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It has been a mixed picture for Indonesia during 2013. The jurisdiction has witnessed a period of relatively strong economic growth, political stability, rising domestic consumption and improved credit ratings, with its rich natural resources and growing consumer population making it an attractive foreign investment target.
However, growth has been slowing, with the Indonesian rupiah taking a slide and a slowdown in China and Europe hitting exports. With the 2014 elections looming, the government has focused on policies aimed at controlling foreign investment in certain sectors such as mining and banking, and the failed takeover of Danamon by Singapore-based DBS has been portrayed as a direct result of this protectionist approach. Inconsistent regulatory changes and continued concern over corruption are fuelling uncertainty among investors and having a knock-on effect by delaying badly needed infrastructure development.
Alliances continue to be a popular measure for international firms seeking to access the market including, more recently, firms based elsewhere in Asia. White & Case Pte. Ltd. has established a local association with MD & Partners, which was set up by former Hadiputranto, Hadinoto & Partners, a member firm of Baker & McKenzie lawyer Mita Djajadiredja and has among its ranks Nadia Soraya, who joined from Makarim & Taira S.. DLA Piper has partnered with Ivan Almaida Baely & Firmansyah and Singaporean firm Rajah & Tann LLP set up an alliance with Assegaf Hamzah & Partners.
Clients are benefiting from increased competition amongst domestic law firms as the trend for partner moves continues. There is now a wider pool of key players, with well-established firms such as Hadiputranto, Hadinoto & Partners, a member firm of Baker & McKenzie and Ali Budiardjo, Nugroho, Reksodiputro competing alongside growing players such as Assegaf Hamzah & Partners and Ginting & Reksodiputro in association with Allen & Overy.
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On 16 September 2014 the House of Representative revoked Law No. 19 of 2002 (" Old Copyright Law ") with the Bill on Copyright, which will become law and receive a number upon the earliest of being signed by the President or 30 days (" New Copyright Law "). The New Copyright Law is an effort from the lawmakers to protect the economic and moral rights of creators and owners as the essential element in the development of national creativity.
Negative Investment List
The Government has issued Presidential Regulation No. 39 of 2014 (PR 39/2014), which sets out the new negative investment list containing the business sectors that are closed or are partially open to foreign and domestic investment. The new negative investment list will replace the previous list under PR 36/2010, with a view of integrating Indonesia's economy to ASEAN, as well as accelerating development in the regions.
Article 35 of Law No. 2 of 2008, as amended by No. 2 of 2011, on Political Parties ("Political Party Law") provides for contributions to political parties, Articles 94 to 96 of Law No. 42 of 2008 on Presidential and Vice Presidential Elections ("Presidential Elections Law") provides for contributions to political campaigns, and Law No. 8 of 2012 on the Election of the House of Representatives, the Regional Representative Council and Regional House of Representatives (the "Legislative Elections Law") provides for contributions to House of Representatives campaigns.
PT Bursa Efek Indonesia has issued Decision of the Board of Directors of the Indonesia Stock Exchange No. Kep-00001/BEI/01-2014 on an amendment of Rule I-A (" Rule "), on 20 January 2014, coming into force on 30 January 2014, except as discussed below. The Rule sets out the IPO and subsequent share offerings requirements and procedures and listing fees. Notably the revised Rule sets out a free float policy and limits independent directors and commissioners to 2 successive terms.
Indonesia's Government Regulation No. 1 of 2014 (" GR 1/2014 ") and Minister of Energy and Mineral Resources Regulation No. 1 of 2014 (" ESDM 1/2014 "), enacted on 11 January 2014, implement the ban on raw mineral exports legislated under Law No. 4 of 2009 on Mineral and Coal Mining (" Mining Law "). The two regulations are currently in force. However, the restriction is not in full effect as ESDM exempts 5 minerals from a higher standard of refinement for a period of three years, on the condition that the exporter owns sufficient reserves for eventual smelting and has a credible plan to construct a smelter or jointly process the ores.
The Minister of Finance has issued Regulation No. 6/PMK.011/2014, which imposes tax on the export of five mineral concentrates: copper, zinc, manganese, iron and lead. This tax reflects the Government's policy to discourage sales of impure minerals, as an implementation of Law No. 4 of 2009 on Mineral and Coal Mining, which requires processing and purification of minerals.
