. Introduction Two years after the “Three Lines Model” risk management protocol was issued by the Institute of Internal Auditors (https://www.theiia.org/) to help organizations manage risk and successfully achieve their goals, the Ministry of State-Owned Enterprises (“MSOE”) has adopted it for the state-owned sector in Indonesia via MSOE Regulation No. PER-5/MBU/09/2022…
Long-Awaited Presidential Regulation Signals Transition to Greener Energy in Indonesia
06 Oct 2022
The President has finally issued a long-awaited regulation that maps out the road towards cleaner power generation in Indonesia, in line with the country’s international climate-change commitments. The new regulation, Presidential Regulation No. 112 of 2022 on Accelerated Development of Renewable Energy for Electricity Supply (“PR 112”),i was issued and entered into force on 13 September…
Indonesia’s OJK Moves to Beef Up Consumer Protection in Financial Services Sector
04 Oct 2022
A. Introduction Against a backdrop of widespread unauthorized disclosure of personal data and dubious business practices that frequently leave consumers of financial services aggrieved or out of pocket, the Indonesian Financial Services Authority (“OJK”) has issued a new regulation to beef up consumer protection in the sector. The regulation, (No. 6/POJK.07/2022 on Consumer and Public…
OJK Moves to Better Regulate Stock Splits and Reverse Stock Splits by Public Companies
26 Sep 2022
A. Introduction A stock split (“SS”) is where a company subdivides its shares by splitting 1 share into 2 or more shares based on an agreed ratio. This results in an increase of the number of the company’s shares and a reduction in the nominal value of each share, whilst maintaining the total value of each member’s shareholding. By way of illustration,…
Long-Awaited Personal Data Protection Law Aims to Take Data Privacy to Next Level
23 Sep 2022
A. Introduction After several years of deliberation and amid a long running epidemic of Personal Data breaches, the Indonesian Parliament finally passed the long-awaited Personal Data Protection Bill on 20 September 2022. The Bill has now been sent to the President for signing, after which it will be promulgated as law by publication in the State Gazette. As these steps are normally…
ABNR Ranked in Tier 1 for M&A by Singapore’s Asian Legal Business (ALB)
22 Sep 2022
We are very pleased to announce that ABNR is once again ranked as a Tier 1 Firm for M&A by Asian Legal Business (ALB) in the 2022 iteration of their annual Asia M&A Rankings. Congrats to all our partners and lawyers, and a big thank you to all of our clients and friends for continuing to place their trust in us. With 20 partners, two foreign counsel and some 85 other fee earners,…
Moratorium on Private Port Licenses Could Leave Miners High and Dry
16 Sep 2022
1. Introduction Under Indonesian law, private entities can apply for a license to construct, operate and manage a dedicated or “special” sea terminal (“Special Terminal”)[1] for their own cargo loading/unloading and sea transportation operations (“Special Terminal License”).[2] This license, which enables a company that has a main…
New Bappebti Regulation Takes Aim at Rogue Robot Trading
13 Sep 2022
Introduction Earlier this year, the Commodity Futures Trading Supervisory Authority (“Bappebti”) blocked a number of both Indonesia- and overseas-based robot-trading platforms offering automated commodity trading services (in foreign exchange, cryptocurrency or gold) to Indonesian customers. After Bappebti shut down the platforms due to their being unlicensed, many customers…
Indonesian Regulator Publishes Updated Whitelist of Officially Approved Crypto Assets
06 Sep 2022
1. Introduction Following the issuance in 2020 of their first ever list of crypto assets that are officially approved for trading on the local crypto-assets market (“Whitelist”),[1] the Commodity Futures Trading Supervisory Authority (“Bappebti”) has now issued a much-anticipated update of the Whitelist, which expands the number of officially approved crypto assets…
New Bank Indonesia Regulation Provides Further Guidance on Payment Systems Regime
30 Aug 2022
The central bank, Bank Indonesia (“BI”), has issued an implementing regulation to follow up on its recent series of regulations focused on payment systems (BI Regulation No. 22/23/PBI/2020 / “PBI 22/23”[1], BI Regulation No. 23/6/PBI/2021 / “PBI 23/6”[2] and BI Regulation No. 23/7/PBI/2021 / “PBI 23/7”[3] -- for a detailed analysis of these regulations,…
KAI’s Rp 2 Trillion Islamic and Conventional Bonds Issue Listed on IDX
11 Aug 2022
ABNR would like to congratulate Indonesian state railways PT Kereta Api Indonesia (Persero) (KAI) on their recent issuance of IDR 2 trillion (USD 136 million) in conventional and Islamic bonds. The bonds were listed on the Indonesia Stock Exchange on 8 August. Proceeds from the bonds in the amount of IDR 1 trillion will be used to repay debt principal arising from KAI Bonds I Year 2017…
Indonesia’s Financial Services Regulator Moves to Tighten up Rules on P2P Lending
27 Jul 2022
A. Introduction Following more than a year and a half of consultations, the Indonesian Financial Services Authority (“OJK”) has issued a much-anticipated new regulation on P2P lending in Indonesia. The new regulation (OJK Regulation No. 10 /POJK.05/2022 - “POJK 10/2022”)[1] makes substantial changes to the regime established by its antecedent, OJK Regulation No.…
New Regulation Reaffirms Liability of Key Officers for State Enterprise Losses
