The International Monetary Fund (“IMF”) report predicts that the prospect of global economic growth in 2023 is only 2.3%, providing a projection of the chasm of crisis and recession in sight. In its 2022 World Economic Outlook (“WEO”) report, the IMF is also concerned about the deteriorating outlook for the global economy and that inflation…
Terminologically, guarantees are divided into two i.e., general guarantees and special guarantees. General guarantees are regulated in Article 1131 of the Indonesian Civil Code, which stipulates that: “All objects of the debtor, both movable and immovable, both existing and those that will exist in the future, are borne by all individual engagements.” Based on this,…
In October 2021, Presidential Regulation Number 98/2021 on the Implementation of Carbon Economic Value for Achieving Nationally Determined Contribution Targets and Controlling Greenhouse Gas Emissions in National Development (“PR 98/2021”) was officially signed by President Joko Widodo. PR 98/2021 regulates the carbon market which is believed to be able to support the achievement of the…
The Government of Indonesia, through the Ministry of Energy and Mineral Resources (“MEMR”), has officially banned the construction of Coal-Steamed Power Plants (Pembangkit Listrik Tenaga Uap, “PLTU”). This is marked by the issuance of Presidential Regulation Number 112 of 2022 on the Acceleration of Renewable Energy Development for the Provision of Electricity (“PR 112/2022”) by…
In September 2022, the House of Representatives of the Republic of Indonesia officially passed the Personal Data Protection Law (“PDP Law”) in a plenary session. The enactment of the law marks a new era in the management of personal data in Indonesia, especially in the digital realm. The ratification of the PDP Law goes hand…
In August 2022, the Government of Indonesia and Bank Indonesia officially released seven new 2022 money. One aspect of innovation in strengthening the 2022 money is the reduction of the last three zeros in the new money when viewed from a translucent perspective. This gives rise to issues and discourses on redenomination of rupiah which…
Recently, according to online news, several cooking oil business actors were summoned by the Business Competition Supervisory Commission (Komisi Pengawas Persaingan Usaha, “KPPU”) to explain the alleged violations of Law 5 of 1999 on Monopolistic Practices and Unfair Business Competition (“Law 5/1999“). In addition to cooking oil business actors, the KPPU investigating team had previously…
Indonesia – with its abundance of mineral and coal resources – will inevitably provide room for conflicts of interest. There is a fine line to maintain a balance between preserving or developing a sustainable environment and exploiting mineral and coal resources as a source of the national economy. When mining activities are carried out, the…
Postponement of debt payment obligation (Penundaan Kewajiban Pembayaran Utang, “PKPU”) is a legal remedy that can be taken to restructure the debtor’s debt in order that he is able to pay off his debts. The PKPU application can be submitted either by the Debtor or the Creditor on the condition that the PKPU involves more…
The phenomenon of Digitalization and the Corona Virus Disease 2019 (“COVID-19”) pandemic has made crypto assets grow rapidly as economic growth fell sharply, followed by the loosening of monetary and fiscal policies occurring evenly in all parts of the world, including Indonesia. Crypto assets have the potential to promote inclusion and efficiency of the financial…