The Clean-Up Crew: What Telkom’s Streamlining Action Teaches Us About Corporate Fraud and the "Bankruptcy Shield"

When state-owned (SOE/BUMN) telecom giant PT Telekomunikasi Indonesia (Persero) Tbk (Telkom/TLKM) quieted the market by announcing the restructuring of 10 corporate entities, management deliberately kept the list of targets confidential. But corporate filings and legal registries tell a much deeper story. Sift through the liquidations, and you find the remains of PT Omni Inovasi Indonesia Tbk (TELE) and PT Citra Sari Makmur (CSM)—two obsolete giants whose final unwinding exposes a harsh lesson in corporate survival.

The fall of these subsidiaries isn't just a story about changing technology. It is an advanced masterclass in how corporate titans purge balance sheet rot, navigate financial ruin, and use the civil legal grid to outmaneuver criminal handcuffs.

Miss the generals' barber

"Bismi-llāhi r-raḥmāni r-raḥīm." 

For moslems, the words is a common phrase extensively used in everyday life, said as the opening of each action in order to receive blessing from God. (Wikipedia)

The phrase has a different meaning for a barbershop owner and also the worker namely Nunu Sudiatna. In almost every different move of cutting my hair, the white hair Sundanese grandpa said the prayer.

Transasia Securities: Profile and interest

Transasia Securities: Profile and interest

PT Transasia Securities’ acquisition by OCBC Bank is interisting. Not only does it show us more about the invasion of regional financial institution into Indonesian soil, but also the relation to other entities.

Based on Transasia Securities official website, the company is a member of Indonesia Stock Exchange incorporated on July 7th 1990, originally named PT Transpacific Securindo.

OCBC Bank acquire Transasia Securities

BI/market
12/4/2012
Irvin Avriano A.
Bisnis Indonesia

OCBC Bank acquire Transasia Securities

JAKARTA: Oversea-Chinese Banking Corporation Ltd (OCBC Bank) will acquire 80% stake on an Indonesia brokerage house PT Transasia Securities worth IDR92 billion or equal to S$12.5 million.

The matter was announced in the OCBC Bank's information disclosure to Singapore Exchange (SGX) yesterday, April 13th, 2012. OCBC Bank is a Singapore local-based bank and holding company to PT Bank OCBC NISP Tbk.

Harum Energy obtain $270 mio loan

                                               

BI/market

5/1/2012

Irvin Avriano A.

Bisnis Indonesia

Harum Energy obtain $270 mio loan

JAKARTA: PT Harum Energy Tbk pocketed loan facility from several bank syndication worth US$270 million, or equal to IDR2.47 trillion, led by DBS Bank Ltd Singapore and United Overseas Bank (UOB) Ltd Singapore.

"The loan facility tenured 3 years," said Harum Energy Corporate Secretary Alexandra Mira S. in the Indonesia Stock Exchange (IDX) information disclosure today, January 5th 2012.

Pakuwon rights issue IDR1.36 trio to buy Kota Kasablanka

BI/market

3/11/2011

Irvin Avriano A.

Bisnis Indonesia

Pakuwon rights issue IDR1.36 trio to buy Kota Kasablanka

JAKARTA: PT Pakuwon Jati Tbk, Surabaya-based property listed company, will held rights issue worth IDR1.3 trio--1.36 trio to fund its Kota Kasablanka superblock's purchasing plan.

Based on its prospectus summary in the newspaper today, the company intend to issue 2 bio or 20% new shares with nominal value IDR100 in executing range IDR650--680 per shares.

The price still 24.44%--27.77% below the company's shares position this morning at IDR900.

Multistrada rights issue IDR1.53 trio

BI/market

3/11/2011

Irvin Avriano A.

Bisnis Indonesia

Multistrada rights issue IDR1.53 trio

JAKARTA: PT Multistrada Arah Sarana Tbk, automobile and motorcycle tires producer listed company , will held rights issue worth IDR1.53 trio.

Data in their prospectus today explain the corporate action will held by issue 3.06 billion shares or 33.33% portion with nominal value IDR140 at execution price IDR500.

US index decline

BI/market

17/10/2011

Irvin Avriano A.

Bisnis Indonesia

US index decline

JAKARTA: US stock indexes declines shortly after the opening in this early week, following last week gain.

The declining happen after German government official damped optimism that the crisis will fixed fastly.

BNBR suffers IDR17.11 trio lost in 2008

BI/market

6/10/2011

Irvin Avriano A.

Bisnis Indonesia

BNBR suffers IDR17.11 trio lost in 2008

JAKARTA: PT Bakrie & Brothers Tbk, the holding company for Bakrie Group, is suffering loss IDR17.11 trillion from selling its five subsidiaries shares back in 2008.

The matter was disclosed on the company's cuasi-reorganization plan prospectus yesterday.

LPKR as IDR2.32 trio REITs' standbuy buyer

BI/market

2/10/11

Irvin Avriano A.

Bisnis Indonesia

LPKR as IDR2.32 trio REITs' standbuy buyer

JAKARTA: PT Lippo Karawaci Tbk ready to be standby buyer for new unit issuance of real estate investment trusts (REITs) worth S$336.8 million or equals to IDR2.32 trillion.

The matter was shown in one of the members of Lippo Group information disclosure to Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) today. The addition to the units of such investment product that known as dana investasi ril estat (DIRE) will carried out with rights issue scheme.

Pegadaian issue rupiah MTN again

Irvin Avriano A.

