SSEK Partner Ira Eddymurthy Recognized as Leading M&A Lawyer for Indonesia

Ira-Eddymurthy_72dpi

Ira A. Eddymurthy, a founding partner of SSEK Indonesian Legal Consultants, has been recognized as a leading merger and acquisition lawyer in the 2016 edition of Who’s Who Legal: M&A and Governance.

Ira leads SSEK’s M&A practice and has extensive experience working with the largest companies doing business in Indonesia. Who’s Who Legal notes that Ira is particularly recommended for her M&A transactional work, with clients praising her as a “consummate expert,” and lauding her “sophisticated knowledge of Indonesian law” and her “comprehensive knowledge and understanding of the commercial aims of clients.”

In addition to M&A, Ira is recognized by Who’s Who Legal as one of Indonesia’s leading lawyers for banking, energy, and project finance. Ira is recognized by Chambers & Partners as a leading lawyer for corporate/M&A, Legal 500 for banking and finance, capital markets and corporate/M&A, Asialaw for capital markets and corporate/M&A, and by IFLR1000 for banking, capital markets, corporate/M&A, energy and infrastructure, and project finance. Read more »

SSEK Partners at Corporate M&A Forum in London

DS_IEA_72dpi

SSEK Indonesian Legal Consultants founding partners Dyah Soewito and Ira A. Eddymurthy attended the 2nd Annual Global Leaders Corporate M&A Forum in London on July 12, 2016, organized by the Global Leaders Forum.

Ira co-moderated a roundtable discussion on M&A in the ASEAN Economic Community (AEC). The session looked at the AEC and how it might impact M&A in the region, and discussed trends and legal developments affecting M&A transactions in ASEAN countries.

SSEK is recognized as one of Indonesia’s leading firms for M&A work by independent legal publications including Chambers Asia-Pacific, The Legal 500, Asialaw and IFLR1000.

Ira Eddymurthy heads SSEK’s award-winning corporate mergers and acquisitions practice and is recognized as one of Indonesia’s top M&A lawyers by Chambers Asia-Pacific, IFLR1000, The Legal 500, Asialaw and Who’s Who Legal. Dyah Soewito is recognized by Asialaw as a leading lawyer for corporate/M&A in Indonesia. She also specializes in shipping and maritime law, and construction and real estate.

Indonesian Legal Review: Currency

Bank Indonesia in Yogyakarta by B10m

By Ade B. Adamy

Perhaps the most talked-about regulation in 2015 was Bank Indonesia’s regulation and circular letter on the mandatory use of Rupiah. These were Bank Indonesia Regulation No. 17/3/PBI/2015 regarding the Mandatory Use of Rupiah within the Republic of Indonesia (“BI Reg 17/2015″) and Bank Indonesia Circular Letter No. 17/11/DKSP regarding the Mandatory Use of Rupiah within the Territory of the Republic of Indonesia (“CL 17″), which implemented BI Reg 17/2015. BI Reg 17/2015 and CL 17 are collectively referred to here as “BI Regulations on Rupiah.”

Bank Indonesia (“BI”) has the authority to regulate monetary affairs in Indonesia, including the obligation to use Rupiah in transactions in Indonesia, as the monetary and payment system authority based on Law No. 23 of 1999 regarding Bank Indonesia, last amended by Law No. 6 of 2009 (the “BI Law”).

Before the BI Regulations on Rupiah were issued, the Currency Law, Law No. 7 regarding Currency, already required the mandatory use of Rupiah for cash transactions. The BI Regulations on Rupiah extended this concept also to apply to non-cash transactions and set out more detailed requirements on the mandatory use of Rupiah than what was already regulated by the Currency Law. BI believed that the depreciation of the Rupiah was in significant part caused by events outside Indonesia that were beyond Indonesia’s control. BI also believed that many local transactions were conducted in US Dollars, thus creating an unnecessary demand for that currency. Thus, the purpose of the BI Regulations on Rupiah was to stabilize the Rupiah exchange rate in the face of the ongoing depreciation of the Rupiah.

BI justified these new rules on the basis of national sovereignty and the integrity of the Rupiah – every country has the right to require the use of its own currency for domestic transactions. The BI Regulations on Rupiah are based on the territorial principle that every transaction conducted in Indonesia, whether performed by Indonesian citizens or non-citizens, and whether cash or non-cash transactions, should be in Rupiah.

Whether BI went too far in some cases and adversely affected international transactions remains to be seen. BI is addressing on a case-by-case basis particular issues that may not be clearly covered by a number of exemptions in the BI Regulations on Rupiah. Read more »

Innovation and Change: Forging the New Canada-Indonesia Partnership

CIGI Report_Cover

The Centre for International Governance Innovation (CIGI), an independent, nonpartisan think tank on international governance, has released a new report, “Innovation and Change: Forging the New Canada-Indonesia Partnership.”

Based on a forum involving more than 60 senior individuals from Canada and Indonesia drawn from business, think tanks, academia and civil society, and related discussions, this report examines why Indonesia is relevant to Canada and highlights the challenges and opportunities in  the relationship. It concludes with a summary of what Canada’s priorities should be moving forward with Indonesia, followed by a series of recommendations for concrete steps and actions.

To read the full report, click “Innovation and Change: Forging the New Canada-Indonesia Partnership.” Read more »

SSEK Partner Ira Eddymurthy Featured in Project Finance Roundtable

Ira-Andamara-Eddymurthy_thumb

Ira A. Eddymurthy, a founding partner of SSEK Indonesian Legal Consultants, was recognized as a leading project finance lawyer in the 2016 edition of Who’s Who Legal: Project Finance.

