Anti-corruption compliance is rightly a focus of companies operating in Indonesia. One of the more interesting questions for such companies, particularly foreign investment companies, is whether the company and/or individual company directors can be prosecuted for corruption as a result of the actions of employees.
What are the legal sources that set out the antitrust law applicable to vertical restraints? The applicable legal source in Indonesia that set out the antitrust law applicable to vertical restraints is Law No. 5 of 1999 regarding the Prohibition of Monopolistic Practices and Unfair Business Competition (the "Antimonopoly Law").
Indonesia's new Negative Investment List has introduced a number of regulatory changes seen as an attempt to boost capital inflows in some areas of the economy while closing others to foreign companies.
A ruling by the High Court hearing the appeal in a closely watched case involving an internet service provider has done little to provide legal certainty for the sector and could force telecommunications companies to rethink their investment plans in Indonesia.
Indonesia's Minister of Energy and Mineral Resources has issued a regulation that places new restrictions and requirements on foreign workers in the country's oil and gas sector and encourages companies to prioritize the hiring and training of local workers.
On March 13, 2014, Indonesia's Ministry of Forestry ("MOF") issued MOF Regulation No. P.16/Menhut-II.2014 (Reg P.16/2014), which sets out the currently applicable requirements and procedures for the issuing of Borrow-Use Permits. The new regulation replaces but does not fundamentally alter the previous regulation governing Borrow-Use Permits.
Indonesia's oil and gas sector is regulated mainly by Law No. 22 of 2001 regarding Oil and Natural Gas (the "Oil and Gas Law"). The Oil and Gas Law grants the Government the exclusive rights to oil and gas exploitation and requires all private companies wishing to explore for and exploit oil and gas resources to enter into cooperation contracts, based upon a production sharing scheme with the Government.
Asian Legal Business, which is owned by Thomson Reuters and is a leading legal publication in Asia-Pacific and the Middle East, recently published a report on the outlook for Indonesia's capital markets. SSEK partner Fahrul S. Yusuf was quoted extensively in the report. Fahrul says that Indonesia requires deeper capital markets for greater stability.