Pegadaian issue rupiah MTN again

JAKARTA: The state owned pawnshop, Perum Pegadaian, issue second series of shari'a rupiah denominated medium term notes (MTN).

The fixed income securities issuance showed in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) in September 27th.

The data also disclose the maturity date that set on November 7th 2012 and the first coupon that will received by its investors on December 27th. But there are no detailed information about the arranger or its amount.

BNIS Proteksi Pundi Rupiah I ready to launch

Irvin Avriano A.

BNIS Proteksi Pundi Rupiah I ready to launch

JAKARTA: PT BNI Asset Management will offer their new protected mutual fund namely BNIS Proteksi Rupiah Pundi I.

The plan indicated from a statement posted in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website today, related to international securities identification number (ISIN code) given to the new securities.

Cahaya Buana Kemala issue $20 mio MTN

Irvin Avriano A.

Cahaya Buana Kemala issue $20 mio MTN

JAKARTA: PT Cahaya Buana Kemala issue 3 years medium term notes (MTN) US$20 million that burdened 12% coupon per year.

The announcement made in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website in September 19th.

Such MTN will mature in October 5th 2014. The company hired PT Lautandhana Securindo as their fixed income securities issuance arranger.

Mandiri Investasi will launch Protected Smart 8

Irvin Avriano A.

Mandiri Investasi will launch Protected Smart 8

JAKARTA: PT Mandiri Manajemen Investasi will launch another capital protected fund, named Reksa Dana Mandiri Protected Smart Seri 8.

The announcement made in the Indonesia Central Securities Depository today, related to international securities identification number (ISIN) code given to the every new securities that already obtain effective statement from Capital Market and Financial Institution Supervisory Agency (Bapepam-LK).

In the data, the company use PT Bank DBS Indonesia service as custody. Previously, Mandiri Investasi which led by Abiprayadi Riyanto pocketed another effective statement for their four similar new mutual fund on September 27th.

The funds that already pocketed effective statement namely Mandiri Saham Atraktif, Mandiri Saham Syariah Atraktif, Mandiri Komoditas Syariah Plus, and Mandiri Berimbang Syariah Aktif.

KFC Indonesia set 9.5% bond's coupon

Irvin Avriano A.

KFC Indonesia set 9.5% bond's coupon

JAKARTA: PT Fast Food Indonesia Tbk, holder of Kentucky Fried Chicken restaurant franchise brand in Indonesia, set their 5 years I/2011 bond coupon on 9.5% level per annum.

The decision is shows in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website today. The IDR200 billion bond issuance is helped by PT OSK Nusadana Securities Indonesia as underwriters.

Sinarmas' Chipdeco issue $15 mio MTN

Irvin Avriano A.

Sinarmas' Chipdeco issue $15 mio MTN

JAKARTA: Another Sinarmas Forestry company, PT Chipdeco Inti Utama, issue US dollar denominated 5 years medium term notes (MTN) worth $15 million.

The issuance published in the Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website in September 8th. Based on the data, the company charged interest coupon 6% per annum.

Atlas IPO 25%. What story behind Hanson Energy?

Irvin Avriano A.

Atlas IPO 25%. What story behind Hanson Energy?

JAKARTA: PT Atlas Resources Tbk plans to loads 25% of their new shares to investors in the capital market related to their IPO, with funds targeted above IDR2 trillion. But there is an interesting name behind, PT Hanson Energy, which rings something behind a bell. What is Hanson Energy's relation to Atlas Resources?

As we -as the public know-, Atlas Resources has already appointed two underwriters to handle the 783.33 million new shares issuance, PT Indo Premier Securities and PT UBS Securities Indonesia. When we still assumed the fund would raise IDR2 trio, nevertheless, the price per share couldn't be under IDR2,553 per share.

Churchill Mining filed an appeal to the Supreme Court

Irvin Avriano A.

Churchill Mining filed an appeal to the Supreme Court

JAKARTA: Churchill Mining Plc, a London-based mining company, filed another third appeal to the Supreme Court of Indonesia (Mahkamah Agung/MA) to overturn the decision to revoke the licence in one of the company's main coal projects in Kutai Timur.

The appeal addressed to withdrawal of the previous two appeal result decisions, both in the Administrative High Court in Jakarta (Pengadilan Tinggi PTUN) and the Administrative Tribunal (Pengadilan Tata Usaha Negara/PTUN) in Samarinda, East Kalimantan.

Panin Financial to rights issue IDR499.25 bio

Irvin Avriano A.

Panin Financial to rights issue IDR499.25 bio

JAKARTA: PT Panin Financial Tbk, a business and management consultant company from Panin Group, disclose its VII/2011 rights issue plan with fund targets IDR499.25 billion and IDR998.5 bio if added with its warrants.

The matter was conclude in its information disclosure published in newspaper today. The company that led by Fadjar Gunawan is intend to dispose 3.99 bio new shares with nominal and offered price IDR125.

Mandiri Investasi launch four new mutual fund

Irvin Avriano A.

Mandiri Investasi launch four new mutual fund

JAKARTA: PT Mandiri Manajemen Investasi will launch four new mutual funds. The funds that already pocketed effective statement namely Mandiri Saham Atraktif, Mandiri Saham Syariah Atraktif, Mandiri Komoditas Syariah Plus, and Mandiri Berimbang Syariah Aktif.

The matter showed in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website in September 15th and 16th.

The announcement related to international securities identification number (ISIN) code given to the every new securities that already obtain effective statement from Capital Market and Financial Institution Supervisory Agency (Bapepam-LK).