Ira was also one of three project finance experts brought together by Who’s Who Legal as part of a roundtable to discuss issues facing project finance lawyers and their clients in the industry today, including the effects of the recent drop in commodity prices, the future of yieldcos, the current state of legal competition and the availability of funding for projects in emerging markets.

You can access the roundtable discussion here.

Indonesian Legal Review: Geothermal

Geothermal

By Fransiscus Rodyanto

Indonesia’s geothermal resources are among the largest in the world, with 299 geothermal locations and a total potential of 28,807 MW, or around 40 percent of the total geothermal resources worldwide, according to a September 2014 press release from Indonesia’s Directorate General of Geothermal. In order to utilize this enormous energy potential, the Government of Indonesia (the “GOI”) has intensified its efforts to encourage geothermal power development. Some background to the regulatory climate will put these developments in perspective.

Prior and Existing Laws

A.         Law No. 27 of 2003 on Geothermal (the “2003 Geothermal Law”): The GOI enacted the 2003 Geothermal Law, making geothermal the only renewable energy resources governed by its own law. In 2004, the Ministry of Energy and Mineral Resources (the “MEMR”) issued the “Blueprint for Geothermal Development in Indonesia,” a road map to develop 6,000 MW of geothermal power capacity by 2020. In 2005, the Directorate General of Geothermal Enterprise Supervision and Groundwater Management was established by the MEMR to strengthen management and support in this sector.

In 2006, the MEMR initiated the Master Plan Study for Geothermal Power Development in Indonesia, funded by the Japan International Cooperation Agency, to further solidify knowledge and understanding about developing Indonesia’s geothermal resources. In 2012, the MEMR, with the issuance of MEMR Regulation No. 22 of 2012, set out a feed-in-tariff (“FIT”) policy for geothermal electricity. That same year the Ministry of Finance established a geothermal fund in the amount of more than US$200 million of initial capitalization to mitigate resource risks related to geothermal development, as reported in a 2015 Asian Development Bank publication titled “Unlocking Indonesia’s Geothermal Potential.” And in 2014, the MEMR, through the issuance of MEMR Regulation No. 17 of 2014, set out a new FIT policy based on commercial operation dates and regions. Read more »

Free Employment Law Alliance Webinar on Employee Remuneration in Africa and the Middle East

employment-law-alliance

The Employment Law Alliance is offering a free 90-minute webinar on Thursday, July 28, 2016, focusing on “Employee Remuneration in Africa and the Middle East: Challenges and Opportunities for Employers.”

Webinar Description

Employers and employees alike are facing myriad challenges at their work places with regard to remuneration and benefits. For employers with operations across the globe, the challenges are even greater as they work to comply with local laws regardless of where their employees are located. This webinar features experienced lawyers from Africa and the Middle East, who will examine the differences among jurisdictional laws and offer practical insight, guidance, and best practices into how employers can address the following key issues:

  • To what extent are employers bound to honor fixed bonuses and other emoluments, especially when they are not satisfied with an employee’s performance?
  • Should a director accept such bonuses when the company is in financial strain?
  • What is the effect of receivership on employees?
  • In the International Arena, to what extent can an employer claim diplomatic immunity in a labor law situation?
  • Is it discrimination to offer expats different benefits from those accorded to local employees? Read more »

SSEK Partner, Adviser Recognized as Leading Project Finance Lawyers for Indonesia

IEA and MDT

Ira A. Eddymurthy and Michael D. Twomey of SSEK Indonesian Legal Consultants have been recognized as leading project finance lawyers in the 2016 edition of Who’s Who Legal: Project Finance.

Ira, a founding partner of SSEK, has extensive experience working with multinationals and large domestic companies on some of the biggest, most complex projects in Indonesia. Clients praise Ira as a “consummate expert” and laud her “sophisticated knowledge of Indonesian law” and her “comprehensive knowledge and understanding of the commercial aims of clients.”

In addition to project finance, Ira is recognized by Who’s Who Legal as one of Indonesia’s leading lawyers for banking, energy, and mergers and acquisitions. In addition, Ira is recognized by Chambers & Partners as a leading lawyer for corporate/M&A, The Legal 500 for banking and finance, capital markets and corporate/M&A, Asialaw for capital markets and corporate/M&A, and by IFLR1000 for banking, capital markets, corporate/M&A, energy and infrastructure, and project finance.

Michael is a senior foreign legal adviser at SSEK. He is extensively involved in major and highly complex transactions in the upstream and downstream oil and gas sectors, as well as the private power, mining and shipping sectors. He counts numerous successful projects to his name, including the development, financing and refinancing of oil and gas and mineral extraction and processing projects, private power projects, pipeline and gas projects, and other deals involving oil, natural gas and other natural resources. Read more »

Legal Alert June 2016

Legal Alert (for blog post)

Please find the SSEK Legal Alert for June 2016. The SSEK Legal Alert is a monthly survey designed to keep you up to date with the latest legal developments in Indonesia. Read more »

SSEK Legal Consultants Highly Ranked in New IFLR1000 Energy & Infrastructure Guide

IFLR1000_Combination Photo

SSEK Legal Consultants is again highly ranked in the 2016 edition of IFLR1000 Energy & Infrastructure, which identifies the leading law firms and individual lawyers in this area.

SSEK was ranked in Tier 2. SSEK was noted by clients as “experienced in handling international clients.”

Five of SSEK’s partners and foreign legal advisers were recognized as Leading Lawyers for Energy and Infrastructure. They are Dyah Soewito and Ira A. Eddymurthy, two of SSEK’s founding partners, and partner Fitriana Mahiddin. Also recognized were foreign legal advisers Darrell R. Johnson and Michael D. Twomey. Read more »