04 Jul 2022
A. Introduction On 8 June 2022, the Government issued Regulation No. 23 of 2022 (“GR 23/2022”)[1], which amends Government Regulation No. 45 of 2005 on the Establishment, Management, Supervision, and Dissolution of State-Owned Enterprises (“GR 45/2005”)[2]. GR 23/2022 incorporates a number of amendments, including: (i) a further fine-tuning as regards the…
Sarinah Establishes Joint Venture with Switzerland’s Dufry and Mexico’s Omega Group
30 Jun 2022
ABNR would like to congratulate state-owned retailer PT Sarinah (Persero) on the signing on 29 June 2022 of their landmark joint venture agreement with widely diversified Mexico-based conglomerate Grupo Industrial Omega SA DE CV and Switzerland-based Dufry AG, a leading travel retailer which operates duty-free and duty-paid shops and convenience stores in airports, cruise lines, seaports, railway…
Flag-carrier Garuda Indonesia’s USD 9.8-billion restructuring gets all clear for takeoff
28 Jun 2022
ABNR would like to congratulate all involved in the recently agreed USD 9.8-billion debt restructuring for the country’s national flag carrier Garuda Indonesia, the largest ever aviation-sector restructuring (PKPU) in Indonesia. The ABNR team, which was headed by partner Mr. Emir Nurmansyah and included partner Mr. Kevin Sidharta, foreign counsel Mr. Theodoor Bakker, senior associate…
Bank Indonesia Moves to Boost Rupiah Use in International Transactions
21 Jun 2022
With the Rupiah coming under some pressure again vis-à-vis the United States Dollar, the central bank, Bank Indonesia (“BI”), has issued a new regulation to discourage the use of foreign currencies and promote the use of Rupiah in international trade. The new regulation, PBI No. 24/6/2022 on the Use of Rupiah in International Activities (“PBI 24”),[1] entered…
Two senior ABNR litigators admitted to BANI Panel of Arbitrators
03 Jun 2022
We are pleased to report that two senior ABNR litigators and the co-heads of our Dispute Resolution Department, Mr. Sahat A. M. Siahaan and Ms. Ulyarta Naibaho, have been admitted to the Indonesian National Board of Arbitration (BANI)’s Panel of Arbitrators. Between them, Sahat and Uly’s experience and expertise extend across all practice areas and industry sectors,…
New Apostille Regulation Set to Simplify Legalization of Indonesian Public Documents
28 Apr 2022
As a follow-up to Presidential Regulation No. 2 of 2021 (“PR 2/2021”), which ratifies the Convention to Abolish the Requirement for Legalization of Foreign Public Documents (“Convention”), the government issued an implementing regulation in the form of Ministry of Law and Human Rights (“MOLHR”) Regulation No. 6 of 2022 on Apostille Legalization Services for…
Indonesia’s Commodities & Futures Regulator Publishes Updated List of Approved Overseas Investments
31 Mar 2022
Indonesia’s Commodity Futures Trading Regulatory Agency (“Bappebti”) has issued the latest iteration of its list of approved futures and other derivative contracts traded on overseas futures exchanges. The list, which is updated annually, is of considerable interest to Indonesian investors as it allows them to directly deal in such instruments through a Bappebti-licensed Indonesian…
New Decree Should Help Resolve Long-standing Licensing Problems in Mining Sector
22 Mar 2022
On 21 January 2022, the Minister of Energy and Mineral Resources (“MEMR”) issued Decree No. 15.HK/HK.02/MEM.B/2022 on Application and Issuance Procedures for Mining Business Licenses (“Decree 15/2022”).[1] This occurred only a few months after the Ministry of Investment had revoked a number of mining business licenses (“IUPs”). As reported by the media, the…
Risk-Based Licensing Framework Introduced for Indonesia’s Nuclear Sector
09 Mar 2022
On 10 January 2022, the Nuclear Energy Regulatory Agency (“Bapeten”) issued Regulation No. 1 of 2022 on Business Licensing in the Nuclear Sector (“Reg. 1/2022”).[1] It creates a new framework for accommodating the nuclear sector within the risk-based licensing system introduced by Government Regulation No. 5 of 2021 (“GR 5/2021”).[2] It revokes the previous…
OJK Provides Greater Clarity on Discharge of its Capital-Market Supervisory Functions
11 Feb 2022
The Financial Services Authority (“OJK”) has faced criticism by stakeholders and the public in the wake of a spate of recent financial scandals involving capital-market participants and products. In response, the OJK has issued regulation No. 23/POJK.04/2021 on Further Measures for Capital-market Supervision (“Reg. 23”),[1] which entered into effect on 3 December 2021.…
ABNR Shines with 11 Tier-1 Rankings from Legal 500 Asia Pacific
18 Jan 2022
ABNR’s position as a top-tier Indonesia commercial law firm has been confirmed once again by the 2022 rankings published by leading international law firm directory The Legal 500 Asia Pacific on Wednesday, Jan 12. ABNR is now ranked as a Tier-1 Firm in a total of 11 practice areas: Competition, Aviation, Banking & Finance, Capital Markets, Corporate & M&A, TMT,…
IDX Recognizes Dual-Class Shares in Move to Boost Tech Listings
07 Jan 2022
Indonesia has emerged as a fertile breeding ground for tech startups over the last decade or more. Many of these have grown exponentially, with some now having valuations in excess of USD 1 billion (unicorns) and even USD 10 billion (decacorns). However, only a small number have listed so far on the Indonesia Stock Exchange (IDX). This is unfortunate as the listing of a couple of decacorns…
