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It is still not permitted for an international firm to open an office in Indonesia. The Indonesia work handled by the firms ranked below is led from offices in South East Asia, particularly from Singapore and Hong Kong.

Allen & Overy is a regular fixture in acquisition finance, capital markets, corporate and project finance deals. It advised on one of Indonesia’s biggest IPOs during 2011, and on the jurisdiction’s second sovereign sukuk al ijara issuance. M&A highlights included acting on Bunge Agribusiness Singapore’s entry into the Indonesian palm oil plantation sector. It has a strong local presence through Ginting & Reksodiputro in association with Allen & Overy.

Herbert Smith Freehillscombines well’ with its local alliance partner Hiswara Bunjamin & Tandjung, and is ‘a standout firm in the area of Indonesian dispute resolution matters’. Key clients include Citigroup, BNP Paribas, Pirelli and Golar LNG. The ‘knowledgeable and professional’ Brian Scott leads on transactional work, and Richard Nelson is ‘frank and practical’ on projects and energy deals. Counsel Siddhartha Sivaramakrishnan has ‘a deep understanding of the Indonesian market, and works fluidly on cross-border capital markets transactions’. The well-connected Maurice Burke leades the dispute resolution team.

Latham & Watkins LLP continues to be one of the most active firms on Indonesia-related deals for both international and local clients. Highlights included representing the vendors on the sale of a majority stake in Golden Energy Mines to a GMR Group subsidiary, and acting for Pertamina on a $2.5bn senior unsecured bond offering. Michael Sturrock handles capital markets and M&A work. Clarinda Tjia-Dharmadi leads on project financing transactions.

Milbank, Tweed, Hadley & McCloy has a track record in financing and capital market transactions. James Murray advised the lenders on a $130m hydroelectric power project financing, and Naomi Ishikawa acted as underwriters’ counsel on MNC Sky Vision’s $228m IPO. Giles Kennedy is ‘a great issuer-side counsel, particularly for Indonesian deals’. Jacqueline Chan is also highly regarded for capital markets work, and David Zemans has a growing profile on project finance mandates.

White & Case LLP’s Charlie Wilson leads a ‘top-quality’ team on Indonesia-related deals. It acted in the Republic of Indonesia’s first debt issuance of 2012, represented CDBC on a $600m loan financing to Bumi Resources, and assisted Garuda Indonesia on an M&A transaction with a Nigerian airline. Banking and finance partner Kate Allchurch is recommended.

Clifford Chance has a ‘strong team’ for M&A and financing transactions, which recently handled several acquisitions and IPOs, as well as disputes. Clients include UBS, Barclays, KrisEnergy and Credit Suisse. Simon Clinton and counsel Melissa Ng both have ‘good knowledge and experience of M&A across various industries’.

Hogan Lovells Lee & Lee established a local association with Hermawan Juniarto to further leverage its projects and energy expertise. It principally focuses on the oil and gas sector, and recently advised Medco Energi on the $2.8bn Donggi-Senoro LNG project. The team is also assisting Singapore Cooperation Enterprise on the Bandar Lampung Water Supply PPP development. Brad Roach gives ‘very practical advice’ on energy, infrastructure and project financings.

Jones Day’s capital markets partner Joseph Bauerschmidt has ‘an encyclopaedic knowledge of the market in Asia, particularly Indonesia’. He acted for Berau Coal Energy in its $500m high yield debt issuance, and advised Arpeni on its $489m debt restructuring. The practice is also active in energy-sector deals, with clients including Niko Resources and Sunny Ridge Oil.

Linklaters Singapore Pte. Ltd is ‘excellent’ for capital markets work, with team leader Dean Lockhart ‘especially good on convertible bond transactions’. Stuart Bedford and Sophie Mathur are both ‘technically excellent, very commercial and solutions-oriented’ private equity experts. Highlights included advising JP Morgan on Vallar’s $3bn investments in Bumi Resources and Berau Coal Energy. The firm’s tie-up with Allens also provides it access to local alliance partner Widyawan & Partners.

Norton Rose (Asia) LLPalways delivers on promises’, and is able to provide a ‘good mix of international and local know-how’ through its local alliance with Susandarini & Partners. Alongside its typical diet of infrastructure and energy sector deals, the team recently advised the Republic of Indonesia on its $1bn sukuk al ijara issuance, and assisted Saratoga Capital on an investment in Mandala Airlines. Adam Summerlyunderstands clients’ needs and is able to communicate these during negotiations in a convincing manner’. Ashley Wright provides ‘good industry knowledge and insight’.

