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.
Article 24 of the Indonesian Constitution stipulates that two institutions have judicial authority in the country, namely the Supreme Court and the Constitutional Court. These two institutions are independent of one another. Law No. 48 of 2009 regarding Judicial Authority (the "Judiciary Law") stipulates the authority of each institution as administrators of Indonesia's judicial system.
SSEK's Rusmaini Lenggogeni is speaking on Wednesday, April 23, at a complimentary event for Chinese companies investing or considering an investment in Indonesia. The event, "M&A Periscope," is being organized with Deloitte Indonesia. Speakers will examine the legal and tax implications of M&A transactions in Indonesia, in addition to exploring post-merger integration issues.
SSEK Legal Consultants has been named the 2014 Indonesian Law Firm of the Year by Who's Who Legal. This is the third-straight year SSEK has received this honor and the sixth overall. We were also recognized in 2013, 2012, 2008, 2007 and 2006.
Indonesia is embracing the idea that space is the final frontier, providing opportunities in a wide array of areas, including technological advancement, new energy sources, and tourism. Indonesia recently enacted Law No. 21 of 2013 regarding Outer Space.
Indonesia's Financial Services Authority has introduced a new concept, known as Primary Parties in Non-Banking Finance Institutions, along with certain requirements that such Primary Parties must fulfill. Primary Parties, according to recent OJK regulations, are those who manage or supervise and have significant influence over Non-Banking Finance Institutions, i.e. insurance companies, pension funds, finance companies, and credit guarantee companies.
SSEK Legal Consultants acted as Indonesian counsel to Woori Bank of South Korea in its purchase of a 33 percent stake in Indonesia's Bank Himpunan Saudara 1906 for 713.1 billion Rupiah, about US$60 million. Securing approval from Indonesia's central bank, Bank Indonesia, for the purchase took about 18 months amid an evolving regulatory environment for bank acquisitions in the country.
Indrawan Dwi Yuriutomo, a senior associate at SSEK Legal Consultants and an employment law specialist, is participating in the 2nd Annual Indonesia HR & Employment Law Executive Program organized by Clariden Global.
Starting this year, companies in Indonesia are required to register employees in the Indonesian Government's health and employment social security programs. This is part of an effort by the Government to expand social security benefits to more of the population, but questions remain about the implementation of the new programs and their effect on business.