IWIRC Indonesia的动态

LCI Updates: The Financial Services Authority (OJK) has issued Regulation of the Chairperson of the Board of Commissioners of OJK Number 10 Year 2024 regarding Issuance and Reporting of Regional Bonds and Regional Sukuk (OJK Regulation 10/2024) as an endeavor to encourage the expansion of regional government fiscal financing sources through the utilization of funding sources in the capital market. https://lnkd.in/gUUjHRV5 #economy #legalcentric

In the fifteenth session of the trial against Kenny Wisha Sonda, the prosecution brought forward Elizabeth Minar Tambunan as a witness. Elizabeth, who is also a defendant, is charged with embezzlement from PT EMA alongside Andi Riyanto, although her case is being tried separately. Elizabeth testified that Kenny has been employed by EEES since 2012, authorized to provide legal advice on various company issues. She detailed the financial and legal obligations between EEES and PT EMA, highlighting the stringent agreements. Per Article 5.2 of the Sales Purchase Agreement, PT EMA can only claim revenue once EEES has completely settled its loans with its lenders. With EEES' funds secured for these lenders, any fund transfers to entities like PT EMA are tightly controlled, requiring lender approval and strict oversight. These measures indicate that neither EEES, Elizabeth, nor Kenny Wisha Sonda has the independent authority to make unilateral payments. Kenny's legal opinion, as communicated in an email stating that PT EMA could not receive revenue until EEES' loans were paid off, was based on these rules. This opinion has been misconstrued by the police and prosecutor to charge her with embezzlement from PT EMA's funds. The key issue here is the adequacy of evidence required by Indonesian criminal law to designate someone as a suspect, which necessitates at least two pieces of evidence. Elizabeth's testimony provides this: (i) Despite reporting to Andi Riyanto, the General Manager of EEES, Kenny had direct communication with Brian Allen, the Chairman, CEO, and Finance Director of Energy World Corp, EEES's parent company, particularly regarding legal matters. (ii) Kenny's work pattern included irregular office presence and extensive travel, with numerous trips to Hong Kong and Singapore in 2023 and 2024, privileges not typically extended to other staff members. These aspects have led Elizabeth and Andi Riyanto to perceive Kenny as closely connected to Brian Allen. This perception, perhaps tinged with office politics or envy, might have swayed authorities to wrongly view Kenny as Allen's representative, thus misinterpreting her role and actions. Elizabeth's account underscores that Kenny worked within EEES' strict financial and legal guidelines. This case appears to be founded on perceptions of Kenny's unusual work arrangements rather than solid evidence, highlighting the necessity to differentiate between perception and actual wrongdoing. #KennyWishaSonda #EEES #PTEMA

#OJK has issued a new regulation on the licensing of alternative credit scoring providers, report Michelle Virgiany, Vik Tang and Ryu Kristoforus Wirjadi. https://lnkd.in/eFeDcV-2 #indonesia #FSR #creditscoring #digitalfinancing Herbert Smith Freehills

LCI Updates: This regulation stipulates that bad debts of State-Owned Enterprises (BUMN) Banks and/or non-Bank financial institutions to Micro, Small and Medium Enterprises (MSMEs) are Written-off and Charged-off. The bad debts include credit or financing in accordance with the provisions of laws and regulations. https://lnkd.in/gWDMPWgQ #economy #legalcentric

For those businesses without a moneylending license looking to loan monies on a friendly basis as part of an #investment strategy or for any reason whatsoever, this article may be relevant to you. Typically, friendly loan arrangements are held permissible under Malaysian law. Key legal considerations in ensuring the same are as follows: (1) it’s a singular transaction; (2) the interest rates charged are reasonable (in this particular case, the 100% interest rate charged was held to be unreasonable). (3) payment terms i.e duration of repayment should not be more erroneous than that provided under the Moneylenders Act 1951. #knowledgesharing #businesslaw #moneylending

The introduction of the Omnibus Law law-making process has been vastly developing. Various sectors have been affected by this law-making process, including the financial sector. On January 12, 2023, the Law on Financial Sector Development and Strengthening (FSOL) which amended several laws and created new provisions in relation to the financial sector, was signed. ? Among the laws that the FSOL amended was the Law on Bank Indonesia. One of the most notable amendments were the objectives (and duties) of Bank Indonesia. Such an amendment and, while also taking into account external and internal complexities, a framework of Bank Indonesia policies between Monetary Policy, Macroprudential Policy, and Payment System Policy that shall be supported by supporting policy was deemed necessary. This framework will then be in line with the objectives of Bank Indonesia. ? Therefore, on July 10, 2024, the Bank Indonesia Regulation Number 4 of 2024 on Bank Indonesia Policy Mix was enacted. ? Bank Indonesia Regulation Number 4 of 2024 is available for download (in Indonesian) at https://lnkd.in/gDvrR8n5

#blopinion: The shift in legislative intent towards accommodating transactions is promising, reflecting an alignment with evolving business and market dynamics. This shift validates legitimate bona fide, legal, and genuine transactions that necessitate a round-tripping structure because of business and market requirements. https://trib.al/MNyciud

The?Bureau of Internal Revenue?(BIR) of the Philippine Department of Finance, as part of its commitment to reform and deepen the local capital market for both government and debt instruments, has issued new guidelines on the tax treatment of?Sukuk?in the country. The taxation of gains or profits from?Sukuk?will depend on the specific terms outlined in their contracts, and may be calculated through profit-sharing rations, rental income, mark-up or price differentials or the sale of underlying assets. https://lnkd.in/gkBnWRzi #REDmoney?#IFN?#IslamicFinance?#Finance #TaxGuidelines #Sukuk #FinanceReforms #CapitalMarket #TaxTreatment #RevenueRegulations #Investment #SovereignSukuk #EconomicDevelopment #BIR #Philippines

The restructuring process for an embattled Indonesian media company is putting the spotlight on the struggle private lenders can face in recouping their money from borrowers in the country. PT Visi Media Asia, controlled by the giant Bakrie Group, came up with a new restructuring proposal Tuesday, under which it would delay final repayment of the principal owed to a group of private credit funds by as much as 30 years. But the private lenders aren’t included on a list of verified creditors in the court-supervised restructuring process, meaning they cannot take part in any discussions on a possible deal or vote the plan down. https://lnkd.in/gc_br5eK

The Bureau of Internal Revenue (BIR) of the Philippine Department of Finance, as part of its commitment to reform and deepen the local capital market for both government and debt instruments, has issued new guidelines on the tax treatment of Sukuk in the country. The taxation of gains or profits from Sukuk will depend on the specific terms outlined in their contracts, and may be calculated through profit-sharing rations, rental income, mark-up or price differentials or the sale of underlying assets. https://lnkd.in/dHuTgUqX #REDmoney #IFN #IslamicFinance #Finance #TaxGuidelines #Sukuk #FinanceReforms #CapitalMarket #TaxTreatment #RevenueRegulations #Investment #SovereignSukuk #EconomicDevelopment #BIR #Philippines