The Legal 500

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Top-tier recommendations



Within Banking and finance, Ali Budiardjo, Nugroho, Reksodiputro is a first tier firm,

Ali Budiardjo, Nugroho, Reksodiputro’s banking and finance practice, which is led by the highly respected Emir Nurmansyah, represents foreign and domestic financial institutions as well as Indonesian corporates. It regularly appears on large financing deals, and Nurmansyah and Luky Walalangi recently acted as local counsel to Pertamina on its $5bn global medium-term notes programme, which is the client’s largest international bond offering to date. The team previously advised Pertamina on a $2.5bn senior unsecured bond offering. The practice also recently assisted Krakatau Posco Power and KEXIM with a $193m facility agreement to finance a captive power plant development.

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Within Capital markets, Ali Budiardjo, Nugroho, Reksodiputro is a second tier firm,

Ali Budiardjo, Nugroho, Reksodiputro’s Emir Nurmansyah heads the team, which acts for issuers and underwriters on capital markets transactions. It has been involved recently in some large deals for issuers, such as advising Persero on a $5bn global medium-term notes issue, which is the client’s largest bond offering to date. The practice also acted for Geo Energy Resources on its $77m IPO on the Singapore Securities Exchange and advised Toba Bara Sejahtra on a public offering.

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Within Corporate and M&A, Ali Budiardjo, Nugroho, Reksodiputro is a first tier firm,

Ali Budiardjo, Nugroho, Reksodiputro has expertise in foreign investment matters and routinely advises blue-chip clients on corporate transactions. Oene Marseille acted for Saratoga Investama Sedaya on acquiring a majority stake in Mandala Airline and partnering with Tiger Airways to obtain a further 33% share. Luky Walalangi advised Nippon Steel and Osaka Steel on separate joint ventures with Krakatau Steel. Theodoor Bakker is recommended.

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Within Dispute resolution, Ali Budiardjo, Nugroho, Reksodiputro is a third tier firm,

Sahat Siahaan heads Ali Budiardjo, Nugroho, Reksodiputro’s team in civil and commercial cases on behalf of foreign and domestic clients.

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Within Intellectual property, tier 4

Ali Budiardjo, Nugroho, Reksodiputro has advised on franchising and IP protection, enforcement and registration matters.

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Within Projects and energy, Ali Budiardjo, Nugroho, Reksodiputro is a first tier firm,

Ali Budiardjo, Nugroho, Reksodiputro advises lenders, borrowers, sponsors and developers on financing aspects of major projects and also assists with related regulatory and contract issues. The team advised Korea Exim Bank and Sumitomo Mitsui Banking Corporation as lenders to the $130m financing facility for a hydroelectric power project, which is Indonesia’s first development based in a protected forest. Oene Marseille heads the practice.

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Within Real estate, Ali Budiardjo, Nugroho, Reksodiputro is a second tier firm,

Ali Budiardjo, Nugroho, Reksodiputro acts for corporates, including a number of Japanese companies, on real estate transactions and developments. Practice head Luky Walalangi advised Toyota Tsusho on a residential development and represented certain joint venture companies on acquiring a site managed by Krakatau Industrial Estate Cilegon.

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Within Restructuring and insolvency, Ali Budiardjo, Nugroho, Reksodiputro is a second tier firm,

Ali Budiardjo, Nugroho, Reksodiputro has strong banking credentials. It represented International Lease Finance Corporation in its bankruptcy proceedings and acted for both Standard Chartered and Mitsui Banking Corporation as creditors in the Berlian Laju Tanker restructuring. Theodoor Bakker heads the practice.

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Within Shipping, Ali Budiardjo, Nugroho, Reksodiputro is a first tier firm,

Ali Budiardjo, Nugroho, Reksodiputro handles the full range of wet and dry shipping law matters for clients including financial institutions, insurers, cargo interest, shipowners and operators. The practice has recently advised on significant collisions, recovery claims and disputes. Sahat Siahaan is the key contact.

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Legal Developments in Indonesia

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • New Indonesian Copyright Law

    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.
  • Indonesia Under Review - July 2014

    Negative Investment List   
  • The 2014 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.
  • The Indonesian Election Process and Contributions to Political Parties and Campaigns

    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.
  • Indonesia Stock Exchange Revises Rule I-A on Share Listing Requirements

    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 Implements Raw Mineral Export Restriction

    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.
  • Export Duty on Processed Metal Minerals

    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.
  • Indonesia Under Review - October 2013

    Legislative Developments
  • 2013 PPP Book Launched by Bappenas with 27 Focused Projects

    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.
  • Revised BKPM Regulation on Investment Licenses and Non-License Facilities

    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.