Indonesia Tightens Grip on Resources With Switzerland-Sized Land Grab
Indonesia’s defense minister has overseen a drive that brought an area the size of Switzerland under state control, with the central government taking more than 4 million hectares of plantations, mine concessions and processing facilities, Bloomberg reported.
Ex-Indonesian Minister Faces Graft Charges Over Google Laptop Procurement
Indonesian prosecutors filed corruption charges against a former education minister and the co-founder of Gojek, Nadiem Makarim, over alleged improper laptop procurement during the Covid-19 pandemic that led to USD 125.64 million in state losses, Reuters reported.
Prabowo, Danantara CEO Review $6 Billion Investment Pipeline
President Prabowo Subianto on Sunday met with Rosan Roeslani, the CEO of Danantara Indonesia, to discuss a slate of downstream industrialization projects valued at USD 6 billion, Jakarta Globe reported.
Krakatau Steel to Get $295 Million Shareholder Loan from Danantara
Indonesian state-owned steel maker Krakatau Steel is set to receive a IDR 4.935 trillion (USD 295 million) shareholder loan from sovereign fund Danantara, according to its stock exchange filing. Of that amount, IDR 4.18 trillion is a working capital loan with a minimum tenor of five years, while the rest is to fund a voluntary resignation program.
Garuda’s Maintenance Unit Signs Land Deal with Angkasa Pura
Indonesian flag carrier Garuda Indonesia’s maintenance unit GMF AeroAsia has signed a land agreement with state-owned airport operator Angkasa Pura Indonesia, according to its statement. Angkasa Pura contributed a non-cash capital injection in the form of land valued at approximately IDR 5.6 trillion (USD 334.2 million).