Archive for March, 2014

OJK

Primary Parties in Non-Banking Finance Institutions

By Indrawan D. Yuriutomo Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan, or “OJK”) 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 [...]

Labor & Employment_2

SSEK to Speak at Employment Law Seminar

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. Indrawan is speaking on March 27, the second day of the two-day conference at the Shangri-La Hotel in Jakarta. His sessions will cover [...]

deal-news-300x135

SSEK Advises Woori Bank on Acquisition of Stake in Listed Indonesian Bank

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 [...]

businessman

What Companies Should Know about the New Social Security System in Indonesia

By Indrawan Dwi Yuriutomo 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 [...]

butterfly-effect

New Indonesian Trade Law and Its Effect on Business

By Ira A. Eddymurthy Indonesia’s House of Representatives (Dewan Perwakilan Rakyat or “DPR”) recently passed into law the trade bill. The new Trade Law is still awaiting the signature of the President. There are several points of the new Trade Law in particular that should be highlighted and could affect companies in Indonesia. These points [...]

Smelting

In Indonesia, Processing Minerals for Export now Mandatory

By Florence Gracia Santoso After a long and contentious discussion involving many interested parties, the Government of Indonesia issued a regulation that bans the export of raw minerals/ores. Government Regulation No. 1 of 2014 (GR 1/2014) was issued on January 11th, 2014, one day before the deadline for the domestic processing and refining of raw [...]