A strong Indonesia practice’, O’Melveny & Myers LLP’s team has ‘extensive experience and contacts, and works well with local counsel’, while its local visibility was strengthened through an association with Tumbuan & Partners. Acting for Indonesian corporates and foreign investors, it has a broad-based practice but is particularly recommended for cross-border restructuring and insolvency matters. Jakarta-based Joel Hogarth led on Honeywell’s pan-Asian acquisition of King’s Safetywear, and was counsel to Mobile-8 Telecom Finance on its debt restructuring. Singapore-based Bertie Mehigan is ‘intelligent, eloquent and has excellent commercial awareness’.

Shearman & Sterling LLP is ‘very good as underwriters’ counsel’, with Hong Kong-based team leader Kyungwon Lee particularly recommended for high yield bond transactions. The practice recently acted for Listrindo Capital on its $500m senior bond issuance. Singapore-based Bill McCormack and Sanja Udovicic handle project development and financing matters, with the team continuing to advise J-Power, Itochu and Adaro on the $2bn-plus Central Java IPP.

Baker & McKenzie. Wong & Leow has a well-established association with leading local firm Hadiputranto, Hadinoto & Partners, and the Singapore office has been particularly active on Indo-China deals. Other highlights included advising Medco Energi on a private equity sale to Saratoga. The team also acted on Salim Ivomas Pratama’s global offering, and represented the sponsors of the Sarulla geothermal power project. Chin Chew and Henry Julian Cort focus on projects and project financing respectively.

Cleary Gottlieb Steen & Hamilton LLP’s Hong Kong office acts for Indonesian and foreign investors on private equity and capital market transactions. Lead lawyer Michael Preston acted for TPG Capital and Northstar Equity Partners in a $169m equity investment in BFI Finance Indonesia.

DLA Piper Singapore Pte. Ltd. advises foreign investors on setting up local subsidiaries. It recently hired restructuring lawyer Troy Doyle from Norton Rose Australia, who has strong experience on Indonesia-related matters.

Davis Polk & Wardwell LLP’s Hong Kong office advises on high-profile capital market transactions, including two high-value issuances by Pertamina in 2011: as underwriters’ counsel on its $1.5bn senior bond, and representing the joint bookrunners on a $2.5bn bond offering. William Barron is ‘a very good, experienced underwriter counsel’.

Sidley Austin LLP is excellent on capital market transactions, with strength-in-depth at both partner and associate level. Matthew Sheridan is ‘able to provide elegant solutions’ on Asian high yield bond issuances, particularly on Indonesia-related deals. Prabhat Mehta is ‘a patient and very knowledgeable US law practitioner’. The team acted for Bank Mandiri on a $1.35bn rights issue and secondary offering.

Skadden, Arps, Slate, Meagher & Flom LLP’s Alan Schiffman leads on energy and natural resources sector deals, and recently advised international bidders on power project acquisitions. High yield bond expert [Jonathan Stone and Rajeev Duggal acted for telecoms operator Indosat in a $519m property sale and leaseback transaction.

Watson, Farley & Williams LLP is recommended for its deep oil and gas industry sector knowledge. The practice has been advising Golar Energy on Indonesia’s first floating offshore regasification unit. Newly promoted partner Dan Thompson is ‘very analytical, meticulous and demonstrates a strong understanding of Indonesian business cultu re’. The team lost its Asia corporate head Ken Cheung to Berwin Leighton Paisner LLP.

Foreign firm associations*

Allen & Overy (Ginting & Reksodiputro in association with Allen & Overy)

Allens (Widyawan & Partners)

Ashurst LLP (Oentoeng Suria & Partners)

Baker & McKenzie (Hadiputranto, Hadinoto & Partners)

Bond Pearce LLP (Hadromi & Partners)

Herbert Smith (Hiswara Bunjamin & Tandjung)

Hogan Lovells (Hermawan Juniarto)

Joseph Tan Jude Benny (Hadromi & Partners)

Norton Rose Australia (Susandarini & Partners)

O'Melveny & Myers LLP (Tumbuan & Partners)

Rouse (Suryomurcito & Co. in association with Rouse)

Stephenson Harwood (Christian Teo Purwono & Partners)

* includes formal and informal associations

Press releases

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Legal Developments in Indonesia for Foreign firms

