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Michael S Carl

Work +62 21 521 2038
SSEK Legal Consultants


Foreign Legal Advisor


Michael S. Carl is a foreign legal advisor at SSEK. Mr. Carl's practice is oriented toward energy, mining, infrastructure, finance, insolvency restructurings, mergers and acquisitions, and banking transactions.

Before joining SSEK, Mr. Carl was associated with the international law firm Baker & McKenzie in its Singapore and Bangkok offices, where he represented Indonesian and Thai concerns in US debt and equity offerings and debt restructurings. He was also previously associated with Milbank Tweed Hadley & McCloy and Coudert Brothers.

Mr. Carl is recognized by Chambers Asia-Pacific as a leading practitioner in the fields of banking and finance, corporate/M&A, projects and energy, real estate, and telecommunications. He has been acknowledged by the IFLR1000 as one of Indonesia’s top financial, corporate, mergers and acquisitions, and project finance lawyers, and by the Legal 500 as a leading practitioner for restructuring and insolvency. He is an Asialaw Leading Lawyer and is included in the Who’s Who Legal guides to the world’s leading capital markets and mining lawyers.

In 2012, Mr. Carl was voted an External Counsel of the Year for Indonesia by the readers of Asian-MENA Counsel, who cited his wide-ranging knowledge and experience with Indonesian law and his responsiveness to client needs.

Mr. Carl's experience includes:

  • Acting for China Shenhua Energy Company Limited as Indonesian counsel in the successful bids for the Jawa-7 2x1000 MW and SumSel-1 2x300 MW coal-fired power projects.
  • Acting for the IFC in preparing model documentation, including a model PPA and government guarantee, for the 2x1000 MW Central Java coal-fired IPP project
  • Representing a consortium headed by PT Pamapersada Nusantara, the largest mining services company in Indonesia, in a bid to develop a proposed 2x300 MW mine mouth coal-fired IPP in Riau, including review of the PPA and bid documents.
  • Representing the Sponsors, principally China Hongqiao Group Ltd., in the development of Indonesia’s first alumina refinery.
  • Advising China Construction Bank in the acquisition of a 60% interest in PT Bank Windu Kentjana International Tbk.
  • Advising a steering committee of US dollar bondholders in the court-supervised restructuring of PT Bakrie Telecom Tbk.
  • Representing Vi Holding in the acquisition of a majority stake in a nickel mine and related joint venture arrangements, including for the development of a nickel smelter.
  • Representing Oiltanking GmbH in a greenfield development of a petroleum tank farm in Karimun.
  • Advising a major Indonesian conglomerate in various governance inquiries by European and American joint venture partners.
  • Representing Intrepid Mines Limited, a leading junior mining company listed in Australia and Canada, in the development of Tujuh Bukit, a world-class gold-copper-silver deposit in East Java, particularly advising in relation to complex forestry issues and evolving mining legislation, and in a dispute with its joint venture partners over ownership of the mine.
  • Advising a major Indonesian conglomerate in various potential mining acquisitions.
  • Advising a major Korean conglomerate, in various potential mining acquisitions.
  • Advising secured creditors class in the court-supervised debt restructuring of PT Berlian Laju Tanker Tbk, the largest court-supervised debt restructuring in the history of Indonesia.
  • Acting for PT Arpeni Arpeni Ocean Line Tbk, the largest dry bulk shipping company in Indonesia, in one of the most complicated debt restructurings in the history of Indonesia, including a court-supervised Composition Arrangement, Chapter 15 recognition of that Composition Arrangement in the United States, a mandatory exchange offer for high-yield US dollar bonds, and substantial representations in litigations.
Mr. Carl advised PT Arpeni Pratama Ocean Line on one of the most complicated debt restructurings in Indonesian history. The deal was recognized by IFLR and Asian-MENA Counsel as a Restructuring Deal of the Year.

One client told IFLR1000: "Michael Carl delivers good, solid and pragmatic advice. He understands business needs and constraints." Another told IFLR100: "Mike has an excellent technical grasp of both Indonesian law and the Indonesian language, which makes him unique amongst the expatriate lawyers in Jakarta."


English, Indonesian


California State Bar


Mr. Carl received his JD in 1994 from the University of California at Berkeley (Boalt Hall) School of Law. He obtained a BA in History from Harvard University in 1988 and an MA in Economics from the University of Hawaii in 1990. He was a graduate fellow at the East-West Center in Hawaii. Mr. Carl earned an Indonesian law degree in 2012 from Atma Jaya University in Jakarta.


Banking and finance

Within: Banking and finance

SSEK Legal Consultants is known for its work on complex matters for clients that include the likes of MasterCard, AIG and GE Capital. Ira Eddymurthy has a range of expertise in this space, particularly foreign investment and insurance matters. Michael Carl advised Macquarie Capital HK on the third-party purchase of non-performing loans from Bank Permata. He also assisted China Construction Bank with its acquisition of Bank Windu, and advised BCA on its bancassurance agreement with AIA. Fahrul Yusuf is also a key figure.

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Capital markets

Within: Capital markets

SSEK Legal Consultants has significant experience in securities law compliance regarding M&A transactions as well as capital markets transactions. Ira Eddymurthy represented Credit Guarantee and Investment Facility in its role as guarantor in the issuance of two tranches of medium-term notes. Michael Carl advised China Construction Bank on its acquisition of a stake in Bank Windu and merger with Bank Anda.

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Corporate and M&A

Within: Leading individuals

Michael Carl - SSEK Legal Consultants

Within: Corporate and M&A

SSEK Legal Consultants is described as the ‘go-to firm for complex transactions’ by one client. Ira Eddymurthy advised Alibaba on its acquisition of Lazada, and assisted Pertamina with its purchase of 21.98% of shares in Trans Pacific Petrochemical Indotama. Michael Carl is ‘a technically sound lawyer’ with ‘a practical and commercial mindset’, and he advised China Construction Bank on acquiring a 60% interest in Bank Windu.Fahrul Yusuf advised Shinhan Investment Corp on its acquisition of 99% of shares in Makinta Securities, and acted for Credo regarding a property development joint venture in Bali with Country Garden.

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Dispute resolution

Within: Dispute resolution

SSEK Legal Consultants handles contentious matters for many multinational clients, with a particularly strong track record in the natural resources sector. Michael Carl represented Bank Danamon in a fees dispute with a global consulting firm, and assisted Vi Holding with a payments dispute. Dewi Savitri Reni is also a key figure and has expertise in debt restructuring and arbitration.

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Projects and energy

Within: Projects and energy

SSEK Legal Consultants is ‘professional and prompt in its advice and assistance’ and regularly works for multinational clients on Indonesia-based projects. Michael Twomey advised Saudi Aramco on a joint venture with Pertamina for a major upgrade to the Cilacap refinery in Central Java. He also acted for BW Offshore regarding a 14-year lease of a vessel to Kangean Energy. Michael Carl advised developer China Shenhua on several major power projects in Indonesia, and assisted Guangdong Guohua with an operations and maintenance subsidiary to service the Jawa-7, 2 x 1,000MW coal-fired power plant. Dyah Soewito and Fitriana Mahiddin are also key figures.

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Restructuring and insolvency

Within: Leading individuals

Michael Carl - SSEK Legal Consultants

Within: Restructuring and insolvency

SSEK Legal Consultants’ clients include the likes of Berlian Laju Tanker and Bakrie Telecom. Michael Carl has significant experience in restructurings in the natural resources sector. Newly made partner Dewi Savitri Reni primarily focuses on debt restructuring and arbitration.

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