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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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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.
The District Court of West Jakarta rendered decision No. 451/Pdt.G/2012/ PN.Jkt.Bar. on 10 July 2013. The Court ruled that a loan agreement between an Indonesian limited liability corporation (PT) and a Texas-based lender was void on the grounds of illegal cause. The court reasoned that the loan agreement was drafted in the English language, thereby violating Article 31 of Law No. 24 of 2009 (Law 24), which mandates all contracts and MOUs involving an Indonesian national or entity to be written in Indonesian. As a consequence, the agreement was set aside, deemed to have never existed, and the Court ordered the parties to reinstate each other.
Studio Legale Villata, Degli Esposti, Perfetti e Associati is pleased to announce the forthcoming publication of the sixth edition of Professor Villata's monograph entitled " Pubblici Servizi. Discussioni e Problemi " (Public Services. Issues and Debates) and issued by the law publishing house Giuffrè. The volume consists of an in-depth analysis of the much-discussed subject of public services and provides a remarkable intake on the matter from an exceedingly knowledgeable scholar, in light of recent developments in legislation and jurisprudence.
Budidjaja & Associates becomes the Indonesian law firm member of TAGLaw, an international alliance of independent law firms
AstapovLawyers has been recognized TOP-3 band in corporate/M&A and tax in Ukraine according to the latest survey 2014 by KyivPost, a well-known English speaking edition. The survey findings are based on a peer review conducted by the Kyiv Post in August of 90 law firms.
The Administrative Court of Hamburg decided on 27 August 2014 that Uber, a provider for a smartphone-app for on-demand transportation services, may continue providing its services in Hamburg. With its decision, the Administrative Court ordered the suspensive effect of the objection against the prohibition order of the city of Hamburg. The decision of the Hamburg authorities were formally unlawful as the traffic authorities were not the responsible authority and the prohibition order could not be based on the Passenger Transportation Act (Personenbeförderungsgesetz).
The Companies (Guernsey) Law, 2008 (" Companies Law ") provides for companies, protected cell companies (" PCCs "), incorporated cell companies (" ICCs ") and cells of PCCs and ICCs to be placed into administration and for an administrator to be appointed to manage that entity's affairs whilst the administration order remains in force.- Ogier
A company incorporated and existing in one jurisdiction may consider it desirable to continue as a company existing elsewhere for a variety of reasons including, for example: to be in a time zone closer to investors; to conduct its affairs in a manner more familiar to its stakeholders; to benefit from a more modern and/or flexible statutory or regulatory environment and/or a more appropriate tax framework.- Ogier
Kim & Chang has been named as the "Best Law Firm for Asset Management" from AsianInvestor Korea Fund Awards 2014 , hosted by AsianInvestor affiliated with Haymarket Media Ltd, a global media company. It is the fourth consecutive year that the firm has been honored for this award.
Kim & Chang has been selected for the "Legal Innovation in Real Estate Finance" award for providing exceptional legal advice in connection with the case involving KHFC's issuance of two different types of covered bonds in the first-ever Financial Times (FT) Asia-Pacific Innovative Lawyers Awards 2014 .
Kim & Chang has been recognized as one of the world's top 150 law firms in the Who's Who Legal 100 (2014 edition, 3rd edition) , published by Who's Who Legal that is an international publication affiliated with London-based publishing group, Law Business Research. Kim & Chang has been the only law firm in Korea to be included in the list for three consecutive years.