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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Budidjaja & Associates

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New Regulations on Business Activities of Multi Finance Companies

March 2015 - Finance. Legal Developments by Budidjaja & Associates .

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by Saudaranta Tarigan, Senior Associate, and Narada Kumara, Junior Associate

 

On 19 November 2014, the Indonesia Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) issued 3 regulations on multi finance companies (non-banking financial industry):

Guidance on the Enforcement of Foreign Arbitral Awards in the Republic of Indonesia

March 2015 - Litigation & Dispute Resolution. Legal Developments by Budidjaja & Associates .

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by Tony Budidjaja, Managing Principal

 

A.       Applicable Laws

 

1.       The Republic of Indonesia ratified the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “Convention”) pursuant to Presidential Decree No. 34 of 1981, dated 5 August 1981. Under the Convention, Indonesia agreed to recognize and enforce a foreign arbitral award rendered in a country which is a contracting state/party to the Convention.

 

2.       On 12 August 1999, Indonesia enacted Law No. 30 of 1999 regarding Arbitration and Alternative Dispute Resolution (the “Arbitration Law”). The Arbitration Law provides for the rules of procedure for recognizing and enforcing foreign arbitral awards in the Indonesia,

An Important Caveat: Are Expatriate Employees Entitled To Severance Payment in Indonesia?

March 2015 - Employment. Legal Developments by Budidjaja & Associates .

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By Diana Kusumasari, Senior Associate

The Jakarta Industrial Relations Court recently issued a decision stating that a foreigner (non-Indonesian) who was dismissed as the Managing Director of an Indonesian incorporated company was entitled to severance pay, long service pay, and compensation of rights. This decision moves away from the prevailing understanding of Law No. 13 of 2003 on Manpower (“Manpower Law”) which is that expatriate employees are required to be “fixed term” employees and that fixed term employees are not entitled to severance pay, long service pay, and compensation of rights.