The National Development Planning Agency (Bappenas) has published the 2013 Public Private Partnership (PPP) book on 15 November 2013 (" PPP Book "). The PPP Book contains a list of 27 PPP projects currently being offered by the Indonesian government. The projects constitute a shorter, more focused, list compared with prior years, placing emphasis on high priority projects and focusing on ensuring successful implementation. However, the 27 projects do span a wide range in terms of size, location, and stage of completeness.
Head of the Indonesian Investment Coordinating Board ("BKPM") Regulation No. 12 of 2013 ("BKPM 12/2013") on the Amendment of Regulation No. 5 of 2013 ("BKPM 5/2013") on the Guide and Procedure of Investment Licenses and Non-Licenses has been issued on 11 September 2013, and came into force on 18 September, just over 5 months after BKPM 5/2013, issued on 8 April 2013, which is revises in order to tone down some of the more onerous provisions of the investment licensing regime. Most notably it retreats from the earlier infringement on the Capital Market regulatory regime by removing Article 49, which classified listed companies controlled by foreign shareholders as foreign direct investment companies (PMA), with the resulting application of a range of investment and operating restrictions.
Kyiv, 11 August 2014 - Avellum Partners announced that it has acted as the Ukrainian legal counsel to Ferrexpo in connection with the following three export financing credits:
Avellum Partners announced that it has acted as the Ukrainian legal counsel to Ferrexpo in connection with the acquisition of an electrified railway of over two kilometers long and a power line.
Avellum Partners acted as the legal counsel to the owners of a leading Ukrainian FMCG producer in connection with its sale to a private investor.
KKR, a leading global investment firm, announced an investment in arago AG ("arago"). arago is a German-based high-tech company specialised in IT automation. KKR will acquire a minority stake in arago and support the global roll-out of arago's product portfolio with growth equity.
Funds Legal and Regulatory Update- Ogier
In early August 2014 „Popov & Partners" Law office was selected by the Ministry of Justice of the Republic of Bulgaria to perform public procurement named „Research and analysis of existing systems for enforcement in the EU Member States, research and exchange of the European good practices related to the construction of electronic system/portal for enforcement". The research is in the framework of „Effective and transparent enforcement, integrated with national and European electronic legal systems" implemented with the grant of the Operational Programme „Administrative Capacity", co-financed by the European Union through the European Social Fund.
In the middle of July 2014 "Popov and Partners" law office was awarded a public procurement, announced by the Ministry of Finance, with subject matter "Analysis of the structure of the Managing Authority of Operational Programme "Administrative Capacity" (OPAC) and development of an offer for structure of the Managing Authority of Operational Programme "Good Governance" (OPGG) in relation to the 2014-2020 programming period". The public procurement is part of a project for analysis of the structure of the Ministry of Finance and Operational Programme "Administrative Capacity" Directorate, realized with the financial support of Operational Programme "Administrative Capacity" (OPAC), co-funded by the European Union through the European Social Fund. The most fundamental aim of all project activities is to guarantee the effective execution of Operational Programme "Administrative Capacity" Directorate at the Ministry of Finance, in its capacity of Managing authority of the new Operational Programme "Good Governance" 2014 - 2020, which will replace Operational Programme "Administrative Capacity" and Operational Programme "Technical Assistance", implemented during the past programming period.
The international media company Bertelsmann is increasing its ownership of Gruner + Jahr to 100 percent by acquiring Jahr Holding's 25.1 percent shareholding. The transaction was agreed among Gruner + Jahr's shareholders. Bertelsmann's acquisition of the remaining shares in Gruner + Jahr will become effective on November 1, 2014. The purchase price is being paid in cash, and the parties have agreed not to disclose the amount.
Hengeler Mueller advises LEG Immobilien AG on acquisition of portfolio of around 9,600 residential uA subsidiary of LEG Immobilien AG ("LEG"), acting as the buyer, and Deutsche Annington Immobilien SE ("Deutsche Annington"), acting as the seller, yesterday signed an agreement for a portfolio transaction for around 9,600 residential units and related employees in North Rhine-Westphalia by way of share deal. The total transaction volume amounts to €484m. Following antitrust approval, the closing of the transaction is expected by the end of October 2014.