Indonesia Eyes More Land Seizures, Doubling the Area Taken
Indonesia plans to reclaim millions more hectares of land that it deems are being used illegally, intensifying a campaign to tighten oversight of its vast resources sector, Bloomberg reported.
Prabowo Orders March 2026 Groundbreakings for 18 Projects
Indonesian President Prabowo Subianto ordered all 18 downstream industrial projects overseen by sovereign fund Danantara Indonesia to begin construction by March 2026, Antara reported. Prabowo delivered the directive during a Cabinet retreat in Hambalang, West Java, according to State Secretary Prasetyo Hadi.
Wijaya Karya Faces PKPU Petition from Subcontractor
Indonesian state-owned builder Wijaya Karya faces a local in-court restructuring (PKPU) petition from Abacurra Indonesia over IDR 794.5 million (USD 47,376) in outstanding claims, according to its stock exchange filing. Abacurra was a subcontractor for one of Wijaya Karya’s projects, local media reported.
Sritex Bosses Object to Charges of Causing State Losses
The bosses of Indonesian textile company Sri Rejeki Isman (Sritex), Iwan Setiawan Lukminto and his younger brother Iwan Kurniawan Lukminto, objected to charges of causing IDR 1.35 trillion (USD 80.5 million) in state losses, Detik reported.
Fitch Affirms Bukit Makmur Mandiri Utama at ‘B+’/Stable; Withdraws Rating
Fitch Ratings has affirmed Bukit Makmur Mandiri Utama (BUMA)’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B+’ with a Stable Outlook, according to its statement. Fitch said it has subsequently withdrawn the rating for commercial reasons.
Prabowo is another Trump. Big ego, low IQ. He is chasing businesses away