  • New BKPM Regulation on Investment Licenses and Non-License Facilities

    Indonesia's Investment Coordination Board ("BKPM") issued Regulation No. 5 of 2013 on the Guide and Procedure of Investment Licenses and Non-Licenses (" Regulation 5/2013 "). The regulation replaces its predecessor Regulation No. 12 of 2009 (" Regulation 12/2009 ") and serves as the principal regulation that governs the procedure on investing in Indonesia and obtaining tax and other facilities. Regulation 5/2013 comes into force 30 working days after 12 April 2013. This newsletter will highlight important changes under Regulation 5/2013.
    - Lubis Ganie Surowidjojo

Legal Developments in Indonesia

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • New BKPM Regulation on Investment Licenses and Non-License Facilities

    Indonesia's Investment Coordination Board ("BKPM") issued Regulation No. 5 of 2013 on the Guide and Procedure of Investment Licenses and Non-Licenses (" Regulation 5/2013 "). The regulation replaces its predecessor Regulation No. 12 of 2009 (" Regulation 12/2009 ") and serves as the principal regulation that governs the procedure on investing in Indonesia and obtaining tax and other facilities. Regulation 5/2013 comes into force 30 working days after 12 April 2013. This newsletter will highlight important changes under Regulation 5/2013.
  • Implementation of the 40-30-20 Bank Ownership Rule

    In July 2012, Bank Indonesia issued Regulation No. 14/8/PBI/2012 on Shareholding in Retail Banks (" Regulation "). The Regulation caps single ownership in a retail bank for banks, non-bank entities, and individuals at 40-30-20% respectively (the so-called "40-30-20 Rule"). BI issued the Regulation as part of its policy to break up concentrated shareholding, diversify shareholders and improve bank governance.
  • REDD+ Implementation and Deforestation Moratorium Status

    Efforts to implement REDD+ in Indonesia first began with President Susilo Bambang Yudhoyono’s speech at the G20 Leaders Summit in Pittsburgh, USA on 25 September 2009, to reduce emissions from LULUCF (Land Use, Land Use Change and Forestry) by 26% by 2020 and by 41% with international support. The President’s commitment to reduce emissions was followed by Letter of Intent between the Government of the Republic of Indonesia (“GoI”) and the Government of the Kingdom of Norway on Cooperation on Reducing Greenhouse Gas Emissions from Deforestation and Forest Degradation (“LoI”), signed on 26 May 2010. This LoI also includes partnership to implement REDD+ and financial contribution from Norway to finance the efforts of REDD+ implementation in Indonesia.
  • Sarulla Business Viability Guarantee Issued

    On 11 April 2013 the Ministry of Finance issued a Business Viability Guarantee Letter (BVGL) for the Sarualla geothermal power project company pursuant to Minister of Finance Regulation No. 139/PMK.011/2011 on PLN’s Business Viability. Following the signing of the Energy Sales Contract (ESC) and Joint Operation Contract (JOC) on April 4 this allows the Sarulla project to proceed with implementation, having been initiated on 27 February 1993 but later stalled due to the 1997 financial crisis.
  • Latest Banking Law Draft

    The DPR is currently discussing the Draft Banking Law (“Draft Law”), which will repeal the current Banking Law (Law No. 7 of 1992 as amended by Law No. 10 of 1998 “Banking Law”) upon enactment. The most important changes that the Draft Law will introduce are:
  • Green Shoe Option Concept in Indonesian IPOs

    A . Introduction
  • Acquittal in an AGO-prosecuted Corruption Case Sets Out the Limits of the Law

    The Jakarta Corruption Court, a court of first instance for corruption crimes, acquitted former Merpati Airlines Director Hotasi Nababan of corruption charges. Mr. Nababan was charged over an aircraft lease agreement that went awry. Under the agreement, Merpati leased two airplanes from a US-based corporation - the two aircraft were never delivered despite Merpati having paid the security deposit. At this time, the Attorney General’s Office (AGO) has decided to appeal the decision.
  • Indonesia Under Review - March 2013

    Politics
  • US IRSs FATCAs Effects on Indonesian Financial Institutions

    What Is FATCA?
  • New Bank Indonesia Regulation on Customer Due Diligence

    Bank Indonesia has issued Regulation No. 14/27/PBI/2012 (“PBI 14/2012”) on the Implementation of the Anti Money Laundering and Prevention of Terrorism Funding for Banks to replace Bank Indonesia Regulation No. 11/28/PBI/2009. PBI 14/2012 was issued on 28 December 2012, with immediate effect, and applies to commercial banks, sharia banks and branches of foreign banks.

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to